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REGISTERED NUMBER: SC511328 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Will (Inverurie) Holdings Limited

Will (Inverurie) Holdings Limited (Registered number: SC511328)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Will (Inverurie) Holdings Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr G J Will
Mrs I Will





REGISTERED OFFICE: 35 West High Street
Inverurie
Aberdeenshire
AB51 3QQ





REGISTERED NUMBER: SC511328 (Scotland)





ACCOUNTANTS: The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR

Will (Inverurie) Holdings Limited (Registered number: SC511328)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 5 2,701,464 2,701,464

CURRENT ASSETS
Debtors 6 7,441 8,624
Cash at bank and in hand 18,852 78,827
26,293 87,451
CREDITORS
Amounts falling due within one year 7 288,239 338,238
NET CURRENT LIABILITIES (261,946 ) (250,787 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,439,518

2,450,677

CREDITORS
Amounts falling due after more than one
year

8

870,272

993,660
NET ASSETS 1,569,246 1,457,017

CAPITAL AND RESERVES
Called up share capital 666,766 666,766
Retained earnings 902,480 790,251
SHAREHOLDERS' FUNDS 1,569,246 1,457,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Will (Inverurie) Holdings Limited (Registered number: SC511328)

Statement of Financial Position - continued
30 April 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





Mr G J Will - Director


Will (Inverurie) Holdings Limited (Registered number: SC511328)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Will (Inverurie) Holdings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Will (Inverurie) Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when the service has been provided, when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost unless, in the opinion of the Directors, there has been a permanent diminution in value, in which case an appropriate adjustment is made.

Financial instruments
The following assets and liabilities are classified as financial instruments - bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently measured at amortised cost using the effective interest method.

Directors loans (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Will (Inverurie) Holdings Limited (Registered number: SC511328)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 2,701,464
NET BOOK VALUE
At 30 April 2024 2,701,464
At 30 April 2023 2,701,464

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 7,441 8,624

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 143,443 137,905
Amounts owed to group undertakings 98,383 169,590
Taxation and social security 38,092 23,935
Other creditors 8,321 6,808
288,239 338,238

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 870,272 993,660

Will (Inverurie) Holdings Limited (Registered number: SC511328)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 235,632 401,799

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,013,715 1,131,565

Cross corporate guarantees and indemnity supported by 35-39 West High Street, Inverurie, Leasehold Interest in 2a Burghmuir Drive, Inverurie and bond and floating charge over assets of Will Chemists (Inverurie) Limited are in place between the company and it's subsidiary, in respect of bank loans. Also the assignment of the proceeds of a Life Insurance policy from Will (Inverurie) Holdings Limited in respect of a bank loan of £2,050,000. As at the balance sheet date, the total group liability under these facilities is £1,013,715.