0 false false false false true false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 407,500 407,500 407,500 xbrli:pure xbrli:shares iso4217:GBP SC213967 2023-05-01 2024-04-30 SC213967 2024-04-30 SC213967 2023-04-30 SC213967 2022-05-01 2023-04-30 SC213967 2023-04-30 SC213967 2022-04-30 SC213967 core:Subsidiary1 2023-05-01 2024-04-30 SC213967 bus:Director1 2023-05-01 2024-04-30 SC213967 core:WithinOneYear 2024-04-30 SC213967 core:WithinOneYear 2023-04-30 SC213967 core:ShareCapital 2024-04-30 SC213967 core:ShareCapital 2023-04-30 SC213967 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC213967 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC213967 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 SC213967 core:Non-currentFinancialInstruments 2024-04-30 SC213967 core:Non-currentFinancialInstruments 2023-04-30 SC213967 bus:SmallEntities 2023-05-01 2024-04-30 SC213967 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC213967 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC213967 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC213967 bus:FullAccounts 2023-05-01 2024-04-30 SC213967 core:CloseFamilyMember1 2023-05-01 2024-04-30 SC213967 1 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: SC213967
Wardside (Holdings) Limited
Filleted Unaudited Financial Statements
30 April 2024
Wardside (Holdings) Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wardside (Holdings) Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
407,500
407,500
Current assets
Debtors
5
36,055
36,055
Creditors: amounts falling due within one year
6
35,652
59,238
--------
--------
Net current assets/(liabilities)
403
( 23,183)
---------
---------
Total assets less current liabilities
407,903
384,317
---------
---------
Net assets
407,903
384,317
---------
---------
Capital and reserves
Called up share capital
7,500
7,500
Profit and loss account
400,403
376,817
---------
---------
Shareholders funds
407,903
384,317
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wardside (Holdings) Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr D M Burt
Director
Company registration number: SC213967
Wardside (Holdings) Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is David Higgins & Company CA, West Renfrew House, 26 Brougham Street, Greenock, Inverclyde, PA16 8AD, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. They, therefore, continue to adopt the going-concern basis of accounting in preparing the annual financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
407,500
---------
Impairment
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 30 April 2024
407,500
---------
At 30 April 2023
407,500
---------
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Wardside House Limited
David Higgins & Company CA
Ordinary
100
West Renfrew House
26 Brougham Street
Greenock
Inverclyde
PA16 8AD
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2024
2023
2024
2023
£
£
£
£
Subsidiary undertakings
Wardside House Limited
2,870,708
2,748,798
241,910
256,489
------------
------------
---------
---------
5. Debtors
2024
2023
£
£
Other debtors
36,055
36,055
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
21,216
45,972
Corporation tax
11,882
11,657
Other creditors
2,554
1,609
--------
--------
35,652
59,238
--------
--------
7. Contingencies
The company is party to cross guarantee arrangements for the bank loans and overdraft of its subsidiary. The level of indebtedness at 30 April 2024 is £790,111 (2023: £797,835). The indebtedness is supported by a bond and floating charge over the undertaking, property and assets of the company and personal guarantees from the directors in favour of The Royal Bank of Scotland plc.
8. Related party transactions
The parent of one of the directors owes the company £28,844 (2023: £28,844) which is included in other debtors. This balance is interest free and has no fixed repayment terms.
9. Controlling party
The company is under the control of Mr David M Burt since he owns the majority of the share capital.