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REGISTERED NUMBER: SC024280 (Scotland)















Unaudited Financial Statements for the Year Ended 28 February 2025

for

W Peters & Son Limited

W Peters & Son Limited (Registered number: SC024280)






Contents of the Financial Statements
for the Year Ended 28 February 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

W Peters & Son Limited

Company Information
for the Year Ended 28 February 2025







DIRECTOR: C R Peters



SECRETARY: Stewart & Watson



REGISTERED OFFICE: 59 High Street
TURRIFF
AB53 4EL



REGISTERED NUMBER: SC024280 (Scotland)



ACCOUNTANTS: Atholl Scott
16 Castle Street
BANFF
AB45 1DL



SOLICITORS: Stewart & Watson
59 High Street
Turriff
AB53 4EL

W Peters & Son Limited (Registered number: SC024280)

Balance Sheet
28 February 2025

28.2.25 29.2.24
Notes £    £   
FIXED ASSETS
Tangible assets 4 140,260 217,305

CURRENT ASSETS
Stocks 5 96,323 119,800
Debtors 6 29,073 31,546
Cash at bank and in hand 37,125 515
162,521 151,861
CREDITORS
Amounts falling due within one
year

7

(66,803

)

(66,459

)
NET CURRENT ASSETS 95,718 85,402
TOTAL ASSETS LESS CURRENT
LIABILITIES

235,978

302,707

CREDITORS
Amounts falling due after more
than one year

8

(878

)

(3,511

)
NET ASSETS 235,100 299,196

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Fair value reserve 9 85,024 148,643
Retained earnings 140,076 140,553
SHAREHOLDERS' FUNDS 235,100 299,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

W Peters & Son Limited (Registered number: SC024280)

Balance Sheet - continued
28 February 2025


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 director and authorised for issue on 9 May 2025 and were signed by:





C R Peters - Director


W Peters & Son Limited (Registered number: SC024280)

Notes to the Financial Statements
for the Year Ended 28 February 2025

1. STATUTORY INFORMATION

W Peters & Son 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 amounts receivable for goods sold and services rendered during the year, exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

W Peters & Son Limited (Registered number: SC024280)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 12 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 March 2024 239,247 644,963 14,750 214,851 1,113,811
Additions 10,039 790 - 4,876 15,705
Disposals (38,814 ) (2,600 ) - - (41,414 )
Revaluations (63,619 ) - - - (63,619 )
At 28 February 2025 146,853 643,153 14,750 219,727 1,024,483
DEPRECIATION
At 1 March 2024 44,247 625,053 13,274 213,932 896,506
Charge for year 1,237 4,136 369 2,138 7,880
Eliminated on disposal (17,572 ) (2,591 ) - - (20,163 )
At 28 February 2025 27,912 626,598 13,643 216,070 884,223
NET BOOK VALUE
At 28 February 2025 118,941 16,555 1,107 3,657 140,260
At 29 February 2024 195,000 19,910 1,476 919 217,305

Cost or valuation at 28 February 2025 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2024 85,024 - - - 85,024
Cost 61,829 643,153 14,750 219,727 939,459
146,853 643,153 14,750 219,727 1,024,483

The property owned by the company at 16 High Street Turriff AB53 4DT was revalued by DM Hall, Chartered Surveyors, at £195,000 in April 2024.

Part of the property was sold by the company in November 2024.

W Peters & Son Limited (Registered number: SC024280)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 March 2024
and 28 February 2025 7,900
DEPRECIATION
At 1 March 2024 1,580
Charge for year 1,264
At 28 February 2025 2,844
NET BOOK VALUE
At 28 February 2025 5,056
At 29 February 2024 6,320

5. STOCKS
28.2.25 29.2.24
£    £   
Stocks 85,086 105,645
Raw materials 11,237 14,155
96,323 119,800

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.25 29.2.24
£    £   
Trade debtors 22,153 24,570
Prepayments 6,920 6,976
29,073 31,546

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.25 29.2.24
£    £   
Bank loans and overdrafts 1,916 13,054
Hire purchase contracts 2,633 2,633
Trade creditors 10,030 10,696
PAYE 1,777 2,095
VAT 5,545 7,765
Other creditors 38,000 23,000
Accrued expenses 6,902 7,216
66,803 66,459

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.25 29.2.24
£    £   
Hire purchase contracts 878 3,511

W Peters & Son Limited (Registered number: SC024280)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025

9. RESERVES
Fair
value
reserve
£   
At 1 March 2024 148,643
Adjustment re property sale (63,619 )

At 28 February 2025 85,024

10. OTHER FINANCIAL COMMITMENTS

The company has committed to an equipment rental agreement for a five year period to 30 November 2029. The rental payable is £350 per month and therefore the full amount still due under the terms of the agreement is £19,950.

11. RELATED PARTY DISCLOSURES

Other Creditors

During the year, Mrs Barbara Peters, a current shareholder in W Peters & Son Limited, increased her loan to the company to £38,000 ( 2024 £23,000 ). The loan is unsecured, interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

Throughout the year the company was under the control of the sole director, Craig R Peters.

Accountants' Report to the Director
on the Unaudited Financial Statements of
W Peters & Son Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W Peters & Son Limited for the year ended 28 February 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the director of W Peters & Son Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of W Peters & Son Limited and state those matters that we have agreed to state to the director of W Peters & Son Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that W Peters & Son 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 loss of W Peters & Son Limited. You consider that W Peters & Son 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 W Peters & Son 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.

As a member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/publicinterest/memberregulations.






Atholl Scott
16 Castle Street
BANFF
AB45 1DL


12 May 2025