Silverfin false false 31/07/2024 01/08/2023 31/07/2024 Mr W Hardie 18/07/2011 25 June 2025 The principal activity of the Company during the financial year continued to be that of ground works, OFGEM Renewable Heat Incentive income, machinery hire along with commercial rental income. SC403701 2024-07-31 SC403701 bus:Director1 2024-07-31 SC403701 2023-07-31 SC403701 core:CurrentFinancialInstruments 2024-07-31 SC403701 core:CurrentFinancialInstruments 2023-07-31 SC403701 core:Non-currentFinancialInstruments 2024-07-31 SC403701 core:Non-currentFinancialInstruments 2023-07-31 SC403701 core:ShareCapital 2024-07-31 SC403701 core:ShareCapital 2023-07-31 SC403701 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC403701 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC403701 core:LandBuildings 2023-07-31 SC403701 core:PlantMachinery 2023-07-31 SC403701 core:Vehicles 2023-07-31 SC403701 core:ComputerEquipment 2023-07-31 SC403701 core:LandBuildings 2024-07-31 SC403701 core:PlantMachinery 2024-07-31 SC403701 core:Vehicles 2024-07-31 SC403701 core:ComputerEquipment 2024-07-31 SC403701 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-07-31 SC403701 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-07-31 SC403701 bus:OrdinaryShareClass1 2024-07-31 SC403701 2023-08-01 2024-07-31 SC403701 bus:FilletedAccounts 2023-08-01 2024-07-31 SC403701 bus:SmallEntities 2023-08-01 2024-07-31 SC403701 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC403701 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC403701 bus:Director1 2023-08-01 2024-07-31 SC403701 core:PlantMachinery 2023-08-01 2024-07-31 SC403701 core:Vehicles 2023-08-01 2024-07-31 SC403701 core:ComputerEquipment core:TopRangeValue 2023-08-01 2024-07-31 SC403701 2022-08-01 2023-07-31 SC403701 core:LandBuildings 2023-08-01 2024-07-31 SC403701 core:ComputerEquipment 2023-08-01 2024-07-31 SC403701 core:CurrentFinancialInstruments 2023-08-01 2024-07-31 SC403701 core:Non-currentFinancialInstruments 2023-08-01 2024-07-31 SC403701 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 SC403701 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC403701 (Scotland)

WUL ENTERPRISES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH THE REGISTRAR

WUL ENTERPRISES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024

Contents

WUL ENTERPRISES LIMITED

BALANCE SHEET

AS AT 31 JULY 2024
WUL ENTERPRISES LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 3,303,911 2,726,307
3,303,911 2,726,307
Current assets
Stocks 60,054 56,656
Debtors 5 148,272 97,572
Cash at bank and in hand 316,454 128,988
524,780 283,216
Creditors: amounts falling due within one year 6 ( 1,284,940) ( 879,106)
Net current liabilities (760,160) (595,890)
Total assets less current liabilities 2,543,751 2,130,417
Creditors: amounts falling due after more than one year 7 ( 935,619) ( 820,387)
Provision for liabilities ( 128,275) ( 128,275)
Net assets 1,479,857 1,181,755
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 1,479,855 1,181,753
Total shareholders' funds 1,479,857 1,181,755

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of WUL Enterprises Limited (registered number: SC403701) were approved and authorised for issue by the Director on 25 June 2025. They were signed on its behalf by:

Mr W Hardie
Director
WUL ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
WUL ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WUL Enterprises Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Seven Gables Polmont Park, Polmont, Falkirk, FK2 0XT, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Company's business activities, together with the factors likely to affect its future development performance and position are set out in the Director's Report.

The Company's forecasts and projections show that the company should be able to operate within the level of its current facilities. As at the year end, the company has net current liabilities of £760,160 (2023: £595,890). Included within creditors are amounts owed to related parties of £389,037 (2023: £415,620). The related party will not seek repayment until there are sufficient funds available to do so.

Therefore, the director has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Prior year adjustment

The prior year financial statements have been restated to correct the disposal relating to the sale of land held by the company. This change has resulted in amendments to land and buildings and gain on sale of assets, as set out in note 2.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services in relation to contracting, ground works and OFGEM income 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are classified as debt, are initially recognised at transaction price.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

The 2023 financial statements have been restated to correct the disposal relating to the sale of land held by the company. This change has resulted in an increase in land and buildings by £22,752 and a decrease in gain on sale of asset.

As previously reported Adjustment As restated
Year ended 31 July 2023 £ £ £
Administrative Expenses - Gain/(loss) on sale of assets 103,934 22,752 126,686
Fixed Assets - Land and Buildings Disposals 133,069 (22,752) 110,317

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 1

4. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 August 2023 1,951,802 1,920,273 168,524 1,190 4,041,789
Additions 468,621 272,400 142,189 916 884,126
Disposals ( 10,977) ( 50,000) ( 59,653) 0 ( 120,630)
At 31 July 2024 2,409,446 2,142,673 251,060 2,106 4,805,285
Accumulated depreciation
At 01 August 2023 0 1,275,258 39,860 364 1,315,482
Charge for the financial year 0 196,441 30,477 651 227,569
Disposals 0 ( 15,560) ( 26,117) 0 ( 41,677)
At 31 July 2024 0 1,456,139 44,220 1,015 1,501,374
Net book value
At 31 July 2024 2,409,446 686,534 206,840 1,091 3,303,911
At 31 July 2023 1,951,802 645,015 128,664 826 2,726,307

5. Debtors

2024 2023
£ £
Trade debtors 47,435 66,905
Amounts owed by related parties 88,000 24,000
Other debtors 12,837 6,667
148,272 97,572

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,769
Trade creditors 115,851 47,995
Amounts owed to related parties 21,765 1,580
Taxation and social security 205,426 86,516
Other creditors 931,898 732,246
1,284,940 879,106

Other creditors includes hire purchase liabilities of £293,732 (2023: £208,979). These liabilities are secured by fixed charges over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 8,334 17,564
Obligations under finance leases and hire purchase contracts 527,285 402,823
Other creditors 400,000 400,000
935,619 820,387

Hire purchase liabilities of £527,285 (2023: £402,823) are secured by fixed charges over the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Other related party transactions

2024 2023
£ £
Due to entities with control, joint control or significant influence over the company 414,040 414,040
Due to key management personnel 18,830 4,819
Due to other related parties 21,765 1,580
Due from other related parties 88,000 24,000

These loans are interest free and have no fixed repayment terms.