Company No:
Contents
Note | 31.07.2023 | 31.07.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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70,606 | 70,606 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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407 | 796 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (25,000) | (25,025) | ||
Total assets less current liabilities | 45,606 | 45,581 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of WGF Properties Ltd (registered number:
Caroline Haxton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
WGF Properties Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 66 Tay Street, Perth, PH2 8RA, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In coming to this conclusion, the directors confirm that they will not seek repayment of their loan until all other creditors have been met. Thus, the directors have adopted the going concern basis of accounting in preparing the financial statements.
The financial statements cover the 12 months to 31 July 2023. The comparative financial statements cover a 13 month period from 01 July 2021 to 31 July 2022 and as such, the comparatives are not directly comparable.
Rental income is recognised on a straight line basis over the terms of the lease.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Year ended 31.07.2023 |
Period from 01.07.2021 to 31.07.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 August 2022 |
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As at 31 July 2023 |
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Valuation
The fair value of the investment property held by the company has been based on the purchase price of the property plus directly attributable costs. The directors still consider this to be a true reflection of the fair value of the property at 31 July 2023.
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Trade debtors |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Cash at bank and in hand |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Amounts owed to connected companies (note 9) |
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Other creditors |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Bank loans |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Bank loans (repayable by instalments) |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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10 | 10 |
Transactions with related parties or connected persons
Amounts owed to
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Amounts Owed to Connected Companies |
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Transactions with the entity’s directors (or members of its governing body)
Amounts owed to directors
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Directors' loan |
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