REGISTERED NUMBER: SC241843 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2017

for

WMA Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mr R J Weir

Mr D A Matthews

SECRETARY:

Mrs L Weir

REGISTERED OFFICE:

Hill Farm

Slamannan

Falkirk

Central

FK1 3DJ

REGISTERED NUMBER:

SC241843 (Scotland)

ACCOUNTANTS:

Yates & Co

Chartered Accountants

Statutory Auditor

Unit 4B Gateway Bus Park

Grangemouth

Central

FK3 8WX

FIXED ASSETS

Tangible assets

4

2,193

4,284

CURRENT ASSETS

Stocks

19,979

60,480

Debtors

5

157,335

136,408

Cash at bank

194,188

202,021

371,502

398,909

CREDITORS

Amounts falling due within one year

6

118,309

125,249

NET CURRENT ASSETS

253,193

273,660

TOTAL ASSETS LESS CURRENT LIABILITIES

255,386

277,944

PROVISIONS FOR LIABILITIES

194

559

NET ASSETS

255,192

277,385

CAPITAL AND RESERVES

Called up share capital

7

7

Capital redemption reserve

8

3

3

Retained earnings

8

255,182

277,375

SHAREHOLDERS' FUNDS

255,192

277,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 June 2017 and were signed on its behalf by:

Mr R J Weir - Director

Mr D A Matthews - Director

1.	STATUTORY INFORMATION

WMA Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Transition to FRS 102

The entity has transitioned from previous UK GAAP to FRS 102 as at 1 February 2016. Details of how FRS

102 has affected the reported financial position and financial performance is given in note 14.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 February 2016

804

50,454

51,258

Additions

-

984

984

At 31 January 2017

804

51,438

52,242

DEPRECIATION

At 1 February 2016

444

46,530

46,974

Charge for year

90

2,985

3,075

At 31 January 2017

534

49,515

50,049

NET BOOK VALUE

At 31 January 2017

270

1,923

2,193

At 31 January 2016

360

3,924

4,284

5.

DEBTORS

31.1.17

31.1.16

£

£

Amounts falling due within one year:

Trade debtors

147,826

114,415

Other debtors

9,022

21,281

156,848

135,696

Amounts falling due after more than one year:

Other debtors

487

712

Aggregate amounts

157,335

136,408

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade creditors

620

1,637

Taxation and social security

110,934

104,388

Other creditors

6,755

19,224

118,309

125,249

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.17

31.1.16

£

£

Within one year

2,474

2,449

Between one and five years

8,624

2,915

11,098

5,364

8.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 February 2016

277,375

3

277,378

Profit for the year

174,098

174,098

Dividends

(196,291

)

(196,291

)

At 31 January 2017

255,182

3

255,185

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2017 and

31 January 2016:

31.1.17

31.1.16

£

£

Mr D A Matthews

Balance outstanding at start of year

2,848

14,917

Amounts repaid

(900

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,948

2,848

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

during the year:

31.1.17

31.1.16

£

£

Mr R J Weir

899

8,205

Mr D A Matthews

-

-

899

8,205

The maximum balance outstanding during the year amounted to £8,205.

The directors loans are repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

Mr R J Weir, a director, controls the company by virtue of a controlling interest of 57% of the issued ordinary

share capital.

11.	TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1

February 2016.

Reconciliation of Equity

No transitional adjustments were required.

Reconciliation of Profit and Loss for the year

No transitional adjustments were required.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of WMA Limited for the year ended 31 January 2017 which comprise the Income Statement,

Balance Sheet and the related notes 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 our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements 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 the company 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 financial statements 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 financial statements 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 financial statements.

Yates & Co

Chartered Accountants

Statutory Auditor

Unit 4B Gateway Bus Park

Grangemouth

Central

FK3 8WX

15 June 2017