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Registration number: SC047739

R.M. Welch & Son Limited
Unaudited Financial Statements
for the Year Ended 30 November 2024

R.M. Welch & Son Limited

Contents

Statement of Financial Position | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 9

R.M. Welch & Son Limited

(Registration number: SC047739)
Statement of Financial Position as at 30 November 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 167,654 | 105,046
Investments | 5 | 4,498 | 4,498
|  | 172,152 | 109,544
Current assets |  |  |
Stocks | 6 | 188,596 | 370,136
Debtors | 7 | 159,106 | 145,928
Cash at bank and in hand |  | 1,010,923 | 732,004
|  | 1,358,625 | 1,248,068
Creditors: Amounts falling due within one year | 8 | (159,841) | (107,266)
Net current assets |  | 1,198,784 | 1,140,802
Total assets less current liabilities |  | 1,370,936 | 1,250,346
Provisions for liabilities |  | (13,237) | (65)
Net assets |  | 1,357,699 | 1,250,281
Capital and reserves |  |  |
Called up share capital |  | 10,000 | 10,000
Retained earnings |  | 1,347,699 | 1,240,281
Shareholders' funds |  | 1,357,699 | 1,250,281

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and
• | The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:

R.M. Welch & Son Limited

(Registration number: SC047739)
Statement of Financial Position as at 30 November 2024

......................................... E M Welch Company secretary and director

R.M. Welch & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1 | General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Fountainbrae
13 Lorne Street
Monifieth
Angus
DD5 4DU

These financial statements were authorised for issue by the Board on 30 April 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

R.M. Welch & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold buildings | over 50 years
Plant and machinery | over 5 years
Motor vehicles | 30% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

R.M. Welch & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

R.M. Welch & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3 | Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 9 (2023 - 9).

R.M. Welch & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 December 2023 | 34,227 | 55,430 | 198,025 | 287,682
Additions | - | 800 | 131,538 | 132,338
Disposals | - | - | (117,555) | (117,555)
At 30 November 2024 | 34,227 | 56,230 | 212,008 | 302,465
Depreciation
At 1 December 2023 | 18,487 | 43,819 | 120,330 | 182,636
Charge for the year | 684 | 4,954 | 2,657 | 8,295
Eliminated on disposal | - | - | (56,120) | (56,120)
At 30 November 2024 | 19,171 | 48,773 | 66,867 | 134,811
Carrying amount
At 30 November 2024 | 15,056 | 7,457 | 145,141 | 167,654
At 30 November 2023 | 15,740 | 11,611 | 77,695 | 105,046

Included within the net book value of land and buildings above is £15,056 (2023 - £15,740) in respect of freehold land and buildings.

5 | Investments

| 2024 £ | 2023 £
Investments in joint ventures | 4,498 | 4,498

Joint ventures | £
Cost
At 1 December 2023 | 4,498
Provision
Carrying amount
At 30 November 2024 | 4,498
At 30 November 2023 | 4,498

R.M. Welch & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6 | Stocks

| 2024 £ | 2023 £
Other inventories | 188,596 | 370,136

7 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | 149,897 | 145,331
Prepayments | 627 | 597
Other debtors | 8,582 | -
| 159,106 | 145,928

R.M. Welch & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 9 | 1,333 | 1,333
Trade creditors |  | 3,853 | (9,928)
Taxation and social security |  | 51,700 | 43,602
Accruals and deferred income |  | 2,455 | 2,259
Other creditors |  | 100,500 | 70,000
|  | 159,841 | 107,266

9 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Other borrowings | 1,333 | 1,333

10 | Dividends

Final dividends paid

|  | 2024 £ |  | 2023 £
Final dividend of £12.08 (2023 - £12.72) per each Ordinary A |  | 28,399 |  | 29,899
Final dividend of £10.28 per each Ordinary B |  | 41,103 |  | 41,103
Final dividend of £3.56 (2023 - £4.38) per each Ordinary C |  | 13,000 |  | 16,000
|  | 82,502 |  | 87,002