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REGISTERED NUMBER: SC478302 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

WQP HORIZONS LIMITED

WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WQP HORIZONS LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M J Callan
K W Waitt





REGISTERED OFFICE: Amicable House
252 Union Street
Aberdeen
AB10 1TN





REGISTERED NUMBER: SC478302 (Scotland)






WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 17,698,379 17,698,379
Debtors 5 69,720 10,827
Cash at bank 2 4
17,768,101 17,709,210
CREDITORS
Amounts falling due within one year 6 17,513,310 4,086,428
NET CURRENT ASSETS 254,791 13,622,782
TOTAL ASSETS LESS CURRENT
LIABILITIES

254,791

13,622,782

CREDITORS
Amounts falling due after more than one
year

7

-

13,903,210
NET ASSETS/(LIABILITIES) 254,791 (280,428 )

CAPITAL AND RESERVES
Called up share capital 2 2
Capital redemption reserve 300,000 300,000
Retained earnings (45,211 ) (580,430 )
254,791 (280,428 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302)

Balance Sheet - continued
31 March 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





M J Callan - Director


WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

WQP Horizons 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised in line with the lease agreements in place.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Stocks
Stocks includes properties held for sale and are stated at lower of cost and net realisable value. Cost comprises of purchase consideration of the property and where applicable other costs incurred in acquisition. Net realisable value is calculated as estimated selling price of the property as an arm's length transaction.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Going concern
The company is primarily financed by bank loans and loans from its parent company. The company continues to comply with the terms of its bank loan and forecasts to continue to do so for at least 12 months from the date of signing these financial statements. While the loan from the parent company is classified as due within one year, the directors have confirmed that the parent company will not seek full repayment of the loan for a period of at least 12 months from the date of signing these financial statements.

The company's main tenant has continued to report a material uncertainty related to the going concern assumption in its financial statements, which report that a restructuring agreement has been entered into in order to maintain going concern and the deadline for its implementation was 31 October 2022.

The company's forecasts assume that its main tenant will continue to pay its rent as it falls due. Given the significance of this income, the main tenant's circumstances represents a material uncertainty regarding the company's ability to continue as a going concern, as it could put the company at risk of not having sufficient funds to meet its obligations as they fall due. However, the directors believe that the company's main tenant is taking appropriate action to mitigate the risk.

Having considered all the matters above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 14,380
DEPRECIATION
At 1 April 2022
and 31 March 2023 14,380
NET BOOK VALUE
At 31 March 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 69,720 10,827

WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 12,740,000 -
Trade creditors 131,886 103,498
Amounts owed to group undertakings 4,052,492 3,421,393
Taxation and social security - 2,895
Other creditors 588,932 558,642
17,513,310 4,086,428

Amounts owed to group undertakings are interest free and repayable on demand.

The bank loan attracts interest at 5.75% per annum and is repayable December 2023. The loan is secured over the company's assets.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 13,903,210

8. ULTIMATE CONTROLLING PARTY

The controlling party is Cromdale Limited.

The ultimate controlling party is the directors.