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Registered number: 05868640
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WEYCO SERVICES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2025
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WEYCO SERVICES LIMITED
REGISTERED NUMBER:05868640
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 July 2026.
Katherine Joanna Davis Wills
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The notes on pages 4 to 11 form part of these financial statements.
Page 1
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WEYCO SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
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Comprehensive income for the year
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Actuarial gains on pension scheme
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Total comprehensive income for the year
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The notes on pages 4 to 11 form part of these financial statements.
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Page 2
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WEYCO SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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Comprehensive income for the year
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Actuarial gains on pension scheme
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Total comprehensive income for the year
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The notes on pages 4 to 11 form part of these financial statements.
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Page 3
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WEYCO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Weyco Services Limited is a private company limited by shares an incorporated in the UK. The registered office is Weymouth and Kingston Maurward College, Cranford Avenue, Weymouth, England, DT4 7LQ. The principal activity of the company is the provision of sports facilities, cleaning and catering services to Coastland College, including provision of school meals to eight local Primary schools.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Coastland College as at 31July 2025 and these financial statements may be obtained from Coastland College, Weymouth, Dorset, DT4 7LQ.
The company's financial statements have been prepared on a going concern basis which assumes that the company will be able to realise its assets and discharge its liabilities in the normal course of business. However; the corporation of Coastland College is currently conducting a review of the purpose of WeyCo Services Limited and which trading activities should be undertaken by the company. This includes a review of the financial viability of the company.
Until the conclusion of the ongoing review, Coastland College does not intend to provide a letter of support to its wholly owned subsidiary at this time.
The College has no intention to recall any amounts that WeyCo Services Limited owes the College in excess of their ability to pay until such a time as the review by Coastland College is complete.
Until the review of the future of the company is complete, the company continues to trade and therefore the Directors continue to adopt the going concern basis of preparation. However, given the current year trading loss of £59k (2024: £81k) and net liabilities at the balance sheet date of £79k (2024: £61k), including £121k owed to the College (2024: £27k). With no formal letter of support in place, this represents a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.
Page 4
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WEYCO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.ACCOUNTING POLICIES (CONTINUED)
Prior year cost of sales and admin expenses have been reclassified between each other to better reflect the nature of the expenses. There is no impact on the operating position.
Pension Reserve Reclassification
In prior years, the pension surplus/(deficit) was presented as a separate pension reserve within equity. During the year, the pension reserve has been reclassified and is now included within the profit and loss reserve. The Statement of Changes in Equity presents separately the movements relating to pension remeasurements and other gains and losses arising in the year.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 5
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WEYCO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.ACCOUNTING POLICIES (CONTINUED)
DEFINED BENEFIT PENSION PLAN
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of Financial Position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a)the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 6
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WEYCO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.ACCOUNTING POLICIES (CONTINUED)
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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PROVISIONS FOR LIABILITIES
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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The Company makes estimates and assumptions concerning the future, The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
FRS102 Pension Valuation
The FRS102 pension valuation for the Local Government Pension Scheme is conducted by an actuary and the assumptions drawn from the actuarial report impact Weyco Services Limited's share of the pension liability. The estimation of the pension liability is based on a variety of external economic factors which change from year to year.
Page 7
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WEYCO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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The average monthly number of employees, including directors, during the year was 25 (2024:25).
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 8
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WEYCO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
The Company operates a Defined benefit pension scheme.
The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £937 (2024: £1,002)
The agreed employers' contribution rate is 15.9% (2024: 15.9%) of pensionable earnings. The employees' contribution rate is tiered and range from 5.5% to 12.5% (2024: 5.5% to 12.5%) for employees, depending on salary.
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Reconciliation of present value of plan liabilities:
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RECONCILIATION OF PRESENT VALUE OF PLAN LIABILITIES
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At the beginning of the year
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Change in financial assumptions
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Experience loss/(gain) on defined benefit obligation
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Change in demographic assumptions
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Estimated benefits paid net of transfers in
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Reconciliation of present value of plan assets:
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At the beginning of the year
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Estimated benefits paid plus unfunded net of transfers in
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Page 9
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WEYCO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
8.PENSION COMMITMENTS (CONTINUED)
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Fair value of plan assets
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Present value of plan liabilities
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NET PENSION SCHEME LIABILITY
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The amounts recognised in profit or loss are as follows:
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Interest income on plan assets
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The cumulative amount of actuarial gains and losses recognised in the Statement of comprehensive income was £44,000 (2024: £45,000).
The Company expects to contribute £13,000 to its Defined benefit pension scheme in 2026.
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Principal actuarial assumptions at the reporting date (expressed as weighted averages):
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- at 65 for a male aged 45 now
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- for a female aged 65 now
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- at 65 for a female member aged 45 now
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Page 10
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WEYCO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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RELATED PARTY TRANSACTIONS
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As a wholly owned subsidiary undertaking of the Further Education Corporation of Coastland College, the Company has taken advantage of the exemption in section 33.1A of FRS 102 in not disclosing intra-group transactions where 100% of the voting rights are controlled within the group.
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The ultimate controlling party is Coastland College by virtue of its total controlling shareholding.
This company is a wholly owned subsidiary of Coastland College, a corporation under the Further and Higher Educations Act 1992 and for which group accounts are prepared.
The company has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
The auditors' report on the financial statements for the year ended 31 July 2025 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
The company is dependent on its parent, Coastland College, to continue in operation, and to deliver its services. We draw attention to note 2.3, which indicates that the College is currently conducting a review of the purpose of WeyCo Services Limited and which trading activities should be undertaken by the company. This includes a review of the financial viability of the company as it is currently loss making and in a net liability position. As stated in note 2.3, these events and conditions indicate a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. The financial statements do not contain the adjustments that would result if the company was unable to continue as a going concern.
In auditing the financial statements, we have concluded that the company's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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The audit report was signed on 29 July 2026 by Craig Sullivan FCCA (Senior statutory auditor) on behalf of Bishop Fleming Audit Limited.
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