REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Wardpark Industries Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Wardpark Industries Limited |
Wardpark Industries Limited (Registered number: SC154577) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Wardpark Industries Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
76 Dumbarton Road |
Clydebank |
Glasgow |
G81 1UG |
Wardpark Industries Limited (Registered number: SC154577) |
Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Wardpark Industries Limited (Registered number: SC154577) |
Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wardpark Industries Limited (Registered number: SC154577) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Wardpark Industries Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. 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. |
Changes to estimates and underlying assumptions 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 are of the opinion that there are no matters of significant judgements, estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Computer equipment | - |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible fixed 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). |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Wardpark Industries Limited (Registered number: SC154577) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash and cash equivalents, trade and other debtors, trade and other creditors and |
loans from banks and other related parties. |
Cash and cash equivalents comprise cash in hand and deposits held with banks. |
Trade and other debtors are initially recognised at the transaction cost, less any provision for impairment. At the end of each reporting year, the company assesses whether there is objective evidence that any asset may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all the amounts due according to the original terms of the financial assets. the amount of the provision is recognised immediately in the statement of income and retained earnings. |
Trade and other creditors are measured initially at the transaction price including any transaction costs. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. |
Bank loans are recognised at the fixed amount to be repaid. |
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. |
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. |
Wardpark Industries Limited (Registered number: SC154577) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Transfer to ownership | - | (1,486 | ) | (1,486 | ) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Transfer to ownership | - | (1,486 | ) | (1,486 | ) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 | ( |
) | ( |
) |
Wardpark Industries Limited (Registered number: SC154577) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
8. | SECURED DEBTS |
The Royal Bank of Scotland Plc hold a Fixed Charge and a Bond and Floating Charge which covers all the property or undertakings of the company. |
9. | RELATED PARTY DISCLOSURES |
During the year Wardpark Industries Ltd operated and administered company business from the industrial premises owned by its parent company, BEC Plastics Ltd. The commercial rent within the year to 30 September 2024 was - £54,000 (2023- £54,000). |
At 30 September 2024, debtors included balances of £124,648 due by BEC Plastics Holdings Ltd and £554,193 due by BEC Industries Ltd respect. Creditors included a balance of £341,213 due to BEC Plastics Ltd |
Dividends totalling £300,000 were declared in relation to BEC Plastics Ltd. |
Mr C. McKinnon was a director of Wardpark Industries Ltd, BEC Plastics Ltd, BEC Plastics Holdings Ltd and BEC Industries Ltd as at 30 September 2024. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate holding Company is BEC Industries Ltd. which is controlled by Colin McKinnon. |