W B C S (Scotland) Limited Filleted accounts for Companies House (small and micro)

W B C S (SCOTLAND) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC423303

W B C S (Scotland) Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

30 June 2021

W B C S (Scotland) Limited

Abridged Financial Statements

Year ended 30 June 2021

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

W B C S (Scotland) Limited

Abridged Statement of Financial Position

30 June 2021

	2021	2020
Note	£	£

Fixed assets

Intangible assets	5	70,000	130,000
Tangible assets	6	49,145	54,452
		---------	---------
		119,145	184,452

Current assets

Stocks	1,500	1,500
Debtors	314,197	259,523
Cash at bank and in hand	382,749	109,658
	---------	---------
	698,446	370,681

Creditors: amounts falling due within one year	274,482	326,109
	---------	---------
Net current assets	423,964	44,572
	---------	---------
Total assets less current liabilities	543,109	229,024

Creditors: amounts falling due after more than one year	125,333	–

Provisions	9,338	10,346
	---------	---------
Net assets	408,438	218,678
	---------	---------

W B C S (Scotland) Limited

Abridged Statement of Financial Position (continued)

30 June 2021

	2021	2020
Note	£	£

Capital and reserves

Called up share capital	38	37
Profit and loss account	408,400	218,641
	---------	---------
Shareholders funds	408,438	218,678
	---------	---------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 30 June 2021 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 June 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 7 February 2022 , and are signed on behalf of the board by:

Mr J Leighton	Mr A Crooks
Director	Director

Mr A McFarlane	Mr G Turner
Director	Director

Company registration number: SC423303

W B C S (Scotland) Limited

Notes to the Abridged Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, ML11 9DB.

2. Statement of compliance

These abridged 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. 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

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

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 22 (2020: 20 ).

5. Intangible assets

	£
Cost
At 1 July 2020 and 30 June 2021	600,000
	---------
Amortisation
At 1 July 2020	470,000
Charge for the year	60,000
	---------
At 30 June 2021	530,000
	---------
Carrying amount
At 30 June 2021	70,000
	---------
At 30 June 2020	130,000
	---------

6. Tangible assets

	£
Cost
At 1 July 2020	174,250
Additions	3,108
	---------
At 30 June 2021	177,358
	---------
Depreciation
At 1 July 2020	119,798
Charge for the year	8,415
	---------
At 30 June 2021	128,213
	---------
Carrying amount
At 30 June 2021	49,145
	---------
At 30 June 2020	54,452
	---------

7. Charges on assets

Creditors include bank loans and overdrafts which are secured of £157,333 (2020 - £160,000).

8. Pension commitments

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The amount of unpaid contributions at the balance sheet date amounted to £3,030 (2020 - £2,616). These amounts are included in other creditors.

9. Other financial commitments

At the balance sheet date the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £55,522 (2020 - £81,543).

10. Directors' advances, credits and guarantees

During the year £4,093 (2020 - £140,606) was advanced to the directors and they repaid £nil (2020 - £204,390) to the company. The amount outstanding due by the company at the year end is £4,948 (2020 - £9,041). No interest has been charged on this balance and the loans are repayable on demand.

11. Related party transactions

The company rent premises from CCL Property Limited, a company in which the controlling directors of W B C S (Scotland) Limited are both shareholders and directors. During the year, rent of £7,500 (2020 - £9,000) was paid in full. The company are provided with management services from The Whyte & Barrie Partnership, a business in which the controlling directors of W B C S (Scotland) Limited are partners. Fees totalling £30,000 were issued in the year (2020 - £30,000). Total dividends paid to directors in the year were £78,900 (2020 - £135,000).