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REGISTERED NUMBER: SC569207 (Scotland)















Financial Statements For The Year Ended 30 June 2023

for

WKC Properties Limited

WKC Properties Limited (Registered number: SC569207)






Contents of the Financial Statements
For The Year Ended 30 June 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


WKC Properties Limited

Company Information
For The Year Ended 30 June 2023







DIRECTORS: C G Bridge
K R Peel
W Peel





REGISTERED OFFICE: Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA





REGISTERED NUMBER: SC569207 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

WKC Properties Limited (Registered number: SC569207)

Abridged Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,687 15,191
Investment property 5 2,650,712 2,185,259
2,663,399 2,200,450

CURRENT ASSETS
Debtors 3,279 4,737
Cash at bank 64,471 53,723
67,750 58,460
CREDITORS
Amounts falling due within one year 2,474,824 2,007,792
NET CURRENT LIABILITIES (2,407,074 ) (1,949,332 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

256,325

251,118

PROVISIONS FOR LIABILITIES 49,854 50,219
NET ASSETS 206,471 200,899

CAPITAL AND RESERVES
Called up share capital 300 300
Fair value reserve 6 212,186 212,186
Retained earnings (6,015 ) (11,587 )
206,471 200,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

WKC Properties Limited (Registered number: SC569207)

Abridged Statement of Financial Position - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:





C G Bridge - Director


WKC Properties Limited (Registered number: SC569207)

Notes to the Financial Statements
For The Year Ended 30 June 2023

1. STATUTORY INFORMATION

WKC Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements have been prepared on the going concern basis. The Directors consider that the going concern basis is appropriate as although the company has net liabilities, these are principally represented by sums due to the Directors who have confirmed their continued support.

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.
Fixed plant and equipment - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33.33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in statement of other comprehensive income.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in statement of other comprehensive income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in statement of other comprehensive income.


WKC Properties Limited (Registered number: SC569207)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of other comprehensive income, 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme and charged to statement of other comprehensive income in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022 25,124
Additions 609
At 30 June 2023 25,733
DEPRECIATION
At 1 July 2022 9,933
Charge for year 3,113
At 30 June 2023 13,046
NET BOOK VALUE
At 30 June 2023 12,687
At 30 June 2022 15,191

WKC Properties Limited (Registered number: SC569207)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 2,185,259
Additions 465,453
At 30 June 2023 2,650,712
NET BOOK VALUE
At 30 June 2023 2,650,712
At 30 June 2022 2,185,259

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2023 2,650,712

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

2023 2022
£    £   
Cost 1,925,003 1,925,003

Investment properties were valued on an open market basis on 30 June 2021 by the directors .

6. RESERVES
Fair
value
reserve
£   
At 1 July 2022
and 30 June 2023 212,186

7. RELATED PARTY DISCLOSURES

The company had a loan outstanding to the directors totalling £1,999,300 (2021 - £1,999,300). The loan has an interest rate of 0% and is presented within creditors: amounts falling due within one year.