0 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-06 Sage Accounts Production Advanced 2021 - FRS102_2021 13,299,653 625,287 152,000 8,965 13,781,905 13,781,905 13,299,653 xbrli:pure xbrli:shares iso4217:GBP SC565689 2022-04-06 2023-04-05 SC565689 2023-04-05 SC565689 2022-04-05 SC565689 2021-04-06 2022-04-05 SC565689 2022-04-05 SC565689 bus:Director1 2022-04-06 2023-04-05 SC565689 core:WithinOneYear 2023-04-05 SC565689 core:WithinOneYear 2022-04-05 SC565689 core:AfterOneYear 2023-04-05 SC565689 core:AfterOneYear 2022-04-05 SC565689 core:ShareCapital 2023-04-05 SC565689 core:ShareCapital 2022-04-05 SC565689 core:RetainedEarningsAccumulatedLosses 2023-04-05 SC565689 core:RetainedEarningsAccumulatedLosses 2022-04-05 SC565689 bus:SmallEntities 2022-04-06 2023-04-05 SC565689 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 SC565689 bus:FullAccounts 2022-04-06 2023-04-05 SC565689 bus:SmallCompaniesRegimeForAccounts 2022-04-06 2023-04-05 SC565689 bus:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 SC565689 core:InvestmentPropertyIncludedWithinPPE 2022-04-05 SC565689 core:InvestmentPropertyIncludedWithinPPE 2022-04-06 2023-04-05 SC565689 core:InvestmentPropertyIncludedWithinPPE 2023-04-05
COMPANY REGISTRATION NUMBER: SC565689
Whiterow Properties Ltd
Filleted Unaudited Financial Statements
5 April 2023
Whiterow Properties Ltd
Financial Statements
Year ended 5 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Whiterow Properties Ltd
Statement of Financial Position
5 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
13,781,905
13,299,653
Current assets
Debtors
5
105,284
148,160
Cash at bank and in hand
63,331
130,765
---------
---------
168,615
278,925
Creditors: amounts falling due within one year
6
8,003,642
8,133,553
------------
------------
Net current liabilities
7,835,027
7,854,628
-------------
-------------
Total assets less current liabilities
5,946,878
5,445,025
Creditors: amounts falling due after more than one year
7
4,808,667
5,012,667
Provisions
33,451
31,209
------------
------------
Net assets
1,104,760
401,149
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,104,660
401,049
------------
---------
Shareholders funds
1,104,760
401,149
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 5 April 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Whiterow Properties Ltd
Statement of Financial Position (continued)
5 April 2023
These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
Mr AW Adam
Director
Company registration number: SC565689
Whiterow Properties Ltd
Notes to the Financial Statements
Year ended 5 April 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Southfield Drive, Elgin, Moray, IV30 6GR, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover in the profit and loss account represents amounts received or receivable during the year for rent of properties and insurance costs, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors and loans. Cash and cash equivalents in the statement of financial position comprise cash at bank. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
4. Tangible assets
Investment property
£
Cost or valuation
At 6 April 2022
13,299,653
Additions
625,287
Disposals
( 152,000)
Revaluations
8,965
-------------
At 5 April 2023
13,781,905
-------------
Depreciation
At 6 April 2022 and 5 April 2023
-------------
Carrying amount
At 5 April 2023
13,781,905
-------------
At 5 April 2022
13,299,653
-------------
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
The investment properties were revalued as detailed below.
Valuations per DM Hall January 2021
Valuation
Cost
£
£
Retails Units 1-3, Forres
900,000
879,410
Flats Slains Drive, Elgin
1,250,000
1,257,710
Venture House
1,165,000
1,222,825
Valuation per Cushman & Wakefield January 2021
Valuation
Cost
£
£
Nursery
750,000
787,626
Valuation per directors at 5 April 2021
Valuation
Cost
£
£
StobBan House
650,000
735,675
Offie 3, 10 Southfield Drive
1,035,000
1,204,824
Loch Street, Aberdeen
120,000
120,368
Office 2, 9 Southfield Drive
1,090,000
987,151
Badentoy, Aberdeen
1,185,000
1,243,790
Southfield Drive/AFH
3,515,000
3,690,639
Valuation per directors at 5 April 2022
Valuation
Cost
£
£
Unit 9, Elgin Business Park
1,160,000
1,160,159
Valuation per directors at 5 April 2023
Valuation
Cost
£
£
Mount Ellen
335,000
324,638
Mid Craigie Road, Dundee
383,190
383,190
The Directors agree that the fair value has not changed significantly since the prior financial period and so the valuation correctly reflects the fair value at 5 April 2023.
5. Debtors
2023
2022
£
£
Trade debtors
88,927
127,063
Other debtors
16,357
21,097
---------
---------
105,284
148,160
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
204,000
304,000
Trade creditors
71,696
17,436
Corporation tax
113,004
143,422
Social security and other taxes
33,359
48,733
Other loans
4,232,335
4,492,335
Other creditors
3,349,248
3,127,627
------------
------------
8,003,642
8,133,553
------------
------------
The term loan is secured by Standard Security over the company's investment properties.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,808,667
5,012,667
------------
------------
The term loan is secured by Standard Security over the company's investment properties.
8. Related party transactions
Included within creditors at the year end is a loan from Springfield Properties Limited Funded Unapproved Retirement Benefit Scheme, which holds 100% of the shares of Whiterow Properties Ltd . The balance at the year end was £2,803,742 (2022 - £2,453,742). Included within creditors at the year end is a loan from AW & JG Adam, a partnership in which both directors are partners. The balance at the year end was £1,428,593 (2022 - £2,038,593).