3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,579,936 50,288 1,630,224 1,630,224 1,579,936 xbrli:pure xbrli:shares iso4217:GBP SC271690 2023-07-01 2024-06-30 SC271690 2024-06-30 SC271690 2023-06-30 SC271690 2022-07-01 2023-06-30 SC271690 2023-06-30 SC271690 2022-06-30 SC271690 core:MotorVehicles 2023-07-01 2024-06-30 SC271690 bus:Director2 2023-07-01 2024-06-30 SC271690 core:LandBuildings 2023-06-30 SC271690 core:MotorVehicles 2023-06-30 SC271690 core:LandBuildings 2024-06-30 SC271690 core:MotorVehicles 2024-06-30 SC271690 core:WithinOneYear 2024-06-30 SC271690 core:WithinOneYear 2023-06-30 SC271690 core:ShareCapital 2024-06-30 SC271690 core:ShareCapital 2023-06-30 SC271690 core:SharePremium 2024-06-30 SC271690 core:SharePremium 2023-06-30 SC271690 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC271690 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC271690 core:BetweenOneFiveYears 2024-06-30 SC271690 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 SC271690 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 SC271690 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 SC271690 core:Non-currentFinancialInstruments 2024-06-30 SC271690 core:Non-currentFinancialInstruments 2023-06-30 SC271690 core:LandBuildings 2023-06-30 SC271690 core:MotorVehicles 2023-06-30 SC271690 bus:SmallEntities 2023-07-01 2024-06-30 SC271690 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC271690 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC271690 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC271690 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: SC271690
Wilarc Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Wilarc Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,583,941
2,080,998
Investments
6
1,630,224
1,579,936
------------
------------
3,214,165
3,660,934
Current assets
Debtors
7
367,257
73,527
Cash at bank and in hand
194,293
107,879
---------
---------
561,550
181,406
Creditors: amounts falling due within one year
8
( 41,581)
( 46,126)
---------
---------
Net current assets
519,969
135,280
------------
------------
Total assets less current liabilities
3,734,134
3,796,214
Provisions
Taxation including deferred tax
( 159,417)
( 150,882)
------------
------------
Net assets
3,574,717
3,645,332
------------
------------
Capital and reserves
Called up share capital
120
120
Share premium account
2,339,895
2,339,895
Profit and loss account
1,234,702
1,305,317
------------
------------
Shareholders funds
3,574,717
3,645,332
------------
------------
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.
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 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 .
Wilarc Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Archibald J C Balfour
Director
Company registration number: SC271690
Wilarc Limited
Notes to the 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 C/O Anderson Strathern LLP, 58 Morrison Street, Edinburgh, EH3 8BP.
2. Statement of compliance
These 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, as modified by the revaluation of listed investment 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. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are 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:
Investment property is shown at market value therefore it is not depreciated.
Motor Vehicles
-
20% straight line
Other fixed assets
-
0% straight line, 10 % straight line, 20% straight line
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. Fair value of UK investments are measured at mid-market price quoted on the London Exchange or at their net asset value. Overseas securities are valued at their mid-market price or last traded price on the relevant Stock Exchange.
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.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include investments, trade and other receivables and cash and bank balances, are initially recognised at the transaction price and subsequently at fair value in respect of investments and amortised cost in respect of other basic financial instruments, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, are initially recognised at the transaction price and subsequently at amortised cost, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Investment properties
Other Investment assets
Motor Vehicles
Total
£
£
£
£
Cost
At 1 July 2023
1,294,900
787,851
100,600
2,183,351
Additions
18,915
18,915
Disposals
( 491,000)
(41,000)
( 532,000)
------------
---------
---------
------------
At 30 June 2024
1,294,900
296,851
78,515
1,670,266
------------
---------
---------
------------
Depreciation
At 1 July 2023
48,517
53,836
102,353
Charge for the year
6,302
18,670
24,972
Disposals
( 41,000)
( 41,000)
------------
---------
---------
------------
At 30 June 2024
54,819
31,506
86,325
------------
---------
---------
------------
Carrying amount
At 30 June 2024
1,294,900
242,032
47,009
1,583,941
------------
---------
---------
------------
At 30 June 2023
1,294,900
739,334
46,764
2,080,998
------------
---------
---------
------------
The directors are of the opinion that the market value of investment properties at 30 June 2024 is not less than the carrying value.
6. Investments
Other investments other than loans
£
Valuation
At 1 July 2023
1,579,936
Revaluations
50,288
------------
At 30 June 2024
1,630,224
------------
Impairment
At 1 July 2023 and 30 June 2024
------------
Carrying amount
At 30 June 2024
1,630,224
------------
At 30 June 2023
1,579,936
------------
7. Debtors
2024
2023
£
£
Trade debtors
316,733
20,348
Other debtors
50,524
53,179
---------
--------
367,257
73,527
---------
--------
Other Debtors includes a loan receivable of £32,535 (2023: £36,669) which is repayable in instalments, with the final repayment due February 2026. Amounts due after more than one year are £25,228 (2023: £29,654).
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,942
20,944
Corporation tax
3,360
9,137
Social security and other taxes
2,251
3,392
Other creditors
18,028
12,653
--------
--------
41,581
46,126
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
159,417
150,882
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
10,471
Later than 1 year and not later than 5 years
18,324
--------
----
28,795
--------
----