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REGISTERED NUMBER: SC024361 (Scotland)















WILLIAM REID & SONS (WIREWORKERS)
LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024






WILLIAM REID & SONS (WIREWORKERS)
LIMITED (REGISTERED NUMBER: SC024361)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WILLIAM REID & SONS (WIREWORKERS)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: I W Reid
M P Edwards





SECRETARY: J S Reid





REGISTERED OFFICE: 162 Glenpark Street
Glasgow
G31 1PG





REGISTERED NUMBER: SC024361 (Scotland)





ACCOUNTANTS: JRD Partnership Ltd
Chartered Accountants
11 Portland Road
Kilmarnock
Ayrshire
KA1 2BT

WILLIAM REID & SONS (WIREWORKERS)
LIMITED (REGISTERED NUMBER: SC024361)

BALANCE SHEET
30TH JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 150,604 156,286
Investments 5 100 100
150,704 156,386

CURRENT ASSETS
Debtors 6 348,800 303,514
Cash at bank 7,222 47,708
356,022 351,222
CREDITORS
Amounts falling due within one year 7 218,323 219,795
NET CURRENT ASSETS 137,699 131,427
TOTAL ASSETS LESS CURRENT
LIABILITIES

288,403

287,813

CAPITAL AND RESERVES
Called up share capital 16,000 16,000
Share premium 35,024 35,024
Revaluation reserve 8 35,281 35,281
Retained earnings 202,098 201,508
288,403 287,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

WILLIAM REID & SONS (WIREWORKERS)
LIMITED (REGISTERED NUMBER: SC024361)

BALANCE SHEET - continued
30TH JUNE 2024


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 24th March 2025 and were signed on its behalf by:





I W Reid - Director


WILLIAM REID & SONS (WIREWORKERS)
LIMITED (REGISTERED NUMBER: SC024361)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024


1. STATUTORY INFORMATION

William Reid & Sons (Wireworkers) 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income from operating properties leased to group and associated companies.

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 cost
Plant and machinery etc - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 2 (2023 - 2 ) .

WILLIAM REID & SONS (WIREWORKERS)
LIMITED (REGISTERED NUMBER: SC024361)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1st July 2023 185,000 31,209 216,209
Disposals - (5,450 ) (5,450 )
At 30th June 2024 185,000 25,759 210,759
DEPRECIATION
At 1st July 2023 34,452 25,471 59,923
Charge for year 3,700 1,436 5,136
Eliminated on disposal - (4,904 ) (4,904 )
At 30th June 2024 38,152 22,003 60,155
NET BOOK VALUE
At 30th June 2024 146,848 3,756 150,604
At 30th June 2023 150,548 5,738 156,286

Cost or valuation at 30th June 2024 is represented by:

Land and
buildings
£   
Valuation in 2015 (1,045 )
Cost 186,045
185,000

If land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 251,045 251,045
Aggregate depreciation 76,493 71,472

Value of land in freehold land and buildings 174,552 179,573

Freehold land and buildings were previously externally valued during November 2015. This valuation is considered by the directors to represent a reasonable fair value at the balance sheet date.

WILLIAM REID & SONS (WIREWORKERS)
LIMITED (REGISTERED NUMBER: SC024361)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st July 2023
and 30th June 2024 100
NET BOOK VALUE
At 30th June 2024 100
At 30th June 2023 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 348,801 303,515
Other debtors (1 ) (1 )
348,800 303,514

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 4,821 3,768
Other creditors 213,502 216,027
218,323 219,795

8. RESERVES
Revaluation
reserve
£   
At 1st July 2023
and 30th June 2024 35,281

9. RELATED PARTY DISCLOSURES

During the year the company charged £83,141 (2023 - £74,081) to Reid Wire Limited in respect of central services, rent and other overhead recharges.

The company was committed to a five year lease for an additional factory facility occupied by the subsidiary, Reid Wire Limited. This property is owned by a pension scheme associated with Reid Roof Limited. The initial lease has expired and is now reviewed on an annual basis. The current annual commitment is £16,292 (excluding VAT).

The company charged management fees of £2,500 to Reid Wire Limited.