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COMPANY REGISTRATION NUMBER: 01076131
L.R. Wyard-Scott Limited
Unaudited financial statements
30 November 2024
L.R. Wyard-Scott Limited
Statement of financial position
30 November 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
149,499
125,317
Current assets
Stocks
809,446
744,798
Debtors
6
66,356
93,947
Cash at bank and in hand
82,742
134,615
---------
---------
958,544
973,360
Creditors: Amounts falling due within one year
7
( 574,692)
( 543,556)
---------
---------
Net current assets
383,852
429,804
---------
---------
Total assets less current liabilities
533,351
555,121
Creditors: Amounts falling due after more than one year
8
( 144,915)
( 175,997)
Provisions
Taxation including deferred tax
( 33,553)
( 27,102)
---------
---------
Net assets
354,883
352,022
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
354,783
351,922
---------
---------
Shareholders funds
354,883
352,022
---------
---------
These 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 income statement has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L.R. Wyard-Scott Limited
Statement of financial position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 23 July 2025 , and are signed on behalf of the board by:
A C Taber
Director
Company registration number: 01076131
L.R. Wyard-Scott Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Poplar Farm High Common Road, North Lopham, Diss, IP22 2HP. The company's trading address is High Road, Roydon, Diss, IP22 5RD.
2. Statement of compliance
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Long leasehold property
-
10% reducing balance
Plant and machinery
-
10% reducing balance
Motor vehicles
-
20% reducing balance
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 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 13 (2023: 12 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
55,742
63,093
54,671
173,506
Additions
9,800
30,707
40,507
-------
-------
-------
---------
At 30 November 2024
65,542
63,093
85,378
214,013
-------
-------
-------
---------
Depreciation
At 1 December 2023
6,422
19,711
22,056
48,189
Charge for the year
5,461
4,341
6,523
16,325
-------
-------
-------
---------
At 30 November 2024
11,883
24,052
28,579
64,514
-------
-------
-------
---------
Carrying amount
At 30 November 2024
53,659
39,041
56,799
149,499
-------
-------
-------
---------
At 30 November 2023
49,320
43,382
32,615
125,317
-------
-------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
40,683
54,309
Other debtors
25,673
39,638
-------
-------
66,356
93,947
-------
-------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,760
25,600
Trade creditors
166,875
158,441
Amounts owed to group undertakings and undertakings in which the company has a participating interest
200,184
210,999
Social security and other taxes
41,798
45,385
Other creditors
138,075
103,131
---------
---------
574,692
543,556
---------
---------
Included in creditors are bank loans of £17,760 (2023: £15,600) which are secured by the company. Included in other creditors is a hire purchase liability of £3,017 (2023: £4,525) which is secured against the asset concerned.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
144,915
172,980
Other creditors
3,017
---------
---------
144,915
175,997
---------
---------
Included in creditors are bank loans of £138,249 (2023: £156,314) which are secured by the company.
Included in other creditors is a hire purchase liability of £Nil (2023: £3,017) which is secured against the asset concerned.
The amount due for payment after more than five years totals £69,000. The loan is payable by monthly instalments with a maturity date of December 2032, at an interest rate of base rate plus 3.8%.
9. Contingencies
An unlimited cross guarantee has been given by this company, Lopham Vehicle Services Limited and Taber Holdings Limited. The potential liability amounts to £489,308.
10. Directors' advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £21,662 (2023: £36,237). The maximum overdrawn balance during the year was £45,427. Interest of £604 (2023: £740) was charged at the official rate.