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REGISTERED NUMBER: SC289875 (Scotland)




















Weir Property Investments Limited

Unaudited Financial Statements

for the Year Ended 30 September 2022






Weir Property Investments Limited (Registered number: SC289875)






Contents of the Financial Statements
for the Year Ended 30 September 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Weir Property Investments Limited

Company Information
for the Year Ended 30 September 2022







DIRECTOR: B C Weir



SECRETARY: B C Weir



REGISTERED OFFICE: 37 George Street
Edinburgh
EH2 2HN



REGISTERED NUMBER: SC289875 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland plc
36 St Andrew Square
Edinburgh
EH2 2AD

Weir Property Investments Limited (Registered number: SC289875)

Balance Sheet
30 September 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 899,759 675,000
899,759 675,000

CURRENT ASSETS
Debtors 6 4,352 -
Cash at bank 276,850 524,760
281,202 524,760
CREDITORS
Amounts falling due within one year 7 683,338 680,682
NET CURRENT LIABILITIES (402,136 ) (155,922 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

497,623

519,078

CREDITORS
Amounts falling due after more than
one year

8

28,239

38,079
NET ASSETS 469,384 480,999

Weir Property Investments Limited (Registered number: SC289875)

Balance Sheet - continued
30 September 2022

2022 2021
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 6 6
Fair value reserve 10 206,924 206,924
Retained earnings 10 262,454 274,069
469,384 480,999

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 30 September 2023 and were signed by:





B C Weir - Director


Weir Property Investments Limited (Registered number: SC289875)

Notes to the Financial Statements
for the Year Ended 30 September 2022

1. STATUTORY INFORMATION

Weir Property Investments 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover & revenue recognition
Turnover represents rent and property sales, excluding value added tax.

Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods the rent relating to these incentives is accrued and subsequently released of the full period of the lease agreement. Property sales are recognised with reference to completion date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Government grants
Government grants in relation to tangible fixed asset are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Weir Property Investments Limited (Registered number: SC289875)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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 makes contributions to employees personal pension schemes. Contributions payable to the pension scheme are charged to the profit and loss account in the period to which they relate.

Weir Property Investments Limited (Registered number: SC289875)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - 1 ).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2021
and 30 September 2022 3,000
DEPRECIATION
At 1 October 2021
and 30 September 2022 3,000
NET BOOK VALUE
At 30 September 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2021 675,000
Additions 224,759
At 30 September 2022 899,759
NET BOOK VALUE
At 30 September 2022 899,759
At 30 September 2021 675,000

If investment properties had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 693,357 468,075

Investment properties were valued on an open basis on 30 September 2022 by the director.

Weir Property Investments Limited (Registered number: SC289875)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 4,352 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 9,809 9,566
Other creditors 673,529 671,116
683,338 680,682

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 28,239 38,079

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 38,048 47,645

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 October 2021 274,069 206,924 480,993
Deficit for the year (11,615 ) (11,615 )
At 30 September 2022 262,454 206,924 469,378

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

Weir Property Investments Limited (Registered number: SC289875)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

11. GOING CONCERN

The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade in the foreseeable future. In order to do so, the company will require the continued support of its shareholders. The shareholders have indicated there willingness to continue to support the company as they restructure the company's investments.