Wishco Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC388655 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

FOR

WISHCO LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

V E Robertson

B W Wishart

REGISTERED OFFICE:

4 Muir Road

Houstoun Industrial Estate

Livingston

West Lothian

EH54 5DR

REGISTERED NUMBER:

SC388655 (Scotland)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Investments

4

200

200

Investment property

5

1,840,299

1,840,299

1,840,499

1,840,499

CURRENT ASSETS

Debtors

6

480,823

549,771

Cash at bank

83,471

44,618

564,294

594,389

CREDITORS

Amounts falling due within one year

7

151,421

343,201

NET CURRENT ASSETS

412,873

251,188

TOTAL ASSETS LESS CURRENT LIABILITIES

2,253,372

2,091,687

CREDITORS

Amounts falling due after more than one year

8

(909,503

)

(974,281

)

PROVISIONS FOR LIABILITIES

10

(51,272

)

(51,272

)

NET ASSETS

1,292,597

1,066,134

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

361,800

361,800

Retained earnings

930,697

704,234

1,292,597

1,066,134

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 31 August 2021 and were signed on its behalf by:

B W Wishart - Director

1.	STATUTORY INFORMATION

Wishco Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

TURNOVER

Turnover represents the invoiced value of rental income and management services, net of value added tax and is recognised on an accruals basis.

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

INVESTMENT PROPERTY

Investment property is initially recognised at cost. Subsequent recognition, in accordance with FRS 102, requires investment property to be held at fair value with fair value gains and losses recognised in the Statement of Income and Retained Earnings. FRS 102 also requires deferred tax to be accounted for on assets subject to revaluation.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 December 2019

and 30 November 2020

200

NET BOOK VALUE

At 30 November 2020

200

At 30 November 2019

200

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Livingston Self Storage Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

31.10.20

31.10.19

£

£

Aggregate capital and reserves

100

100

Spilldoctor Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

ordinary

100.00

31.7.20

31.7.19

£

£

Aggregate capital and reserves

(41

)

(41

)

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2019

and 30 November 2020

1,840,299

NET BOOK VALUE

At 30 November 2020

1,840,299

At 30 November 2019

1,840,299

Fair value at 30 November 2020 is represented by:

£

Valuation in 2018

413,072

Cost

1,427,227

1,840,299

If the investment properties had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

1,427,227

1,427,227

The investment properties were valued on an open market basis on 1 February 2018 by Graham & Sibbald .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

112,360

17,258

Other debtors

368,463

532,513

480,823

549,771

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

61,421

58,062

Trade creditors

-

2,122

Taxation and social security

85,120

99,621

Other creditors

4,880

183,396

151,421

343,201

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

909,503

974,281

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

970,924

1,032,343

Barclays Security Trustee Limited have been granted a standard and floating charge over the investment properties.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

51,272

51,272

Deferred

tax

£

Balance at 1 December 2019

51,272

Balance at 30 November 2020

51,272

11.

RESERVES

Fair

value

reserve

£

At 1 December 2019

and 30 November 2020

361,800

12.	RELATED PARTY DISCLOSURES

Included in 'Other debtors' is an amount of £246,886 (2019 - £446,204) due to the company from the directors. These loan are interest free and have no fixed terms of repayment.

Included in 'Other creditors' is an amount of £nil (2019 - £2,000) due from the company to a director. This loan was interest free and has no fixed terms of repayment.

Included in 'Other creditors' is an amount of £nil (2019 - £18,145) due from the company to a shareholder. This loan is interest free and has no fixed terms of repayment.