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Company registration number: SC302843
JW Wishart Plumbing & Heating Ltd
Unaudited filleted financial statements
31 May 2024
JW Wishart Plumbing & Heating Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
JW Wishart Plumbing & Heating Ltd
Directors and other information
Directors Mr John A. Wishart
Mr Scott Wishart
Secretary John A. Wishart
Company number SC302843
Registered office Torridon House
Torridon Lane
Rosyth
Fife, KY11 2EU
Business address 74 Saunders Street
Kirkcaldy
Fife
KY1 1TY
Accountants John Lynch & Co.
Torridon House
Torridon Lane
Rosyth
Fife
KY11 2EU
JW Wishart Plumbing & Heating Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of JW Wishart Plumbing & Heating Ltd
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JW Wishart Plumbing & Heating Ltd for the year ended 31 May 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of JW Wishart Plumbing & Heating Ltd, as a body, in accordance with the terms of our engagement letter dated 3 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of JW Wishart Plumbing & Heating Ltd and state those matters that we have agreed to state to the board of directors of JW Wishart Plumbing & Heating Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JW Wishart Plumbing & Heating Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that JW Wishart Plumbing & Heating Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JW Wishart Plumbing & Heating Ltd. You consider that JW Wishart Plumbing & Heating Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of JW Wishart Plumbing & Heating Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Lynch & Co.
Chartered Accountants
Torridon House
Torridon Lane
Rosyth
Fife
KY11 2EU
10 February 2025
JW Wishart Plumbing & Heating Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 82,957 75,500
_______ _______
82,957 75,500
Current assets
Stocks 7,519 14,927
Debtors 6 34,851 19,601
Cash at bank and in hand 221,860 224,420
_______ _______
264,230 258,948
Creditors: amounts falling due
within one year 7 ( 124,249) ( 147,265)
_______ _______
Net current assets 139,981 111,683
_______ _______
Total assets less current liabilities 222,938 187,183
Creditors: amounts falling due
after more than one year 8 ( 28,436) ( 36,316)
Provisions for liabilities ( 10,550) ( 10,550)
_______ _______
Net assets 183,952 140,317
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 183,852 140,217
_______ _______
Shareholders funds 183,952 140,317
_______ _______
For the year ending 31 May 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 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.
These financial statements were approved by the board of directors and authorised for issue on 10 February 2025 , and are signed on behalf of the board by:
Mr Scott Wishart
Director
Company registration number: SC302843
JW Wishart Plumbing & Heating Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Torridon House, Torridon Lane, Rosyth, Fife, KY11 2EU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 stocks to their 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 in finance costs in profit or loss in the period it arises.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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 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 in finance costs 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 9 (2023: 9 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2023 76,652 15,839 5,439 61,835 159,765
Additions - - 785 14,642 15,427
Disposals - - - ( 10,249) ( 10,249)
_______ _______ _______ _______ _______
At 31 May 2024 76,652 15,839 6,224 66,228 164,943
_______ _______ _______ _______ _______
Depreciation
At 1 June 2023 24,600 10,512 4,257 44,896 84,265
Charge for the year 1,533 1,066 394 4,652 7,645
Disposals - - - ( 9,924) ( 9,924)
_______ _______ _______ _______ _______
At 31 May 2024 26,133 11,578 4,651 39,624 81,986
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2024 50,519 4,261 1,573 26,604 82,957
_______ _______ _______ _______ _______
At 31 May 2023 52,052 5,327 1,182 16,939 75,500
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 27,506 11,744
Other debtors 7,345 7,857
_______ _______
34,851 19,601
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 4,569 4,453
Trade creditors 64,308 86,869
Corporation tax 21,843 12,780
Social security and other taxes 23,937 26,092
Other creditors 9,592 17,071
_______ _______
124,249 147,265
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 21,224 25,909
Other creditors 7,212 10,407
_______ _______
28,436 36,316
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr John A. Wishart ( 35) 30 ( 5)
Mr Scott Wishart ( 5,930) 4,988 ( 942)
_______ _______ _______
( 5,965) 5,018 ( 947)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr John A. Wishart ( 162) 127 ( 35)
Mr Scott Wishart ( 9,488) 3,558 ( 5,930)
_______ _______ _______
( 9,650) 3,685 ( 5,965)
_______ _______ _______
10. Controlling party
The controlling party is Scott Wishart .