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 2020

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 2020

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 2020, 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 loss 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

29 October 2021

Wittets Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		637,884	551,983

Current assets

Work in Progress		10,000	18,500
Debtors	6	72,444	118,053
Cash at bank and in hand		39,458	95,841
		---------	---------
		121,902	232,394

Creditors: amounts falling due within one year	7	( 51,656)		( 88,774)
		---------		---------
Net current assets			70,246	143,620
			---------	---------
Total assets less current liabilities			708,130	695,603

Creditors: amounts falling due after more than one year	8	( 288,597)	( 294,749)
		---------	---------
Net assets		419,533	400,854
		---------	---------

Capital and reserves

Called up share capital		3,300	3,300
Share premium account	9	60	60
Revaluation reserve	9	427,936	342,936
Profit and loss account	9	( 11,763)	54,558
		---------	---------
Shareholders funds		419,533	400,854
		---------	---------

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 2020 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 2020

These financial statements were approved by the board of directors and authorised for issue on 29 October 2021 , 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 2020

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.

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 (2019: 9 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 January 2020	550,000	124,683	674,683
Additions	–	2,090	2,090
Revaluations	85,000	–	85,000
	---------	---------	---------
At 31 December 2020	635,000	126,773	761,773
	---------	---------	---------
Depreciation
At 1 January 2020	–	122,700	122,700
Charge for the year	–	1,189	1,189
	---------	---------	---------
At 31 December 2020	–	123,889	123,889
	---------	---------	---------
Carrying amount
At 31 December 2020	635,000	2,884	637,884
	---------	---------	---------
At 31 December 2019	550,000	1,983	551,983
	---------	---------	---------

Tangible assets held at valuation

The two properties included in Heritable Property are held at valuation. The Elgin property was valued in July 2021 by CCL Property, Estate Agents at a market value of £390,000 for a residential development opportunity. The Skye property was revalued to market value on 19 August 2016 by Torrance Partnership, Chartered Surveyors. The directors are satisfied that the valuations included reflect the valuations of the properties at 31 December 2020.

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 2020
Aggregate cost	207,064
Aggregate depreciation	–
	---------
Carrying value	207,064
	---------

At 31 December 2019
Aggregate cost	207,064
Aggregate depreciation	–
	---------
Carrying value	207,064
	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	49,990	78,414
Other debtors	22,454	39,639
	--------	---------
	72,444	118,053
	--------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	6,093	5,852
Trade creditors	3,546	32,484
Social security and other taxes	32,901	35,171
Interest free loans	670	670
Staff pension	414	44
Other creditors	8,032	14,553
	--------	--------
	51,656	88,774
	--------	--------

Included within creditors falling due within one year is an amount of £6,093 (2019 - £5,852) which is secured by the company.

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

	2020	2019
	£	£
Bank loans and overdrafts	288,597	294,749
	---------	---------

Included within creditors falling due after more than one year is an amount of £288,597 (2019 - £294,749) which is secured by the company.

Included within creditors: amounts falling due after more than one year is an amount of £261,634 (2019: £269,054) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. There was no deferred tax due on the increase in the year.

10. Operating leases

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

	2020	2019
	£	£
Not later than 1 year	5,437	–
Later than 1 year and not later than 5 years	7,702	–
	--------	----
	13,139	–
	--------	----

11. Directors' advances, credit and guarantees

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

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
S J Gauld	40	–	40
	----	----	----

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

12. Related party transactions

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