46 20 May 2025 false false false false false false false false false false true false false true false true false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC097973 2023-07-01 2024-06-30 SC097973 2024-06-30 SC097973 2023-06-30 SC097973 2022-07-01 2023-06-30 SC097973 2023-06-30 SC097973 2022-06-30 SC097973 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC097973 core:FurnitureFittings 2023-07-01 2024-06-30 SC097973 core:MotorVehicles 2023-07-01 2024-06-30 SC097973 bus:Director5 2023-07-01 2024-06-30 SC097973 bus:Director6 2023-07-01 2024-06-30 SC097973 core:WithinOneYear 2024-06-30 SC097973 core:WithinOneYear 2023-06-30 SC097973 core:AfterOneYear 2024-06-30 SC097973 core:AfterOneYear 2023-06-30 SC097973 core:ShareCapital 2024-06-30 SC097973 core:ShareCapital 2023-06-30 SC097973 core:OtherReservesSubtotal 2024-06-30 SC097973 core:OtherReservesSubtotal 2023-06-30 SC097973 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC097973 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC097973 bus:SmallEntities 2023-07-01 2024-06-30 SC097973 bus:Audited 2023-07-01 2024-06-30 SC097973 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC097973 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC097973 bus:AbridgedAccounts 2023-07-01 2024-06-30 SC097973 bus:Director4 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: SC097973
Wgerd Limited
Filleted Abridged Financial Statements
For the year ended
30 June 2024
Wgerd Limited
Abridged Financial Statements
Year ended 30 June 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Wgerd Limited
Abridged Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
359,218
368,570
Current assets
Stocks
7,500
7,500
Debtors
1,140,491
3,010,194
Cash at bank and in hand
2,739,180
1,101,204
------------
------------
3,887,171
4,118,898
Creditors: amounts falling due within one year
1,968,432
2,636,981
------------
------------
Net current assets
1,918,739
1,481,917
------------
------------
Total assets less current liabilities
2,277,957
1,850,487
Creditors: amounts falling due after more than one year
66,728
91,406
Provisions
Taxation including deferred tax
55,595
53,722
------------
------------
Net assets
2,155,634
1,705,359
------------
------------
Wgerd Limited
Abridged Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
20,000
20,000
Other reserves
30,000
30,000
Profit and loss account
2,105,634
1,655,359
------------
------------
Shareholder funds
2,155,634
1,705,359
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:
Mr D Mackenzie
Mr R Mackenzie
Director
Director
Company registration number: SC097973
Wgerd Limited
Notes to the Abridged 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 Block 6, Units 25/26, Stirling Road, Chapelhall Industrial Estate, Chapelhall, ML6 8QH.
2. Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Fox Construction (Holdings) Ltd which can be obtained from companies house. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company. No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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:
Buildings
-
2% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 abridged 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 a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 46 (2023: 40 ).
5. Tangible assets
£
Cost
At 1 July 2023
624,800
Additions
59,843
Disposals
( 50,940)
---------
At 30 June 2024
633,703
---------
Depreciation
At 1 July 2023
256,230
Charge for the year
57,397
Disposals
( 39,142)
---------
At 30 June 2024
274,485
---------
Carrying amount
At 30 June 2024
359,218
---------
At 30 June 2023
368,570
---------
6. Charges on assets
The company has an overdraft facility, which is secured by standard securities and a bond and floating charge over the company's assets. The overdraft facility was not in use at the year end.
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £164,416 (2023: £167,956).
7. Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from the company. Contributions outstanding and payable to the pension scheme at the year-end amounted to £2,503 (2023 - £7,350).
8. Summary audit opinion
The auditor's report dated 20 May 2025 was unqualified .
The senior statutory auditor was Alan Kerr BA CA , for and on behalf of I A Stewart & Co Limited .
9. Directors' advances, credits and guarantees
Included in debtors is £11,249 (2023: £11,249) due by the directors. There were no advances to, or repayments by, the directors in the year. No interest is payable on this unsecured loan and it is repayable on demand.
10. Related party transactions
During the year there were sales of £nil (23:£nil) and a balance of £nil (23:£200,000) due to Fox Construction Holdings Ltd. During the year there were sales of £nil (23:£nil), purchases of £357,990 (23:£276,392) and a balance of £nil (23:£600,000) due to Vixen Plant Ltd. Both companies being part of the Fox Construction Group and ultimately controlled and owned by the same persons.
11. Controlling party
The ultimate parent company is Fox Construction (Holdings) Limited which is incorporated in Scotland and whose registered address is Block 6, Units 25/26, Stirling Road, Chapelhall Industrial Estate, Chapelhall, ML6 8QH.