Company Registration No. SC398836 (Scotland)
WGR & R LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
WGR & R LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
396,211
417,265
Current assets
Stocks
66,426
47,083
Debtors
4
11,210
29,740
Cash at bank and in hand
587,921
563,630
665,557
640,453
Creditors: amounts falling due within one year
5
(308,666)
(399,769)
Net current assets
356,891
240,684
Total assets less current liabilities
753,102
657,949
Provisions for liabilities
(22,028)
(25,525)
Net assets
731,074
632,424
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
731,070
632,420
Total equity
731,074
632,424
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 May 2023 and are signed on its behalf by:
SJ Whiteford
Director
Company Registration No. SC398836
WGR & R LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -
1
Accounting policies
Company information
WGR & R Limited is a private company limited by shares incorporated in Scotland. The registered office is Wellsgreen, WINDYGATES, Fife, KY8 5RU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold buildings
Not depreciated
Plant and equipment
20% reducing balance
Fixtures and fittings
10% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
WGR & R LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Pensions
The company operates two defined contribution pension schemes and the pension charge represents the amounts paid by the company to the funds in respect of the year.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
42
36
WGR & R LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 4 -
3
Tangible fixed assets
Leasehold buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2021
245,314
423,722
184,749
26,000
879,785
Additions
5,022
5,022
At 31 August 2022
245,314
428,744
184,749
26,000
884,807
Depreciation and impairment
At 1 September 2021
360,735
96,585
5,200
462,520
Depreciation charged in the year
12,597
9,319
4,160
26,076
At 31 August 2022
373,332
105,904
9,360
488,596
Carrying amount
At 31 August 2022
245,314
55,412
78,845
16,640
396,211
At 31 August 2021
245,314
62,987
88,164
20,800
417,265
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
4,355
478
Other debtors
19,019
Prepayments and accrued income
6,855
10,243
11,210
29,740
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
46,431
45,779
Corporation tax
41,531
35,717
Other taxation and social security
52,381
25,455
Other creditors
26,951
27,050
Directors current accounts
137,361
262,120
Accruals and deferred income
4,011
3,648
308,666
399,769
WGR & R LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary shares of £1 each
4
4