Company No: SC566993 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	112,500		162,500
Tangible assets	4	1,026,190		858,718
		1,138,690		1,021,218
Current assets
Stocks		190,034		182,152
Debtors	5	306,343		329,939
Cash at bank and in hand		263,779		336,926
		760,156		849,017
Creditors: amounts falling due within one year	6	( 385,565)		( 442,565)
Net current assets		374,591		406,452
Total assets less current liabilities		1,513,281		1,427,670
Creditors: amounts falling due after more than one year	7	( 61,976)		( 46,422)
Provision for liabilities	8	( 67,795)		( 84,946)
Net assets		1,383,510		1,296,302
Capital and reserves
Called-up share capital	9	200		200
Share premium account		960,669		960,669
Profit and loss account		422,641		335,433
Total shareholders' funds		1,383,510		1,296,302

For the financial year ending 31 March 2025 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of W & M Stuart Limited (registered number: SC566993) were approved and authorised for issue by the Board of Directors on 10 December 2025. They were signed on its behalf by:

Mr W Stuart Director

Mrs M Stuart Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W & M Stuart Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Old Military Road, Kingsford, Alford, AB33 8HN, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

The company is included in the Plumbing and Industry Services (UK) Industry Pension Scheme, which is a multi-employer pension plan. There is insufficient information available to account for this as a defined benefit plan, therefore under FRS 102 this will be accounted for as if it was a defined contribution plan.

The latest actuarial report published in 2024 noted that the Actuary found that the pension assets were enough to cover 99% of the Scheme's liabilities. The scheme is now closed for new entrants therefore, there should be future benefit building up due to this.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	20 % reducing balance
Vehicles	20 % reducing balance
Office equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, and direct labour.

Work in progress represents the value of services performed for customers on ongoing jobs that has not yet been invoiced at the financial year end. Work in progress is measured at the lower of cost and net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	31		31

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	500,000		500,000
At 31 March 2025	500,000		500,000
Accumulated amortisation
At 01 April 2024	337,500		337,500
Charge for the financial year	50,000		50,000
At 31 March 2025	387,500		387,500
Net book value
At 31 March 2025	112,500		112,500
At 31 March 2024	162,500		162,500

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	606,398		116,998		452,781		17,357		1,193,534
Additions	154,241		0		99,034		4,475		257,750
Disposals	( 1,516)		( 414)		( 34,233)		( 132)		( 36,295)
At 31 March 2025	759,123		116,584		517,582		21,700		1,414,989
Accumulated depreciation
At 01 April 2024	50,069		64,766		208,570		11,411		334,816
Charge for the financial year	13,936		10,447		53,460		1,628		79,471
Disposals	( 204)		( 340)		( 24,836)		( 108)		( 25,488)
At 31 March 2025	63,801		74,873		237,194		12,931		388,799
Net book value
At 31 March 2025	695,322		41,711		280,388		8,769		1,026,190
At 31 March 2024	556,329		52,232		244,211		5,946		858,718

5. Debtors

	2025		2024
	£		£
Trade debtors	276,886		307,706
Other debtors	29,457		22,233
	306,343		329,939

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	184,853		198,553
Taxation and social security	97,851		166,639
Obligations under finance leases and hire purchase contracts	53,406		46,045
Other creditors	49,455		31,328
	385,565		442,565

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The bank holds a standard security and floating charge over the assets of the business.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	61,976		46,422

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The bank holds a standard security and floating charge over the assets of the business.

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	67,795		84,946

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each	200		200