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REGISTERED NUMBER: SC535018 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

William Loch Ltd

William Loch Ltd (Registered number: SC535018)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


William Loch Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr William Alexander Loch
Mrs Fiona Loch





REGISTERED OFFICE: 27 High Park Avenue
Stranraer
Dumfries & Galloway
DG9 0DE





REGISTERED NUMBER: SC535018 (Scotland)





ACCOUNTANTS: McMillan Bain & Company
27 High Park Avenue
Stranraer
Dumfries & Galloway
DG9 0DE

William Loch Ltd (Registered number: SC535018)

Abridged Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,800 5,600
Tangible assets 5 77,153 89,020
81,953 94,620

CURRENT ASSETS
Stocks 434,778 452,769
Debtors 3,389 3,371
Cash at bank and in hand 179,500 284,092
617,667 740,232
CREDITORS
Amounts falling due within one year 280,099 429,855
NET CURRENT ASSETS 337,568 310,377
TOTAL ASSETS LESS CURRENT
LIABILITIES

419,521

404,997

CREDITORS
Amounts falling due after more than one
year

(10,267

)

(15,866

)

PROVISIONS FOR LIABILITIES (532 ) (3,592 )
NET ASSETS 408,722 385,539

CAPITAL AND RESERVES
Called up share capital 6 2 2
Retained earnings 408,720 385,537
SHAREHOLDERS' FUNDS 408,722 385,539

William Loch Ltd (Registered number: SC535018)

Abridged Balance Sheet - continued
31 May 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:





Mr William Alexander Loch - Director


William Loch Ltd (Registered number: SC535018)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

William Loch Ltd 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

William Loch Ltd (Registered number: SC535018)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023
and 31 May 2024 8,000
AMORTISATION
At 1 June 2023 2,400
Amortisation for year 800
At 31 May 2024 3,200
NET BOOK VALUE

At 31 May 2024 4,800
At 31 May 2023 5,600

William Loch Ltd (Registered number: SC535018)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 172,020
Additions 4,178
At 31 May 2024 176,198
DEPRECIATION
At 1 June 2023 83,000
Charge for year 16,045
At 31 May 2024 99,045
NET BOOK VALUE
At 31 May 2024 77,153
At 31 May 2023 89,020

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2023
and 31 May 2024 32,000
DEPRECIATION
At 1 June 2023 14,000
Charge for year 4,500
At 31 May 2024 18,500
NET BOOK VALUE
At 31 May 2024 13,500
At 31 May 2023 18,000

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

7. RELATED PARTY DISCLOSURES

Included in creditors due within one year is the sum of £51,448 (PY - £133,301) due to the director of the company.