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REGISTERED NUMBER: SC261029 (Scotland)















Report of the Director and

Unaudited Financial Statements for the Year Ended 29 February 2024

for

WRTC UK Limited

WRTC UK Limited (Registered number: SC261029)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Report of the Director 2

Statement of Financial Position 3

Notes to the Financial Statements 4


WRTC UK Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: D H Riddoch





REGISTERED OFFICE: 21 Holburn Street
Aberdeen
AB10 6BS





REGISTERED NUMBER: SC261029 (Scotland)





ACCOUNTANTS: One Accounting Ltd
Chartered Management Accountants
Drumsheugh Toll
2 Belford Road
Edinburgh
Midlothian
EH4 3BL

WRTC UK Limited (Registered number: SC261029)

Report of the Director
for the Year Ended 29 February 2024

The director presents his report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the retail sale of sports goods.

REVIEW OF BUSINESS
The accounts for the year ended 29th February 2024 are the outcome of our continued recovery following the restructure undertaken in 2022. The result for the year is a 0.23% net loss. In comparison to the year ended 28th February 2023, the business grew its sales by 20.4%, and is on an extremely positive trajectory. Long term debt was also reduced by over 25%.

A focus on reducing administrative expenses resulted in like-for-like savings, compared to the previous year. The sales growth outlined was also achieved with no additional headcount.

The company is focused on growing its sales revenue and profitability and strengthening its Balance Sheet. The leadership team has implemented a strategic plan with a primary focus on improving the financial health of the business. The development of our product range, focusing on our communities and acquiring new customers complete the strategic focuses. The demand for products in the running market represents a significant opportunity for the business in the year ahead.

DIRECTOR
D H Riddoch held office during the whole of the period from 1 March 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D H Riddoch - Director


28 November 2024

WRTC UK Limited (Registered number: SC261029)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 64,886 135,527

CURRENT ASSETS
Stocks 751,995 698,612
Debtors 5 73,152 95,306
Cash at bank and in hand 37,565 151,067
862,712 944,985
CREDITORS
Amounts falling due within one year 6 1,023,298 1,025,935
NET CURRENT LIABILITIES (160,586 ) (80,950 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(95,700

)

54,577

CREDITORS
Amounts falling due after more than one year 7 387,688 525,162
NET LIABILITIES (483,388 ) (470,585 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (483,488 ) (470,685 )
(483,388 ) (470,585 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2024 and were signed by:




D H Riddoch - Director


WRTC UK Limited (Registered number: SC261029)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

WRTC UK Limited is a private company, limited by shares, registered in Scotland. The company's registered number and registered office address can be found on the company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company is operating by utilising external sources of finance along with funds made available by the director. The director has confirmed that they will continue to provide this support and accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - at varying rates on cost
Fixtures and fittings - 20% on cost
Computer equipments - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method.

Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. Debtors receivable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

WRTC UK Limited (Registered number: SC261029)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 76 (2023 - 76 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold fittings equipments Totals
£    £    £    £   
COST
At 1 March 2023 304,007 576,093 330,970 1,211,070
Additions - 1,257 2,049 3,306
At 29 February 2024 304,007 577,350 333,019 1,214,376
DEPRECIATION
At 1 March 2023 254,875 548,175 272,493 1,075,543
Charge for year 12,373 19,019 42,555 73,947
At 29 February 2024 267,248 567,194 315,048 1,149,490
NET BOOK VALUE
At 29 February 2024 36,759 10,156 17,971 64,886
At 28 February 2023 49,132 27,918 58,477 135,527

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 2,865 2,916
Other debtors 327 -
Prepayments and accrued income 69,960 92,390
73,152 95,306

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 58,728 58,728
Other loans 8,978 8,978
Trade creditors 638,679 625,560
Gift vouchers 92,897 84,247
Social security and other taxes 18,435 28,070
VAT 79,715 153,558
Other creditors 108,083 25,368
Accruals and deferred income 17,783 41,426
1,023,298 1,025,935

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans - 2-5 years 210,439 264,272
Other loans - 2-5 years 3,741 12,718
Director's loans 84,931 84,931
Other creditors 88,577 163,241
387,688 525,162

WRTC UK Limited (Registered number: SC261029)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The director's loans to the company are unsecured, interest free and there are no fixed repayment terms.

8. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 269,167 323,000

The company's overdraft and loans with HSBC Bank PLC are secured by a floating charge over all assets and undertaking of the company.