Waverley Management Consultants Limited - Period Ending 2023-03-31

Waverley Management Consultants Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 7

Waverley Management Consultants Limited

Company Information

Director

Dr Alister Wilson

Registered office Registered number

55 Deerpark Sauchie Alloa FK10 3LL SC228964

Accountants

Brown, Scott & Main 31 Townsend Place Kirkcaldy Scotland KY1 1HB

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Waverley Management Consultants Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Waverley Management Consultants Limited for the year ended 31 March 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Waverley Management Consultants Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that Waverley Management Consultants Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Waverley Management Consultants Limited. You consider that Waverley Management Consultants 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 accounts of Waverley Management Consultants 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 accounts.

......................................

Brown, Scott & Main
31 Townsend Place
Kirkcaldy
Scotland
KY1 1HB

20 December 2023

Waverley Management Consultants Limited

(Registration number: SC228964)
Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	2,490	3,707
Current assets
Debtors	6	48,114	83,409
Cash at bank and in hand		112,684	23,421
		160,798	106,830
Creditors: Amounts falling due within one year	7	(60,547)	(50,916)
Net current assets		100,251	55,914
Net assets		102,741	59,621
Capital and reserves
Called up share capital	8	2	2
Retained earnings		102,739	59,619
Shareholders' funds		102,741	59,621

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 December 2023
 

......................................... Dr Alister Wilson Director

Waverley Management Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in Scotland, registered number SC228964.

The address of its registered office and place of business is:
55 Deerpark
Sauchie
Alloa
FK10 3LL

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentation currency is sterling.

Going concern

The financial statements have been prepared on the going concern basis. The director considers this basis is appropriate as the company continues to trade profitably and to meet its day to day commitments from working capital as they fall due. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Revenue recognition

Turnover represents the total value, excluding value added tax, of the revenue earned during the year on consultancy contracts and associated expense recoveries from clients. Turnover recognised in advance of the client being billed is included in debtors.

Tax

The tax expense for the period comprises corporation tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, less residual value, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% per annum straight line

Waverley Management Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank that is readily convertible to a known amount of cash and is subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the sales contract .

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4	Tax charge

	2023  £	2022  £
Corporation tax	(24,610)	(23,651)

Waverley Management Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost
At 1 April 2022	9,402	9,402
Additions	569	569
At 31 March 2023	9,971	9,971
Depreciation
At 1 April 2022	5,695	5,695
Charge for the year	1,786	1,786
At 31 March 2023	7,481	7,481
Carrying amount
At 31 March 2023	2,490	2,490
At 31 March 2022	3,707	3,707

6

Debtors

Current	2023 £	2022 £
Trade debtors	47,967	83,262
Prepayments	147	147
	48,114	83,409

7

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	2,487	1,792
Taxation and social security	51,351	41,278
Accruals and deferred income	6,685	5,140
Other creditors	24	2,706
	60,547	50,916

Waverley Management Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

9

Dividends

		2023		2022
		£		£
Interim dividends of £30,375.00 (2022 - £30,000.00) per ordinary share		60,750		60,000

10	Related party transactions

Loans to director

2023	Director £	Total £
At start of period	(2,706)	(2,706)
Advanced	63,480	63,480
Repaid	(60,750)	(60,750)
At end of period	24	24

2022	Director £	Total £
At start of period	(2,039)	(2,039)
Advanced	58,492	58,492
Repaid	(60,000)	(60,000)
Interest transactions	841	841
At end of period	(2,706)	(2,706)

Terms of loans to director

During the year the director operated a loan account with the company. The balance was fully repaid at the year-end. At 31 March 2023 a balance of £24 (2022 £2,706) was due to the director.