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COMPANY REGISTRATION NUMBER: SC423303
W B C S (Scotland) Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
30 June 2024
W B C S (Scotland) Limited
Abridged Financial Statements
Year ended 30 June 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
W B C S (Scotland) Limited
Abridged Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
72,304
72,304
Tangible assets
6
30,251
44,544
---------
---------
102,555
116,848
Current assets
Stocks
1,500
1,500
Debtors
168,823
217,092
Cash at bank and in hand
238,391
403,611
---------
---------
408,714
622,203
Creditors: amounts falling due within one year
259,246
233,401
---------
---------
Net current assets
149,468
388,802
---------
---------
Total assets less current liabilities
252,023
505,650
Creditors: amounts falling due after more than one year
29,334
61,334
Provisions
7,260
11,136
---------
---------
Net assets
215,429
433,180
---------
---------
W B C S (Scotland) Limited
Abridged Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
37
37
Profit and loss account
215,392
433,143
---------
---------
Shareholders funds
215,429
433,180
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 11 December 2024 , and are signed on behalf of the board by:
Mr J Leighton
Mr A Crooks
Director
Director
Mr A MacFarlane
Mr G Turner
Director
Director
Company registration number: SC423303
W B C S (Scotland) Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, ML11 9DB.
2. Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for 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 the 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.
Taxation
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% 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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 19 ).
5. Intangible assets
£
Cost
At 1 July 2023 and 30 June 2024
672,304
---------
Amortisation
At 1 July 2023 and 30 June 2024
600,000
---------
Carrying amount
At 30 June 2024
72,304
---------
At 30 June 2023
72,304
---------
6. Tangible assets
£
Cost
At 1 July 2023
90,838
Additions
1,066
Disposals
( 45,602)
--------
At 30 June 2024
46,302
--------
Depreciation
At 1 July 2023
46,294
Charge for the year
6,784
Disposals
( 37,027)
--------
At 30 June 2024
16,051
--------
Carrying amount
At 30 June 2024
30,251
--------
At 30 June 2023
44,544
--------
7. Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The amount of unpaid contributions at the balance sheet date amounted to £4,148 (2023 - £2,789). These amounts are included in other creditors.
8. Other financial commitments
At the balance sheet date the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £ 70,708 (2023 - £35,201).
9. Directors' advances, credits and guarantees
During the year £2,522 (2023 - £3,216) was advanced to the directors and £12,318 (2023 - £5,378) was repaid by the directors. The amount outstanding due by the company at the year end is £12,740 (2023 - £2,944). No interest has been charged on this balance and the loans are repayable on demand.
10. Related party transactions
The company rent premises from CCL Property Limited, a company in which the controlling directors of W B C S (Scotland) Limited are both shareholders and directors. During the year, rent of £6,000 (2023 - £6,000) was paid in full. The company are provided with management services from The Whyte & Barrie Partnership, a business in which the controlling directors of W B C S (Scotland) Limited are partners. Fees totalling £36,833 were issued in the year (2023 - £30,958). A balance of £3,000 (2023 - £3,000) was outstanding at the year end and is included in trade creditors.