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 2022

Wittets Limited

Financial Statements

Year ended 31 December 2022

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

Wittets Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		635,905	636,893

Current assets

Work in Progress		12,000	12,000
Debtors	6	41,086	53,453
Cash at bank and in hand		25,409	30,466
		--------	--------
		78,495	95,919

Creditors: amounts falling due within one year	7	( 43,486)		( 42,012)
		--------		--------
Net current assets			35,009	53,907
			---------	---------
Total assets less current liabilities			670,914	690,800

Creditors: amounts falling due after more than one year	8	( 273,981)	( 282,037)
		---------	---------
Net assets		396,933	408,763
		---------	---------

Capital and reserves

Called up share capital		3,300	3,300
Share premium account	9	60	60
Revaluation reserve	9	427,936	427,936
Profit and loss account	9	( 34,363)	( 22,533)
		---------	---------
Shareholders funds		396,933	408,763
		---------	---------

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 2022 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 2022

These financial statements were approved by the board of directors and authorised for issue on 16 August 2023 , and are signed on behalf of the board by:

S J Gauld

Director

Company registration number: SC076335

Wittets Limited

Notes to the Financial Statements

Year ended 31 December 2022

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.

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

The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans and directors' loans to to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2021: 10 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2022 and 31 December 2022	635,000	126,773	761,773
	---------	---------	---------
Depreciation
At 1 January 2022	–	124,880	124,880
Charge for the year	–	988	988
	---------	---------	---------
At 31 December 2022	–	125,868	125,868
	---------	---------	---------
Carrying amount
At 31 December 2022	635,000	905	635,905
	---------	---------	---------
At 31 December 2021	635,000	1,893	636,893
	---------	---------	---------

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 2022.

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 2022
Aggregate cost	207,064
Aggregate depreciation	–
	---------
Carrying value	207,064
	---------

At 31 December 2021
Aggregate cost	207,064
Aggregate depreciation	–
	---------
Carrying value	207,064
	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	39,090	51,507
Other debtors	1,996	1,946
	--------	--------
	41,086	53,453
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	8,372	6,351
Trade creditors	1,426	2,109
Social security and other taxes	28,331	29,187
Interest free loans	670	670
Staff pension	–	695
Other creditors	4,687	3,000
	--------	--------
	43,486	42,012
	--------	--------

Included within creditors falling due within one year is an amount of £8,372 (2021 - £6,351) which is secured by standard security and a bond and floating charge over the assets.

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

	2022	2021
	£	£
Bank loans and overdrafts	273,981	282,037
	---------	---------

Included within creditors falling due after more than one year is an amount of £273,981 (2021 - £282,037) which is secured by standard security and a bond and floating charge over the assets.

Included within creditors: amounts falling due after more than one year is an amount of £236,936 (2021: £253,936) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are repayable by 29 May 2034. The interest rate applied to the loans is 3.5% above the bank base rate.

9. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. No revaluations were carried out in the current year.

10. Operating leases

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

	2022	2021
	£	£
Not later than 1 year	6,951	5,437
Later than 1 year and not later than 5 years	16,710	2,265
Later than 5 years	2,466	–
	--------	-------
	26,127	7,702
	--------	-------

11. Directors' advances, credit and guarantees

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

	2022
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
S J Gauld	40	( 40)	–
	----	----	----

	2021
	Balance brought forward	Amounts repaid	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.