Wittets Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC076335

Wittets Limited

Filleted Unaudited Financial Statements

31 December 2025

Wittets Limited

Financial Statements

Year ended 31 December 2025

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

Wittets Limited

Statement of Financial Position

31 December 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		482,777	635,000

Current assets

Work in Progress		9,785	9,091
Debtors	6	18,898	37,644
Cash at bank and in hand		474	287
		--------	--------
		29,157	47,022

Creditors: amounts falling due within one year	7	( 67,212)		( 73,614)
		--------		--------
Net current liabilities			( 38,055)	( 26,592)
			---------	---------
Total assets less current liabilities			444,722	608,408

Creditors: amounts falling due after more than one year	8	( 256,238)	( 262,788)
		---------	---------
Net assets		188,484	345,620
		---------	---------

Capital and reserves

Called up share capital		3,300	3,300
Share premium account	9	60	60
Revaluation reserve	9	272,936	427,936
Profit and loss account	9	( 87,812)	( 85,676)
		---------	---------
Shareholders funds		188,484	345,620
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Wittets Limited

Statement of Financial Position (continued)

31 December 2025

These financial statements were approved by the board of directors and authorised for issue on 27 July 2026 , and are signed on behalf of the board by:

Mr M Womble

Director

Company registration number: SC076335

Wittets Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26 Hay Street, ELGIN, Moray, IV30 1NQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have prepared the financial statements on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20%

No depreciation has been charged on freehold property. The directors consider that the residual value of freehold property is at least equal to its net book value, its estimated remaining useful life exceeds 50 years, and any depreciation would therefore be immaterial. In addition, the company employs the policy and practice of regular maintenance and repairs (charges for which are recognised in the profit and loss account) such that the property is kept to its previously assessed standards of performance.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans and directors' loans to to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2024: 6 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 January 2025	635,000	126,773	761,773
Additions	–	3,471	3,471
Disposals	–	( 81,603)	( 81,603)
Revaluations	( 155,000)	–	( 155,000)
	---------	---------	---------
At 31 December 2025	480,000	48,641	528,641
	---------	---------	---------
Depreciation
At 1 January 2025	–	126,773	126,773
Charge for the year	–	694	694
Disposals	–	( 81,603)	( 81,603)
	---------	---------	---------
At 31 December 2025	–	45,864	45,864
	---------	---------	---------
Carrying amount
At 31 December 2025	480,000	2,777	482,777
	---------	---------	---------
At 31 December 2024	635,000	–	635,000
	---------	---------	---------

Tangible assets held at valuation

The properties within Land & Buildings are included at fair value. The Elgin property was independently revalued in 2023 by Shepherd Chartered Surveyors. The Skye property was independently revalued in 2026 by Allied Surveyors Scotland. Both Shepherd Chartered Surveyors and Allied Surveyors Scotland are regulated by the Royal Institute of Chartered Surveyors (RICS). The directors are satisfied that the current market value is not materially different from the value included within the financial statements.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 December 2025
Aggregate cost	207,064
Aggregate depreciation	–
	---------
Carrying value	207,064
	---------

At 31 December 2024
Aggregate cost	207,064
Aggregate depreciation	–
	---------
Carrying value	207,064
	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	17,262	36,271
Other debtors	1,636	1,373
	--------	--------
	18,898	37,644
	--------	--------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	48,775	48,396
Trade creditors	659	163
Social security and other taxes	13,438	18,776
Interest free loans	670	670
Other creditors	3,670	5,609
	--------	--------
	67,212	73,614
	--------	--------

Included within creditors amounts falling due within one year is an amount of £48,775 (2024 - £48,396) which is secured by standard security and a bond and floating charge over the assets.

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

	2025	2024
	£	£
Bank loans and overdrafts	256,238	262,788
	---------	---------

Included within creditors amounts falling due after more than one year is an amount of £256,238 (2024 - £262,788) which is secured by standard security and a bond and floating charge over the assets.

Included within creditors: amounts falling due after more than one year is an amount of £216,114 (2024: £223,801) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are repayable by 29 May 2034. The interest rate applied to the loans is 3.5% above the bank base rate.

9. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	18,815	22,190
Later than 1 year and not later than 5 years	42,070	58,873
Later than 5 years	–	2,012
	--------	--------
	60,885	83,075
	--------	--------

11. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.