52 false false false false 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 xbrli:pure xbrli:shares iso4217:GBP SC101883 2023-05-01 2024-04-30 SC101883 2024-04-30 SC101883 2023-04-30 SC101883 2022-05-01 2023-04-30 SC101883 2023-04-30 SC101883 2022-04-30 SC101883 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC101883 core:PlantMachinery 2023-05-01 2024-04-30 SC101883 core:FurnitureFittings 2023-05-01 2024-04-30 SC101883 core:MotorVehicles 2023-05-01 2024-04-30 SC101883 bus:Director1 2023-05-01 2024-04-30 SC101883 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 SC101883 core:PlantMachinery 2023-04-30 SC101883 core:FurnitureFittings 2023-04-30 SC101883 core:MotorVehicles 2023-04-30 SC101883 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 SC101883 core:PlantMachinery 2024-04-30 SC101883 core:FurnitureFittings 2024-04-30 SC101883 core:MotorVehicles 2024-04-30 SC101883 core:WithinOneYear 2024-04-30 SC101883 core:WithinOneYear 2023-04-30 SC101883 core:AfterOneYear 2024-04-30 SC101883 core:AfterOneYear 2023-04-30 SC101883 core:ShareCapital 2024-04-30 SC101883 core:ShareCapital 2023-04-30 SC101883 core:OtherReservesSubtotal 2024-04-30 SC101883 core:OtherReservesSubtotal 2023-04-30 SC101883 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC101883 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC101883 core:BetweenOneFiveYears 2024-04-30 SC101883 core:BetweenOneFiveYears 2023-04-30 SC101883 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 SC101883 core:PlantMachinery 2023-04-30 SC101883 core:FurnitureFittings 2023-04-30 SC101883 core:MotorVehicles 2023-04-30 SC101883 bus:SmallEntities 2023-05-01 2024-04-30 SC101883 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC101883 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC101883 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC101883 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: SC101883
Wardside House Limited
Filleted Unaudited Financial Statements
30 April 2024
Wardside House Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,300,206
3,356,899
Current assets
Stocks
3,000
3,000
Debtors
6
772,840
625,252
Cash at bank and in hand
17,312
18,982
---------
---------
793,152
647,234
Creditors: amounts falling due within one year
7
630,808
517,412
---------
---------
Net current assets
162,344
129,822
------------
------------
Total assets less current liabilities
3,462,550
3,486,721
Creditors: amounts falling due after more than one year
8
570,744
682,010
Provisions
21,098
55,913
------------
------------
Net assets
2,870,708
2,748,798
------------
------------
Capital and reserves
Called up share capital
150,000
150,000
Other reserves
2,021,230
2,021,230
Profit and loss account
699,478
577,568
------------
------------
Shareholders funds
2,870,708
2,748,798
------------
------------
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.
Wardside House Limited
Statement of Financial Position (continued)
30 April 2024
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 .
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: SC101883
Wardside House 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 & Co 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.
Revenue recognition
Turnover is measured at the 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 52 (2023: 51 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
4,274,755
4,314
878,952
60,800
5,218,821
Additions
57,517
8,377
65,894
------------
-------
---------
--------
------------
At 30 April 2024
4,332,272
4,314
887,329
60,800
5,284,715
------------
-------
---------
--------
------------
Depreciation
At 1 May 2023
1,097,138
1,691
713,044
50,049
1,861,922
Charge for the year
86,194
525
33,181
2,687
122,587
------------
-------
---------
--------
------------
At 30 April 2024
1,183,332
2,216
746,225
52,736
1,984,509
------------
-------
---------
--------
------------
Carrying amount
At 30 April 2024
3,148,940
2,098
141,104
8,064
3,300,206
------------
-------
---------
--------
------------
At 30 April 2023
3,177,617
2,623
165,908
10,751
3,356,899
------------
-------
---------
--------
------------
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
21,216
45,972
Other debtors
751,624
579,280
---------
---------
772,840
625,252
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
213,426
118,667
Corporation tax
276,904
240,657
Social security and other taxes
8,996
9,136
Other creditors
131,482
148,952
---------
---------
630,808
517,412
---------
---------
Bank loans and overdrafts are secured by a standard security over the freehold property and by a bond and floating charge over the trade and assets of the company. There is also an inter-company cross guarantee between the company and Wardside (Holdings) Limited.
The directors have also provided a personal guarantee in respect of the bank loan and overdraft.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
570,744
682,010
---------
---------
Bank loans due after more than one year are secured by a standard security over the freehold property and by a bond and floating charge over the trade and assets of the company. There is also an inter-company cross guarantee between the company and its parent company Wardside (Holdings) Limited. The directors have also provided a personal guarantee in respect of the loan.
Bank loans due after more than five years amount to £146,077 (2023: £227,343). This loan is repayable by instalments and the interest rate charged is 2.75% above the Bank of England base rate.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
11,828
4,115
Later than 1 year and not later than 5 years
27,896
4,562
--------
-------
39,724
8,677
--------
-------
10. Directors' advances, credits and guarantees
Included within other debtors is an amount of £609,949 (2023:£437,705) due from the directors. This is interest free and has no fixed repayment term. During the year the directors withdrew £215,821 (2023: £189,417) from the company and paid expenses totalling £43,577 (2023: £41,692).
11. Related party transactions
Wardside (Holdings) Limited charged Wardside House Limited £30,696 of management charges in the year (2023:£30,696). Included within other debtors is an amount due from Wardside (Holdings) Limited of £21,216 (2023: £45,972) which is interest free and has no fixed repayment terms.
12. Controlling party
The company is a wholly owned subsidiary of Wardside (Holdings) Limited which has its registered office as c/o David Higgins & Company, Chartered Accountants, West Renfrew House, 26 Brougham Street, Greenock, Inverclyde PA16 8AD. Wardside (Holdings) Limited and the company have common directors and Wardside (Holdings) Limited is under the control of Mr D M Burt as he owns the majority of the share capital.