Company Registration No. SC578764 (Scotland)
MACKINTOSH AT THE WILLOW LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
MACKINTOSH AT THE WILLOW LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
MACKINTOSH AT THE WILLOW LIMITED
COMPANY INFORMATION
- 1 -
Directors
I Dickson
C M L Sinclair
(Resigned 31 January 2022)
M V Taylor
(Resigned 21 July 2021)
P A Young BA(Hons), ACMA, CGMA
C McCallum
(Appointed 1 February 2022)
Secretary
I Dickson
Company number
SC578764
Registered office
217 Sauchiehall Street
Glasgow
United Kingdom
G2 3EX
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
MACKINTOSH AT THE WILLOW LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,041
Current assets
Stocks
20,968
24,688
Debtors
4
34,605
79,919
Cash at bank and in hand
53,746
123,896
109,319
228,503
Creditors: amounts falling due within one year
5
(274,473)
(259,434)
Net current liabilities
(165,154)
(30,931)
Total assets less current liabilities
(165,154)
(25,890)
Creditors: amounts falling due after more than one year
6
(80,675)
(184,465)
Net liabilities
(245,829)
(210,355)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(245,929)
(210,455)
Total equity
(245,829)
(210,355)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 July 2023 and are signed on its behalf by:
I Dickson
C McCallum
Director
Director
Company Registration No. SC578764
MACKINTOSH AT THE WILLOW LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2020
100
(269,037)
(268,937)
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
58,582
58,582
Balance at 31 March 2021
100
(210,455)
(210,355)
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(35,474)
(35,474)
Balance at 31 March 2022
100
(245,929)
(245,829)
MACKINTOSH AT THE WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
Mackintosh at the Willow Limited is a private company limited by shares incorporated in Scotland. The registered office is 217 Sauchiehall Street, Glasgow, United Kingdom, G2 3EX. The company's registration number is SC578764.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
As at 31 March 2022, the Company had net current liabilities of £165,154 (2021: Net Assets of £30,931). true
The Trustees of the Group (“Trustees”) have prepared financial projections for the Group covering a period of at least 12 months from the date of signing the accounts. These projections, which have been prepared incorporating key assumptions relating to forecast trading volumes, grant income, operating costs including the settlement of creditors. The projections include an element of income that has still to be committed. The Trustees are continuing discussions with a number of organisations and individuals who have indicated a willingness to support the charity moving forward financially and the Trustees are confident that sufficient funding will be raised from these (or similar) sources such that the Trustees are confident that the Group can continue to meet its financial obligations as they fall due.
The Directors of the company are continuing to promote the business and review options to grow the trade of the underlying business. In addition, the current year financial performance for the trading subsidiary shows that it is trading ahead of budget and that there is a continued increase in the number of events being held at and the number of international tourism visitors that are attending the venue.
The Trustees have assessed, based on their reasonable expectations of further funding being raised , that the Group and Company have adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements and therefore they believe it is reasonable for the accounts to be prepared on a Going Concern basis. However, as the financial projections are based on the Trustees current view on key assumptions, there remains a significant degree of uncertainty in this regard.
1.3
Turnover
Turnover is measured at fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
MACKINTOSH AT THE WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33.33% straight line
Fixtures and fittings
25% straight line
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on suppliers invoice price.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MACKINTOSH AT THE WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MACKINTOSH AT THE WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 7 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in the profit in or loss in the period in which it arises.
