WMA Limited - Period Ending 2018-01-31

WMA Limited - Period Ending 2018-01-31


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Registration number: SC241843

WMA Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2018

 

WMA Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

Accountants' Report

10

 

WMA Limited

Company Information

Directors

Mr DA Matthews

Mr RJ Weir

Company secretary

Mrs L Weir

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates & Co CA
Chartered Accountants
Statutory Auditor
Unit 4B Gateway Business Park
Grangemouth
Central
FK3 8WX

 

WMA Limited

(Registration number: SC241843)
Balance Sheet as at 31 January 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

16,271

2,193

Current assets

 

Stocks

95,114

19,979

Debtors

6

87,376

157,335

Cash at bank and in hand

 

220,673

194,188

 

403,163

371,502

Creditors: Amounts falling due within one year

7

(95,496)

(118,309)

Net current assets

 

307,667

253,193

Total assets less current liabilities

 

323,938

255,386

Creditors: Amounts falling due after more than one year

7

(10,386)

-

Provisions for liabilities

-

(194)

Net assets

 

313,552

255,192

Capital and reserves

 

Called up share capital

8

7

7

Capital redemption reserve

3

3

Profit and loss account

313,542

255,182

Total equity

 

313,552

255,192

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

 

WMA Limited

(Registration number: SC241843)
Balance Sheet as at 31 January 2018 (continued)

Approved and authorised by the Board on 12 June 2018 and signed on its behalf by:
 

.........................................

Mr DA Matthews
Director

.........................................

Mr RJ Weir
Director

 

WMA Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

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.

 

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
Financial instruments are classified and accounted for, according to the substance of the contractual
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.

 
 

 

WMA Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 13 (2017 - 17).

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

111,540

65,360

Contributions paid to money purchase schemes

1,625

-

113,165

65,360

4

Taxation

The tax charge on the profit for the year was as follows:
 

2018
 £

2017
 £

UK corporation tax

14,876

45,473

Tax on profit

14,876

45,473

 

WMA Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2017

804

51,438

-

52,242

Additions

-

-

20,981

20,981

At 31 January 2018

804

51,438

20,981

73,223

Depreciation

At 1 February 2017

534

49,515

-

50,049

Charge for the year

67

1,591

5,245

6,903

At 31 January 2018

601

51,106

5,245

56,952

Carrying amount

At 31 January 2018

203

332

15,736

16,271

At 31 January 2017

270

1,923

-

2,193

6

Debtors

2018
£

2017
£

Trade debtors

78,628

147,826

Prepayments

7,213

5,109

Other debtors

1,535

4,400

87,376

157,335

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

9

4,985

-

Trade creditors

 

2,848

620

Taxation and social security

 

73,630

110,934

Other creditors

 

14,033

6,755

 

95,496

118,309

 

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
£

Due after one year

 

Loans and borrowings

9

10,386

-

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

7

7

7

7

         

9

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

10,386

-

 

WMA Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

9

Loans and borrowings (continued)

2018
£

2017
£

Current loans and borrowings

Finance lease liabilities

4,985

-

10

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2018

At 1 February 2017
£

Repayments by director
£

At 31 January 2018
£

Mr DA Matthews

Loan

1,948

(900)

1,048

       
     

 

2017

At 1 February 2016
£

Repayments by director
£

At 31 January 2017
£

Mr DA Matthews

Loan

2,848

(900)

1,948

       
     

 

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2018
 £

2017
 £

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.

 

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.

......................................

Yates & Co CA
Chartered Accountants
Statutory Auditor
Unit 4B Gateway Business Park
Grangemouth
Central
FK3 8WX

12 June 2018