Silverfin false false 31/07/2023 01/08/2022 31/07/2023 Caroline Haxton 01/07/2021 Craig Haxton 01/07/2021 21 March 2024 The principal activity of the company is that of property rental. SC703110 2023-07-31 SC703110 bus:Director1 2023-07-31 SC703110 bus:Director2 2023-07-31 SC703110 2022-07-31 SC703110 core:CurrentFinancialInstruments 2023-07-31 SC703110 core:CurrentFinancialInstruments 2022-07-31 SC703110 core:Non-currentFinancialInstruments 2023-07-31 SC703110 core:Non-currentFinancialInstruments 2022-07-31 SC703110 core:ShareCapital 2023-07-31 SC703110 core:ShareCapital 2022-07-31 SC703110 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC703110 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC703110 core:CurrentFinancialInstruments 1 2023-07-31 SC703110 core:CurrentFinancialInstruments 1 2022-07-31 SC703110 core:MoreThanFiveYears 2023-07-31 SC703110 core:MoreThanFiveYears 2022-07-31 SC703110 bus:OrdinaryShareClass1 2023-07-31 SC703110 bus:OrdinaryShareClass2 2023-07-31 SC703110 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2023-07-31 SC703110 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2022-07-31 SC703110 core:KeyManagementPersonnel 2023-07-31 SC703110 core:KeyManagementPersonnel 2022-07-31 SC703110 2022-08-01 2023-07-31 SC703110 bus:FilletedAccounts 2022-08-01 2023-07-31 SC703110 bus:SmallEntities 2022-08-01 2023-07-31 SC703110 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC703110 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC703110 bus:Director1 2022-08-01 2023-07-31 SC703110 bus:Director2 2022-08-01 2023-07-31 SC703110 2021-07-01 2022-07-31 SC703110 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 SC703110 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 SC703110 bus:OrdinaryShareClass1 2021-07-01 2022-07-31 SC703110 bus:OrdinaryShareClass2 2022-08-01 2023-07-31 SC703110 bus:OrdinaryShareClass2 2021-07-01 2022-07-31 SC703110 core:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2022-08-01 2023-07-31 SC703110 core:KeyManagementPersonnel 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC703110 (Scotland)

WGF PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH THE REGISTRAR

WGF PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

WGF PROPERTIES LTD

BALANCE SHEET

AS AT 31 JULY 2023
WGF PROPERTIES LTD

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 31.07.2023 31.07.2022
£ £
Fixed assets
Investment property 3 70,606 70,606
70,606 70,606
Current assets
Debtors 4 0 396
Cash at bank and in hand 5 407 400
407 796
Creditors: amounts falling due within one year 6 ( 25,407) ( 25,821)
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 ( 50,090) ( 50,090)
Net liabilities ( 4,484) ( 4,509)
Capital and reserves
Called-up share capital 8 10 10
Profit and loss account ( 4,494 ) ( 4,519 )
Total shareholders' deficit ( 4,484) ( 4,509)

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of WGF Properties Ltd (registered number: SC703110) were approved and authorised for issue by the Board of Directors on 21 March 2024. They were signed on its behalf by:

Caroline Haxton
Director
WGF PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
WGF PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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.

Turnover

Turnover represents amounts receivable for property rentals.

Rental income is recognised on a straight line basis over the terms of the lease.

Taxation

Current tax
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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

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.

2. Employees

Year ended
31.07.2023
Period from
01.07.2021 to
31.07.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 August 2022 70,606
As at 31 July 2023 70,606

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.

4. Debtors

31.07.2023 31.07.2022
£ £
Trade debtors 0 396

5. Cash and cash equivalents

31.07.2023 31.07.2022
£ £
Cash at bank and in hand 407 400

6. Creditors: amounts falling due within one year

31.07.2023 31.07.2022
£ £
Amounts owed to connected companies (note 9) 2,352 0
Other creditors 23,055 25,821
25,407 25,821

7. Creditors: amounts falling due after more than one year

31.07.2023 31.07.2022
£ £
Bank loans 50,090 50,090

Bank loans are secured by a standard security over the company's assets and by a personal guarantee by the directors.

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) 50,090 50,090

8. Called-up share capital

31.07.2023 31.07.2022
£ £
Allotted, called-up and fully-paid
5 A ordinary shares of £ 1.00 each 5 5
5 B ordinary shares of £ 1.00 each 5 5
10 10

9. Related party transactions

Transactions with related parties or connected persons

Amounts owed to connected companies

31.07.2023 31.07.2022
£ £
Amounts Owed to Connected Companies 2,352 0

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

31.07.2023 31.07.2022
£ £
Directors' loan 21,015 23,840

The above loan is unsecured, interest free and has no fixed terms of repayment.