MACKINTOSH AT THE WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 8 -
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Total
35
33
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2021 and 31 March 2022
22,220
20,867
43,087
Depreciation and impairment
At 1 April 2021
22,220
15,826
38,046
Depreciation charged in the year
5,041
5,041
At 31 March 2022
22,220
20,867
43,087
Carrying amount
At 31 March 2022
At 31 March 2021
5,041
5,041
MACKINTOSH AT THE WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
6,440
1,487
Amounts owed by group undertakings
26,673
44,673
Other debtors
1,492
33,759
34,605
79,919
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,757
Trade creditors
66,928
30,154
Taxation and social security
84,268
40,804
Other creditors
113,520
188,476
274,473
259,434
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
35,508
50,000
Other creditors
45,167
134,465
80,675
184,465
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
MACKINTOSH AT THE WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
8
Audit report information
(Continued)
- 10 -
Material uncertainties relating to going concern
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures in Note 1.2 of the Accounting Policies concerning the Company’s ability to continue as a going concern. The Company is reliant on the results underpinning the financial forecasts, the support of the Charity and the assumptions surrounding these which if there were delays in raising additional funding for the Charity or if there were a downturn in the events and trading performance could have a material impact on the Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.
The senior statutory auditor was David Holt and the auditor was Consilium Audit Limited.
9
Contingent liability
The company has a cross guarantee in respect of Unity Bank borrowings with the parent charity, The Willow Tea Rooms Trust SCIO.
The value of cross guarantee at the year end is £2,076,866 (2021: £2,159,856).
10
Ultimate controlling party
The company is a wholly owned subsidiary of The Willow Tea Rooms Trust SCIO. No individual has overall control.
The company is included by full consolidation in the consolidated financial statements of its ultimate parent, The Willow Tea Rooms Trust SCIO, registered in Scotland, at the same address as the company.
2022-03-312021-04-01false28 July 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedC M L SinclairM V TaylorP A Young BA(Hons), ACMA, CGMAC McCallumC McCallumI DicksonDavid HoltSC5787642021-04-012022-03-31SC578764bus:CompanySecretaryDirector12021-04-012022-03-31SC578764bus:Director12021-04-012022-03-31SC578764bus:Director22021-04-012022-03-31SC578764bus:Director32021-04-012022-03-31SC578764bus:Director42021-04-012022-03-31SC578764bus:CompanySecretary12021-04-012022-03-31SC578764bus:Director52021-04-012022-03-31SC578764bus:RegisteredOffice2021-04-012022-03-31SC5787642022-03-31SC5787642021-03-31SC578764core:PlantMachinery2022-03-31SC578764core:FurnitureFittings2022-03-31SC578764core:PlantMachinery2021-03-31SC578764core:FurnitureFittings2021-03-31SC578764core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC578764core:CurrentFinancialInstrumentscore:WithinOneYear2021-03-31SC578764core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-31SC578764core:Non-currentFinancialInstrumentscore:AfterOneYear2021-03-31SC578764core:CurrentFinancialInstruments2022-03-31SC578764core:CurrentFinancialInstruments2021-03-31SC578764core:Non-currentFinancialInstruments2022-03-31SC578764core:Non-currentFinancialInstruments2021-03-31SC578764core:ShareCapital2022-03-31SC578764core:ShareCapital2021-03-31SC578764core:RetainedEarningsAccumulatedLosses2022-03-31SC578764core:RetainedEarningsAccumulatedLosses2021-03-31SC578764core:ShareCapital2020-03-31SC578764core:RetainedEarningsAccumulatedLosses2020-03-31SC5787642020-03-31SC578764core:RetainedEarningsAccumulatedLosses2020-04-012021-03-31SC5787642020-04-012021-03-31SC578764core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31SC578764core:PlantMachinery2021-04-012022-03-31SC578764core:FurnitureFittings2021-04-012022-03-31SC578764core:PlantMachinery2021-03-31SC578764core:FurnitureFittings2021-03-31SC5787642021-03-31SC578764core:WithinOneYear2022-03-31SC578764core:WithinOneYear2021-03-31SC578764bus:PrivateLimitedCompanyLtd2021-04-012022-03-31SC578764bus:SmallCompaniesRegimeForAccounts2021-04-012022-03-31SC578764bus:FRS1022021-04-012022-03-31SC578764bus:Audited2021-04-012022-03-31SC578764bus:FullAccounts2021-04-012022-03-31xbrli:purexbrli:sharesiso4217:GBP