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Company No: SC177253 (Scotland)

WEST BOLD PROPERTY CO. LTD.

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

WEST BOLD PROPERTY CO. LTD.

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

WEST BOLD PROPERTY CO. LTD.

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
WEST BOLD PROPERTY CO. LTD.

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 37,752 39,578
37,752 39,578
Current assets
Cash at bank and in hand 60,887 97,808
60,887 97,808
Creditors: amounts falling due within one year 4 ( 76,082) ( 115,185)
Net current liabilities (15,195) (17,377)
Total assets less current liabilities 22,557 22,201
Net assets 22,557 22,201
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account 22,555 22,199
Total shareholders' funds 22,557 22,201

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 West Bold Property Co. Ltd. (registered number: SC177253) were approved and authorised for issue by the Board of Directors on 09 April 2024. They were signed on its behalf by:

M S C Leng
Director
WEST BOLD PROPERTY CO. LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
WEST BOLD PROPERTY CO. 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 year, unless otherwise stated.

General information and basis of accounting

West Bold Property Co. 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 The Steading Cottage, Juniperbank, Walkerburn, EH43 6DE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items 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

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Computer equipment 3 years straight line
Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Computer equipment Total
£ £ £
Cost
At 01 August 2022 40,992 2,010 43,002
At 31 July 2023 40,992 2,010 43,002
Accumulated depreciation
At 01 August 2022 1,596 1,828 3,424
Charge for the financial year 1,644 182 1,826
At 31 July 2023 3,240 2,010 5,250
Net book value
At 31 July 2023 37,752 0 37,752
At 31 July 2022 39,396 182 39,578

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 8,000 338
Amounts owed to directors 64,582 102,345
Accruals 3,500 3,500
Other creditors 0 9,002
76,082 115,185

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
Allotted, called-up and not yet paid
2 Ordinary shares of £ 1.00 each 2 2

6. Related party transactions

Transactions with the entity's directors

Interest free loans were made to the company by the directors, of which £64,582 (2022: £102,345) is outstanding at the balance sheet date included within creditors. These loans are wholly repayable on demand.