Company Registration No. SC129669 (Scotland)
W & A Geddes Limited
Unaudited financial statements
for the year ended 31 August 2024
Pages for filing with the registrar
W & A Geddes Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
W & A Geddes Limited
Statement of financial position
As at 31 August 2024
31 August 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
214,803
228,908
Current assets
Stocks
1,689,703
1,756,811
Debtors
5
2,401,047
2,455,535
Cash at bank and in hand
319,977
224,499
4,410,727
4,436,845
Creditors: amounts falling due within one year
6
(2,748,557)
(2,911,067)
Net current assets
1,662,170
1,525,778
Total assets less current liabilities
1,876,973
1,754,686
Creditors: amounts falling due after more than one year
7
(1,714)
(27,788)
Net assets
1,875,259
1,726,898
Capital and reserves
Called up share capital
16,500
16,500
Revaluation reserve
91,862
98,439
Capital redemption reserve
33,500
33,500
Profit and loss reserves
1,733,397
1,578,459
Total equity
1,875,259
1,726,898
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 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.
W & A Geddes Limited
Statement of financial position (continued)
As at 31 August 2024
31 August 2024
2
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Ewan Mackenzie
Director
Company Registration No. SC129669
W & A Geddes Limited
Notes to the financial statements
For the year ended 31 August 2024
3
1
Accounting policies
Company information
W & A Geddes Limited is a private company limited by shares incorporated in Scotland. The registered office is 7 River Street, Wick, Caithness, KW1 5EB.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Land and buildings
2% straight line
Plant and machinery
15% straight line
Office equipment
20% straight line
Motor vehicles
25% 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 profit or loss.
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).
W & A Geddes Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
4
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Part stocks are provided for depending on the length of ownership. Stocks held over 2 years old are written off in full.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
W & A Geddes Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
5
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
W & A Geddes Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
6
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors do not consider there to be any significant judgements impacting these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
35
36
W & A Geddes Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
7
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 September 2023
350,000
206,091
556,091
Additions
19,878
19,878
At 31 August 2024
350,000
225,969
575,969
Depreciation and impairment
At 1 September 2023
167,588
159,595
327,183
Depreciation charged in the year
9,863
24,120
33,983
At 31 August 2024
177,451
183,715
361,166
Carrying amount
At 31 August 2024
172,549
42,254
214,803
At 31 August 2023
182,412
46,496
228,908
The freehold properties were valued at £350,000 in April 2009 on an open market value basis in accordance with RICS guidance notes. The valuation was carried out by Graham and Sibbald Chartered Surveyors. If the properties were sold at the revalued amount it would be necessary to replace with similar property, and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no provision has been made for deferred tax in respect of the revaluation.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,383,257
2,431,804
Other debtors
23,731
Prepayments and accrued income
17,790
2,401,047
2,455,535
W & A Geddes Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
8
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
87,496
191,538
Obligations under finance leases
6,321
6,844
Trade creditors
2,348,461
2,188,324
Corporation tax
73,852
74,485
Other taxation and social security
61,704
21,864
Other creditors
150,717
354,088
Accruals and deferred income
20,006
73,924
2,748,557
2,911,067
The bank loans and overdraft are secured by a standard security over 7 River Street, Wick, Shop Unit, River Street, Wick and Garage, Victoria Road, Brora. The Clydesdale Bank plc also hold a floating charge over the whole of the company's assets and undertakings.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,065
Obligations under finance leases
1,714
7,723
1,714
27,788
8
Controlling party
In the opinion of the directors, the ultimate controlling parties are Ewan and Sandra Mackenzie, the company directors, who together own the entire issued share capital of the company.