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REGISTERED NUMBER: SC107444 (Scotland)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

WALLACE OWEN AND CO. LIMITED

WALLACE OWEN AND CO. LIMITED (REGISTERED NUMBER: SC107444)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WALLACE OWEN AND CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr Kenneth William Baillie
Ms Sarah Baillie
Mr Andrew Baillie





SECRETARY:





REGISTERED OFFICE: Ness, Gallagher & Co
95 Stewarton Street
Wishaw
Lanarkshire
ML2 8AG





REGISTERED NUMBER: SC107444 (Scotland)





ACCOUNTANTS: Feely & Company, Chartered Accountants
165 Main Street
Wishaw
Lanarkshire
ML2 7AU

WALLACE OWEN AND CO. LIMITED (REGISTERED NUMBER: SC107444)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 174,699 178,365

CURRENT ASSETS
Debtors 5 140,821 136,466

CREDITORS
Amounts falling due within one year 6 10,328 11,255
NET CURRENT ASSETS 130,493 125,211
TOTAL ASSETS LESS CURRENT LIABILITIES 305,192 303,576

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 304,192 302,576
SHAREHOLDERS' FUNDS 305,192 303,576

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

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





Ms Sarah Baillie - Director


WALLACE OWEN AND CO. LIMITED (REGISTERED NUMBER: SC107444)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Wallace Owen And Co. Limited 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on reducing balance
Plant and machinery etc - 20% on reducing balance

At each balance sheet date, the company reviews the carrying amount of the tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 255,027 10,000 265,027
DEPRECIATION
At 1 April 2023 77,211 9,451 86,662
Charge for year 3,556 110 3,666
At 31 March 2024 80,767 9,561 90,328
NET BOOK VALUE
At 31 March 2024 174,260 439 174,699
At 31 March 2023 177,816 549 178,365

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 140,821 136,466

WALLACE OWEN AND CO. LIMITED (REGISTERED NUMBER: SC107444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,986 809
Taxation and social security 1,239 3,343
Other creditors 7,103 7,103
10,328 11,255