Elmer Wallace Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC278062 (Scotland)

Financial Statements

for the Year Ended 30 September 2020

for

Elmer Wallace Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A G M McRobbie

J M Darling

SECRETARY:

A G M McRobbie

REGISTERED OFFICE:

30 Naysmyth Road South

Colquhoun Road

Hillington

Glasgow

G52 4RE

REGISTERED NUMBER:

SC278062 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

39,013

35,160

39,013

35,160

CURRENT ASSETS

Inventories

34,825

36,413

Debtors

6

72,126

79,654

Cash at bank and in hand

57,305

29,802

164,256

145,869

CREDITORS

Amounts falling due within one year

7

128,670

132,400

NET CURRENT ASSETS

35,586

13,469

TOTAL ASSETS LESS CURRENT LIABILITIES

74,599

48,629

CREDITORS

Amounts falling due after more than one year

8

49,195

19,595

NET ASSETS

25,404

29,034

CAPITAL AND RESERVES

Called up share capital

9

20,000

20,000

Retained earnings

5,404

9,034

SHAREHOLDERS' FUNDS

25,404

29,034

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 June 2021 and were signed on its behalf by:

A G M McRobbie - Director

J M Darling - Director

1.	STATUTORY INFORMATION

Elmer Wallace Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

Turnover is derived from the provision of goods and services, excluding value added tax and is recognised on an invoice basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

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.

Creditors

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

47,314

AMORTISATION

At 1 October 2019

and 30 September 2020

47,314

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2019

98,108

5,588

9,290

6,624

119,610

Additions

6,771

-

-

4,420

11,191

At 30 September 2020

104,879

5,588

9,290

11,044

130,801

DEPRECIATION

At 1 October 2019

66,480

4,995

6,351

6,624

84,450

Charge for year

5,760

89

734

755

7,338

At 30 September 2020

72,240

5,084

7,085

7,379

91,788

NET BOOK VALUE

At 30 September 2020

32,639

504

2,205

3,665

39,013

At 30 September 2019

31,628

593

2,939

-

35,160

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

70,422

77,959

Other debtors

1,704

1,695

72,126

79,654

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

31,100

34,623

Taxation and social security

41,043

30,280

Other creditors

56,527

67,497

128,670

132,400

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

20,000

-

Other creditors

29,195

19,595

49,195

19,595

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

20,000

Ordinary

£1

20,000

20,000

10.	POST BALANCE SHEET EVENTS

We are closely monitoring the situation with regards to COVID-19. The situation is constantly changing and the business has been affected. We are doing what we can to maintain a normal pattern of business and we are reducing costs to align with reduced income where possible.