Company registration number SC569806 (Scotland)
We Are Inverurie Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with registrar
We Are Inverurie Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of We Are Inverurie Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of We Are Inverurie Limited for the year ended 30 June 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of We Are Inverurie Limited, as a body, in accordance with the terms of our engagement letter dated 28 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of We Are Inverurie Limited and state those matters that we have agreed to state to the Board of Directors of We Are Inverurie Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than We Are Inverurie Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that We Are Inverurie Limited 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 result of We Are Inverurie Limited. You consider that We Are Inverurie Limited 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 We Are Inverurie Limited. 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.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
18 March 2025
We Are Inverurie Limited
Statement of financial position
as at 30 June 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
307
Current assets
Debtors
2,183
7,900
Cash at bank and in hand
23,733
5,643
25,916
13,543
Creditors: amounts falling due within one year
(25,916)
(13,850)
Net current liabilities
(307)
Net assets
Reserves
4
-
-
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
Ian M. Sinclair
Director
Company registration number SC569806 (Scotland)
We Are Inverurie Limited
Notes to the financial statements
for the year ended 30 June 2024
3
1
Accounting policies
Company information
We Are Inverurie Limited is a private company limited by guarantee incorporated in Scotland. The registered office is 1 High Street, Inverurie, Aberdeenshire, AB51 3QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
We Are Inverurie Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
1
Accounting policies (continued)
4
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Total
£
Cost
At 1 July 2023 and 30 June 2024
917
Depreciation and impairment
At 1 July 2023
610
Depreciation charged in the year
307
At 30 June 2024
917
Carrying amount
At 30 June 2024
At 30 June 2023
307
4
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.