WMA Limited - Period Ending 2018-01-31
WMA Limited - Period Ending 2018-01-31
Registration number:
WMA Limited
for the Year Ended 31 January 2018
WMA Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
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Accountants' Report |
WMA Limited
Company Information
Directors |
Mr DA Matthews Mr RJ Weir |
Company secretary |
Mrs L Weir |
Registered office |
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Accountants |
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Page 1 |
WMA Limited
(Registration number: SC241843)
Balance Sheet as at 31 January 2018
Note |
2018 |
2017 |
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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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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 |
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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 2018 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 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.
Page 2 |
WMA Limited
(Registration number: SC241843)
Balance Sheet as at 31 January 2018 (continued)
Approved and authorised by the
.........................................
Director
.........................................
Director
Page 3 |
WMA Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
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 current and deferred 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.
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 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.
Page 4 |
WMA Limited
Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)
2 |
Accounting policies (continued) |
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 |
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Page 5 |
WMA Limited
Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)
Employees and Directors |
The average number of persons employed by the company (including directors) during the year, was
Directors' remuneration
The directors' remuneration for the year was as follows:
2018 |
2017 |
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Remuneration |
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Contributions paid to money purchase schemes |
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- |
113,165 |
65,360 |
Taxation |
The tax charge on the profit for the year was as follows:
2018 |
2017 |
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UK corporation tax |
14,876 |
45,473 |
Tax on profit |
14,876 |
45,473 |
Page 6 |
WMA Limited
Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)
Tangible assets |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2017 |
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- |
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Additions |
- |
- |
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At 31 January 2018 |
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Depreciation |
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At 1 February 2017 |
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- |
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Charge for the year |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
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At 31 January 2017 |
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- |
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Debtors |
2018 |
2017 |
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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
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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- |
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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 7 |
WMA Limited
Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)
7 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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- |
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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7 |
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7 |
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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- |
Page 8 |
WMA Limited
Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)
9 |
Loans and borrowings (continued) |
2018 |
2017 |
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Current loans and borrowings |
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Finance lease liabilities |
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- |
Related party transactions |
Transactions with directors |
2018 |
At 1 February 2017 |
Repayments by director |
At 31 January 2018 |
Mr DA Matthews |
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Loan |
1,948 |
( |
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2017 |
At 1 February 2016 |
Repayments by director |
At 31 January 2017 |
Mr DA Matthews |
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Loan |
2,848 |
( |
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Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
2018 |
2017 |
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Mr RJ Weir |
1,799 |
899 |
Mr DA Matthews |
- |
- |
1,799 |
899 |
The maximum balance outstanding during the year amounted to £1,799.
The directors current accounts are repayable on demand.
Page 9 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
WMA Limited
for the Year Ended 31 January 2018
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 2018 as set out on pages 2 to 9 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 profit 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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Statutory Auditor
Unit 4B Gateway Business Park
Grangemouth
Central
FK3 8WX
Page 10 |