REGISTERED NUMBER: SC701785 (Scotland)

Audited Financial Statements

for the Year Ended 30 June 2025

for

The Wee House Company Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs J Higgins

REGISTERED OFFICE:

Westburn Business Centre

Mcnee Road

Prestwick

Ayrshire

KA9 2PB

REGISTERED NUMBER:

SC701785 (Scotland)

INDEPENDENT AUDITORS:

Gillespie & Anderson

Statutory Auditors

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

CURRENT ASSETS

Debtors

4

16,225

188,262

Cash at bank and in hand

9,575

2,689

25,800

190,951

CREDITORS

Amounts falling due within one year

5

124,115

248,364

NET CURRENT LIABILITIES

(98,315

)

(57,413

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(98,315

)

(57,413

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(98,415

)

(57,513

)

SHAREHOLDERS' FUNDS

(98,315

)

(57,413

)

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 Profit and Loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 June 2026 and were signed by:

Mrs J Higgins - Director

1.	STATUTORY INFORMATION

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

Going concern

The Director considers it appropriate to prepare the financial statements on the going concern basis, in spite of the net liabilities position and reliance on its related parties for support.

Should this support be withdrawn, the company may be unable to realise its assets and discharge its liabilities in the normal course of business, whilst adjustments would have to be made to reduce the value of assets to their recoverable amounts and to provide for any further liabilities which may arise.

Significant judgements and estimates

The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Taxation

Taxation for the year comprises current and deferred tax. 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.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Provision for liabilities

A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - 1 ).

4.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Other debtors

324

172,361

Amounts falling due after more than one year:

Other debtors

15,901

15,901

Aggregate amounts

16,225

188,262

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

52,626

212,309

Taxation and social security

-

305

Other creditors

71,489

35,750

124,115

248,364

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alastair Stewart BA (Hons) CA (Senior Statutory Auditor)

for and on behalf of Gillespie & Anderson

7.	CONTINGENT LIABILITIES

Connect Modular Ltd is party to a bond of £850,000 issued by HCC International Insurance Company Plc in favour of Hub South East Scotland Limited. Following the appointment of administrators on 6 January 2025, a 12 month standstill agreement was entered into from 17 March 2025. Velocity Modular Ltd and The Wee House Company Ltd act as indemnitors, with Hope Home (Scotland) Limited providing security. On default, the indemnitors are jointly and severally liable for the bond amount, interest, any reasonable costs under the agreement, and the security may be enforced. At 30 June 2025, no provision has been recognised as an outflow of economic benefits was not considered probable.

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group and its parent company Velocity Modular Ltd.

During the year, close family members of the sole director, Jennifer Higgins advanced a loan of £67,989 to the company. At the balance sheet date, £67,989 was outstanding and included within creditors. The loan is interest free, unsecured and repayable on demand.

9.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10.	ULTIMATE CONTROLLING PARTY

The Wee House Company Ltd is a wholly-owned subsidiary of Velocity Modular Ltd. The Director, J Higgins, is the ultimate controlling party by virtue of her 100% shareholding in the parent company. Velocity Modular Ltd (company number SC649487) prepares consolidated financial statements for the group. The Wee House Company Ltd and Velocity Modular Ltd have the same registered office address.