Company Registration No. SC089898 (Scotland)
Wooleys of Arran Limited
Unaudited accounts
for the year ended 31 December 2024
Wooleys of Arran Limited
Unaudited accounts
Contents
Wooleys of Arran Limited
Company Information
for the year ended 31 December 2024
Company Number
SC089898 (Scotland)
Registered Office
James Campbell & Co Solicitors
Brodick
Isle of Arran
Isle of Arran
KA27 8AJ
Scotland
Accountants
Arran Accountancy Limited
Alexanders
Brodick
Isle of Arran
KA27 8HF
Wooleys of Arran Limited
Statement of financial position
as at 31 December 2024
Tangible assets
67,661
67,183
Cash at bank and in hand
21,913
34,723
Creditors: amounts falling due within one year
(111,109)
(118,679)
Net current (liabilities)/assets
(13,751)
9,632
Total assets less current liabilities
53,910
76,815
Creditors: amounts falling due after more than one year
(26,193)
(36,716)
Provisions for liabilities
Deferred tax
(12,071)
(11,826)
Called up share capital
15,000
15,000
Profit and loss account
646
13,273
Shareholders' funds
15,646
28,273
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 August 2025 and were signed on its behalf by
A G M Keir
Director
Company Registration No. SC089898
Wooleys of Arran Limited
Notes to the Accounts
for the year ended 31 December 2024
Wooleys of Arran Limited is a private company, limited by shares, registered in Scotland, registration number SC089898. The registered office is James Campbell & Co Solicitors, Brodick, Isle of Arran, Isle of Arran, KA27 8AJ, Scotland.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
over 20 years
Motor vehicles
25% on reducing balance
Fixtures & fittings
15% on reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted.
i) Current Tax:
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
ii) Deferred Tax:
Wooleys of Arran Limited
Notes to the Accounts
for the year ended 31 December 2024
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
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Intangible fixed assets
Goodwill
At 31 December 2024
20,000
At 31 December 2024
20,000
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2024
64,023
240,752
21,704
326,479
Additions
1,825
1,285
9,999
13,109
At 31 December 2024
65,848
242,037
31,703
339,588
At 1 January 2024
50,876
188,959
19,461
259,296
Charge for the year
1,609
7,962
3,060
12,631
At 31 December 2024
52,485
196,921
22,521
271,927
At 31 December 2024
13,363
45,116
9,182
67,661
At 31 December 2023
13,147
51,793
2,243
67,183
Raw materials
23,195
27,000
Wooleys of Arran Limited
Notes to the Accounts
for the year ended 31 December 2024
Amounts falling due within one year
Trade debtors
29,988
44,548
Accrued income and prepayments
1,683
9,841
Other debtors
17,247
12,199
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
67,127
76,591
Obligations under finance leases and hire purchase contracts
1,800
-
Trade creditors
29,686
24,242
Taxes and social security
8,730
9,761
Loans from directors
2,363
4,447
9
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
5,999
-
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Average number of employees
During the year the average number of employees was 23 (2023: 23).