REGISTERED NUMBER: SC154707 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WALLACE BAGPIPES SCOTLAND LTD.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

C Munro

H MacDonald

REGISTERED OFFICE:

40 Blythswood Drive

Paisley

PA3 2ES

REGISTERED NUMBER:

SC154707 (Scotland)

ACCOUNTANTS:

MacDonald Morton Ltd

Chartered Accountants

67 March Road

Edinburgh

EH4 3SU

FIXED ASSETS

Tangible assets

4

26,256

33,216

CURRENT ASSETS

Stocks

25,834

61,505

Debtors

5

48,397

22,100

Cash at bank

2,925

3,479

77,156

87,084

CREDITORS

Amounts falling due within one year

6

92,790

84,634

NET CURRENT (LIABILITIES)/ASSETS

(15,634

)

2,450

TOTAL ASSETS LESS CURRENT LIABILITIES

10,622

35,666

CREDITORS

Amounts falling due after more than one year

7

10,076

35,139

NET ASSETS

546

527

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

544

525

SHAREHOLDERS' FUNDS

546

527

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

C Munro - Director

1.	STATUTORY INFORMATION

Wallace Bagpipes Scotland Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts.

Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products, and collectability of the related receivables is fairly assured.

Service revenues are recognised as those services are provided to customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments.

Financial assets

Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Financial liabilities

Trade and other creditors are initially measured at the transaction price, including any transaction costs.

Directors loans are initially measured at the transaction price and are subsequently measured at the undiscounted amount of the cash expected to be paid within the appropriate period of creditors falling due within one year and creditors falling due after more than one year.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

36,431

69,828

8,551

114,810

DEPRECIATION

At 1 January 2024

22,906

52,156

6,532

81,594

Charge for year

3,643

2,650

667

6,960

At 31 December 2024

26,549

54,806

7,199

88,554

NET BOOK VALUE

At 31 December 2024

9,882

15,022

1,352

26,256

At 31 December 2023

13,525

17,672

2,019

33,216

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

46,032

20,262

Other debtors

2,365

1,838

48,397

22,100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

9,990

9,990

Trade creditors

14,221

21,642

Taxation and social security

30,427

16,652

Other creditors

38,152

36,350

92,790

84,634

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

3,672

14,153

Other creditors

6,404

20,986

10,076

35,139

8.	RELATED PARTY DISCLOSURES

As at the balance sheet date C Munro, Director, was due £7,904 (2023: £17,986) from the company of which £6,000 is included in other creditors falling due within one year and £1,904 is included in other creditors falling due after more than one year.

As at the balance sheet date H MacDonald, Director, was due £13,500 (2023: £18,000) from the company of which £9,000 is included in other creditors falling due within one year and £4,500 is included in other creditors falling due after more than one year.