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

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COMPANY REGISTRATION NUMBER: SC076335

Wittets Limited

Filleted Unaudited Financial Statements

31 December 2019

Wittets Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Wittets Limited

Year ended 31 December 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wittets Limited for the year ended 31 December 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Wittets Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Wittets Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wittets Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wittets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wittets Limited. You consider that Wittets Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Wittets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

RITSONS Chartered Accountants

103 High Street ELGIN IV30 1EB

Wittets Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		551,983	552,849

Current assets

Work in Progress		18,500	22,085
Debtors	6	118,053	102,552
Cash at bank and in hand		95,841	113,787
		---------	---------
		232,394	238,424

Creditors: amounts falling due within one year	7	88,774		93,191
		---------		---------
Net current assets			143,620	145,233
			---------	---------
Total assets less current liabilities			695,603	698,082

Creditors: amounts falling due after more than one year	8	294,749	300,210
		---------	---------
Net assets		400,854	397,872
		---------	---------

Capital and reserves

Called up share capital	3,300	3,300
Share premium account	60	60
Revaluation reserve	342,936	342,936
Profit and loss account	54,558	51,576
	---------	---------
Shareholders funds	400,854	397,872
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 December 2019 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 2019

These financial statements were approved by the board of directors and authorised for issue on 10 November 2020 , and are signed on behalf of the board by:

S J Gauld	Mr M Womble
Director	Director

Company registration number: SC076335

Wittets Limited

Notes to the Financial Statements

Year ended 31 December 2019

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.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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 and Fittings	-	Owned: 15% reducing balance, Leased: 20% straight line

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2018: 9 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2019 and 31 December 2019	550,000	124,683	674,683
	---------	---------	---------
Depreciation
At 1 January 2019	–	121,834	121,834
Charge for the year	–	866	866
	---------	---------	---------
At 31 December 2019	–	122,700	122,700
	---------	---------	---------
Carrying amount
At 31 December 2019	550,000	1,983	551,983
	---------	---------	---------
At 31 December 2018	550,000	2,849	552,849
	---------	---------	---------

Tangible assets held at valuation

The two properties included in Heritable Property are held at valuation. The Elgin property was revalued to market value on 19 August 2016 by Shepherd Chartered Surveyors. The Skye property was revalued to market value on 19 August 2016 by Torrance Partnership, Chartered Surveyors. The directors are satisfied that the valuations carried out on 19 August 2016 reflect the valuations of the properties at 31 December 2019.

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 2019
Aggregate cost	207,064
Aggregate depreciation	–
	---------
Carrying value	207,064
	---------

At 31 December 2018
Aggregate cost	207,064
Aggregate depreciation	–
	---------
Carrying value	207,064
	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	78,414	100,462
Other debtors	39,639	2,090
	---------	---------
	118,053	102,552
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	5,852	5,544
Trade creditors	32,484	45,877
Social security and other taxes	35,171	29,822
Interest free loans	670	670
Staff pension	44	313
Other creditors	14,553	10,965
	--------	--------
	88,774	93,191
	--------	--------

Included within creditors falling due within one year is an amount of £5,852 (2018 - £5,544) which is secured by the company.

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

	2019	2018
	£	£
Bank loans and overdrafts	294,749	300,210
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £269,054 (2018: £275,680) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within creditors falling due after more than one year is an amount of £294,749 (2018 - £300,210) which is secured by the company.

9. Directors' advances, credit and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
S J Gauld	–	40	40
	----	----	----

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
S J Gauld	–	–	–
	----	----	----

10. Related party transactions

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