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Registration number: SC385202

T & J Wallace Repair and Recovery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

T & J Wallace Repair and Recovery Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

T & J Wallace Repair and Recovery Limited

Company Information

Director

Connor Smith

Registered office

Unit 7 & 8
27 Distribution Road
Macmerry Industrial Estate
Tranent
EH33 1RD

Accountants

ADCA (Scotland) Limited 32-34 High Street
Sanquhar
Dumfriesshire
DG4 6BL

 

T & J Wallace Repair and Recovery Limited

(Registration number: SC385202)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

27,000

31,500

Tangible assets

5

286,806

116,394

 

313,806

147,894

Current assets

 

Debtors

6

152,183

124,470

Cash at bank and in hand

 

765

42

 

152,948

124,512

Creditors: Amounts falling due within one year

7

(343,480)

(334,163)

Net current liabilities

 

(190,532)

(209,651)

Total assets less current liabilities

 

123,274

(61,757)

Creditors: Amounts falling due after more than one year

7

(224,836)

(50,775)

Net liabilities

 

(101,562)

(112,532)

Capital and reserves

 

Called up share capital

8

2,000

2,000

Retained earnings

(103,562)

(114,532)

Shareholders' deficit

 

(101,562)

(112,532)

For the financial year ending 31 August 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 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 director acknowledges 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 August 2025
 

.........................................
Connor Smith
Director

 

T & J Wallace Repair and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Unit 7 & 8
27 Distribution Road
Macmerry Industrial Estate
Tranent
EH33 1RD
Scotland

These financial statements were authorised for issue by the director on 29 August 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% reducing balance method

 

T & J Wallace Repair and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Furniture, fittings, tools and equipment

25% reducing balance method

Motor vehicles

25% reducing balance method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line method

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.

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.

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

 

T & J Wallace Repair and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 7).

 

T & J Wallace Repair and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

90,000

90,000

At 31 August 2024

90,000

90,000

Amortisation

At 1 September 2023

58,500

58,500

Amortisation charge

4,500

4,500

At 31 August 2024

63,000

63,000

Carrying amount

At 31 August 2024

27,000

27,000

At 31 August 2023

31,500

31,500

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

33,297

289,716

249,099

572,112

Additions

-

293,000

-

293,000

Disposals

-

(26,986)

-

(26,986)

At 31 August 2024

33,297

555,730

249,099

838,126

Depreciation

At 1 September 2023

32,816

203,852

219,050

455,718

Charge for the year

120

87,970

7,512

95,602

At 31 August 2024

32,936

291,822

226,562

551,320

Carrying amount

At 31 August 2024

361

263,908

22,537

286,806

At 31 August 2023

481

85,864

30,049

116,394

6

debtors

 

T & J Wallace Repair and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Current

2024
£

2023
£

Trade debtors

122,779

106,200

Prepayments

14,795

18,270

Other debtors

14,609

-

 

152,183

124,470

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

165,609

128,077

Trade creditors

 

46,367

89,488

Taxation and social security

 

2,765

28,759

Accruals and deferred income

 

4,500

4,500

Other creditors

 

124,239

83,339

 

343,480

334,163

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

224,836

50,775

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2,000

2,000

2,000

2,000

       

9

Related party transactions

 

T & J Wallace Repair and Recovery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Transactions with the director

2024

At 1 September 2023
£

Repayments by director
£

At 31 August 2024
£

Mr Colin Smith

Director loan

35,975

8,000

43,975

2023

At 1 September 2022
£

At 31 August 2023
£

Mr Colin Smith

Director loan

35,975

35,975