Wee Gems Holdings Limited - Period Ending 2020-03-31
Wee Gems Holdings Limited - Period Ending 2020-03-31
Registration number:
Wee Gems Holdings Limited
for the Year Ended 31 March 2020
Wee Gems Holdings Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Wee Gems Holdings Limited
Company Information
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Directors |
Mr J B Murdoch Mr M Mortazavi |
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Registered office |
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Wee Gems Holdings Limited
(Registration number: SC451899)
Balance Sheet as at 31 March 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
- |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Profit and loss account |
168,183 |
123,606 |
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Shareholders' funds |
168,383 |
123,806 |
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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. |
Wee Gems Holdings Limited
(Registration number: SC451899)
Balance Sheet as at 31 March 2020
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
Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
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.
The presentation currency of the financial statements is the Pound Sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration derived from management charges and re-charges. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
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:
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Asset class |
Depreciation method and rate |
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Furniture, fittings and equipment |
33% straight line |
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Motor vehicles |
20% straight line |
Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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- |
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Disposals |
- |
( |
( |
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At 31 March 2020 |
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- |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
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At 31 March 2020 |
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- |
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Carrying amount |
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At 31 March 2020 |
- |
- |
- |
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At 31 March 2019 |
- |
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Investments |
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2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 April 2019 |
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Provision |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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6 Dunnet Way, East Mains Industrial Estate, Broxburn, EH52 5NN Scotland |
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Argyll House, Quarrywood Court, Livingston, EH54 6AX Scotland |
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6a Featherhall Avenue, Edinburgh, EH12 7TQ Scotland |
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Argyll House, Quarrywood Court, Livingston, EH54 6AX Scotland |
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Subsidiary undertakings |
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Wee Gems Limited The principal activity of Wee Gems Limited is |
Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Wee Gems Corstorphine Limited The principal activity of Wee Gems Corstorphine Limited is |
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Croileagan Nurseries Limited The principal activity of Croileagan Nurseries Limited is |
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Wee Gems Armadale Limited The principal activity of Wee Gems Armadale Limited is |
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Debtors |
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Note |
2020 |
2019 |
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Trade debtors |
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- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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- |
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Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Creditors |
Creditors: amounts falling due within one year
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Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Share capital |
Allotted, called up and fully paid shares
Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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200 |
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200 |
Wee Gems Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Related party transactions |
Summary of transactions with key management
During the year, the director advanced loans totalling £20,000 to the company. At the year end, the balance due to the director was £20,000. This loan is unsecured, interest free and has no fixed repayment terms.
Summary of transactions with all subsidiaries
(Subsidiary)
During the year, the company receoved loans totalling £46,771 from Wee Gems Corstorphine Limited. At the balance sheet date, the amount due to Wee Gems Corstorphine was £105,000 (2019 - £58,229). There are no repayments terms and no interest was charged.
Wee Gems Armadale Limited
(Subsidiary)
During the year, the company advanced loans to Wee Gems Armadale Limited totalling £45,000. At the balance sheet date, the amount due from Wee Gems Armadale was £200,000 (2019 - £155,000). There are no repayment terms and no interest was charged.
Wee Gems Limited
(Subsidiary)
During the year, the company advancedd loans to Wee Gems Limited totalling £72,000. At the balance sheet date, the amount due from Wee Gems Limited was £140,000 (2019 - £68,000). There are no repayment terms and no interest was charged.
Wee Gems Livingston Limited
(A company in which Mr M Mortazavi and Mr J B Murdoch are also directors)
During the year, the company received loans from Wee Gems Livingston Limited totalling £75,000. At the balance sheet date the amount due to Wee Gems Livingston Limited was £120,000 (2019 - £45,000). There are no repayment terms and no interest was charged.
Director 4 Hire Limited
(A company in which Mr M Mortazavi is also a director)
During the year, there was no movement on the loan balance. At the balance sheet date, the amount due to Director 4 Hire limited was £1,319 (2019 - £1,319). There are no repayment terms and no interest was charged.