Wardside House Limited Filleted accounts for Companies House (small and micro)

WARDSIDE HOUSE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC101883

Wardside House Limited

Filleted Unaudited Financial Statements

30 April 2023

Wardside House Limited

Statement of Financial Position

30 April 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	3,356,899	3,384,018

Current assets

Stocks		3,000	3,000
Debtors	6	625,252	458,366
Cash at bank and in hand		18,982	26,702
		---------	---------
		647,234	488,068

Creditors: amounts falling due within one year	7	517,412	382,665
		---------	---------
Net current assets		129,822	105,403
		------------	------------
Total assets less current liabilities		3,486,721	3,489,421

Creditors: amounts falling due after more than one year	8	682,010	795,057

Provisions	55,913	82,055
	------------	------------
Net assets	2,748,798	2,612,309
	------------	------------

Capital and reserves

Called up share capital	150,000	150,000
Other reserves	2,021,230	2,021,230
Profit and loss account	577,568	441,079
	------------	------------
Shareholders funds	2,748,798	2,612,309
	------------	------------

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.

Wardside House Limited

Statement of Financial Position (continued)

30 April 2023

For the year ending 30 April 2023 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 .

These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , and are signed on behalf of the board by:

Mr D M Burt

Director

Company registration number: SC101883

Wardside House Limited

Notes to the Financial Statements

Year ended 30 April 2023

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is David Higgins & Co CA, West Renfrew House, 26 Brougham Street, Greenock, Inverclyde, PA16 8AD, United Kingdom.

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 group has adequate resources to continue in operational existence for the foreseeable future. They, therefore, continue to adopt the going-concern basis of accounting in preparing the annual financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Corporation 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

Freehold property	-	2% straight line
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance

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 are largely independent of the cash inflows from other assets or groups of assets.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 51 (2022: 47 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1 May 2022	4,182,643	4,314	870,581	60,800	5,118,338
Additions	92,112	–	8,371	–	100,483
	------------	-------	---------	--------	------------
At 30 April 2023	4,274,755	4,314	878,952	60,800	5,218,821
	------------	-------	---------	--------	------------
Depreciation
At 1 May 2022	1,013,161	1,035	673,659	46,465	1,734,320
Charge for the year	83,977	656	39,385	3,584	127,602
	------------	-------	---------	--------	------------
At 30 April 2023	1,097,138	1,691	713,044	50,049	1,861,922
	------------	-------	---------	--------	------------
Carrying amount
At 30 April 2023	3,177,617	2,623	165,908	10,751	3,356,899
	------------	-------	---------	--------	------------
At 30 April 2022	3,169,482	3,279	196,922	14,335	3,384,018
	------------	-------	---------	--------	------------

6. Debtors

	2023	2022
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	45,972	76,668
Other debtors	579,280	381,698
	---------	---------
	625,252	458,366
	---------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	118,667	112,914
Corporation tax	240,657	138,364
Social security and other taxes	9,136	8,324
Other creditors	148,952	123,063
	---------	---------
	517,412	382,665
	---------	---------

Bank loans and overdrafts are secured by a standard security over the freehold property and by a bond and floating charge over the trade and assets of the company. There is also an inter-company cross guarantee between the company and Wardside (Holdings) Limited.

The directors have also provided a personal guarantee in respect of the bank loan and overdraft.

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

	2023	2022
	£	£
Bank loans and overdrafts	682,010	795,057
	---------	---------

Bank loans due after more than one year are secured by a standard security over the freehold property and by a bond and floating charge over the trade and assets of the company. There is also an inter-company cross guarantee between the company and its parent company Wardside (Holdings) Limited. The directors have also provided a personal guarantee in respect of the loan.

Bank loans due after more than five years amount to £227,343 (2022: £316,010). This loan is repayable by instalments and the interest rate charged is 2.75% above the Bank of England base rate.

9. Operating leases

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

	2023	2022
	£	£
Not later than 1 year	4,115	4,115
Later than 1 year and not later than 5 years	4,562	8,677
	-------	--------
	8,677	12,792
	-------	--------

10. Directors' advances, credits and guarantees

Included within other debtors is an amount of £437,705 (2022:£289,980) due from the directors. This is interest free and has no fixed repayment term. During the year the directors withdrew £189,417 (2022: £215,003) from the company and paid expenses totalling £41,692 (2022: £58,822).

11. Related party transactions

Wardside (Holdings) Limited charged Wardside House Limited £30,696 of management charges in the year (2022:£30,696). Included within other debtors is an amount due from Wardside (Holdings) Limited of £45,972 (2022: £76,668) which is interest free and has no fixed repayment terms.

12. Controlling party

The company is a wholly owned subsidiary of Wardside (Holdings) Limited which has its registered office as c/o David Higgins & Company, Chartered Accountants, West Renfrew House, 26 Brougham Street, Greenock, Inverclyde PA16 8AD. Wardside (Holdings) Limited and the company have common directors and Wardside (Holdings) Limited is under the control of Mr D M Burt as he owns the majority of the share capital.