WMA Limited - Period Ending 2020-01-31
WMA Limited - Period Ending 2020-01-31
Registration number:
WMA Limited
for the Year Ended 31 January 2020
WMA Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
WMA Limited
Company Information
Director |
Mr Graham Charles Hunter |
Registered office |
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Accountants |
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Page 1 |
WMA Limited
(Registration number: SC241843)
Balance Sheet as at 31 January 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
WMA Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
General information |
The company is a private company limited by share capital, incorporated in Scotland.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fittings |
25% reducing balance |
Computer equipment |
33% straight line |
Page 3 |
WMA Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Employees and Directors |
The average number of persons employed by the company (including the director) during the year, was
Directors' remuneration
The directors' remuneration for the year was as follows:
2020 |
2019 |
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Remuneration |
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Contributions paid to money purchase schemes |
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123,733 |
177,878 |
Taxation |
The tax charge on the profit for the year was as follows:
Page 4 |
WMA Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
2020 |
2019 |
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UK corporation tax |
- |
(14,876) |
Tax on profit |
- |
(14,876) |
Page 5 |
WMA Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 February 2019 |
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Disposals |
- |
( |
( |
At 31 January 2020 |
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Depreciation |
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At 1 February 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
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( |
At 31 January 2020 |
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Carrying amount |
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At 31 January 2020 |
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- |
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At 31 January 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Page 6 |
WMA Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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7 |
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7 |
Related party transactions |
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
2020 |
2019 |
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Mr RJ Weir |
- |
- |
Mr G Hunter |
35,900 |
450 |
Mr DA Matthews |
753 |
- |
36,653 |
450 |
The maximum balance outstanding during the year amounted to £36,652.
The directors current accounts are repayable on demand.
Page 7 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
WMA Limited
for the Year Ended 31 January 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WMA Limited for the year ended 31 January 2020 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of WMA Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of WMA Limited and state those matters that we have agreed to state to the Board of Directors of WMA Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WMA Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that WMA 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 loss of WMA Limited. You consider that WMA 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 WMA 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.
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Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX
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