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REGISTERED NUMBER:
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WILLIAM REID & SONS (WIREWORKERS) |
LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2018 |
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REGISTERED NUMBER:
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WILLIAM REID & SONS (WIREWORKERS) |
LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2018 |
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WILLIAM REID & SONS (WIREWORKERS) |
LIMITED (REGISTERED NUMBER: SC024361) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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WILLIAM REID & SONS (WIREWORKERS) |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
11 Portland Road |
Kilmarnock |
Ayrshire |
KA1 2BT |
WILLIAM REID & SONS (WIREWORKERS) |
LIMITED (REGISTERED NUMBER: SC024361) |
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BALANCE SHEET |
30TH JUNE 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Revaluation reserve | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
WILLIAM REID & SONS (WIREWORKERS) |
LIMITED (REGISTERED NUMBER: SC024361) |
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BALANCE SHEET - continued |
30TH JUNE 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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WILLIAM REID & SONS (WIREWORKERS) |
LIMITED (REGISTERED NUMBER: SC024361) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2018 |
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1. | STATUTORY INFORMATION |
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William Reid & Sons (Wireworkers) Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rental income from operating properties leased to group and associated companies. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - NIL). |
WILLIAM REID & SONS (WIREWORKERS) |
LIMITED (REGISTERED NUMBER: SC024361) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2017 |
and 30th June 2018 |
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DEPRECIATION |
At 1st July 2017 |
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Charge for year |
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At 30th June 2018 |
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NET BOOK VALUE |
At 30th June 2018 |
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At 30th June 2017 |
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Cost or valuation at 30th June 2018 is represented by: |
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Land and |
buildings |
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Valuation in 2015 | (1,045 | ) |
Cost | 251,045 |
250,000 |
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If land and buildings had not been revalued they would have been included at the following historical cost: |
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2018 | 2017 |
£ | £ |
Cost | 251,045 | 251,045 |
Aggregate depreciation | 56,409 | 51,388 |
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Value of land in freehold land and buildings | 194,636 | 199,657 |
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Freehold land and buildings were previously externally valued during November 2015 in respect of two of the |
three properties. This overall net valuation is considered by the directors to represent a reasonable fair value at |
the balance sheet date. |
WILLIAM REID & SONS (WIREWORKERS) |
LIMITED (REGISTERED NUMBER: SC024361) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2018 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2017 |
and 30th June 2018 |
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NET BOOK VALUE |
At 30th June 2018 |
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At 30th June 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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8. | RESERVES |
Revaluation |
reserve |
£ |
At 1st July 2017 |
and 30th June 2018 |
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WILLIAM REID & SONS (WIREWORKERS) |
LIMITED (REGISTERED NUMBER: SC024361) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2018 |
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9. | RELATED PARTY DISCLOSURES |
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During the year the company charged £63,871 (2017 - £63,871) to Reid Wire Limited in respect of central |
services, rent and other overhead recharges. |
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The company was committed to a five year lease for an additional factory facility occupied by the subsidiary, |
Reid Wire Limited. This property is owned by a pension scheme associated with Reid Roof Limited. The initial |
lease has expired and is now reviewed on an annual basis. The current annual commitment is £15,766 (excluding |
VAT). |
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Other debtors (note 6) previously included a balance of £3,500 due, in the Board's opinion, from the former |
director Mr H.Miller. This amount represented professional fees paid by the company without prior Board |
approval.The Board considers that no tax liability is due by the company in any form on the unapproved |
transaction.The balance of £3,500 due by Mr. H. Miller was provided against in previous years but has not been |
written-off. |
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The company was charged management fees of £12,750 by Reid Wire Limited. |
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Included in other debtors (note 6) is an amount of £1,080 due from Antaeus Developments Ltd., a company |
which I W Reid is a director/shareholder. |