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REGISTERED NUMBER: SC454936 (Scotland)















Financial Statements for the Year Ended 31 July 2023

for

John Wright Properties Ltd

John Wright Properties Ltd (Registered number: SC454936)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


John Wright Properties Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: K Wright
M Wright





SECRETARY: J J Wright





REGISTERED OFFICE: 1160 Tollcross Road
Glasgow
G32 8HE





REGISTERED NUMBER: SC454936 (Scotland)






John Wright Properties Ltd (Registered number: SC454936)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 173,698 68,352
Investment property 5 3,560,347 3,152,977
3,734,045 3,221,329

CURRENT ASSETS
Construction work in progress 1,260,834 661,569
Debtors 6 1,987,956 1,684,404
Cash at bank 1,724 20,305
3,250,514 2,366,278
CREDITORS
Amounts falling due within one year 7 4,015,567 2,573,803
NET CURRENT LIABILITIES (765,053 ) (207,525 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,968,992

3,013,804

PROVISIONS FOR LIABILITIES 8 4,408 6,279
NET ASSETS 2,964,584 3,007,525

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 2,964,582 3,007,523
SHAREHOLDERS' FUNDS 2,964,584 3,007,525

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

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

John Wright Properties Ltd (Registered number: SC454936)

Balance Sheet - continued
31 July 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 3 April 2024 and were signed on its behalf by:





M Wright - Director


John Wright Properties Ltd (Registered number: SC454936)

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

1. STATUTORY INFORMATION

John Wright Properties Ltd 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.

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 - 25% on reducing balance and 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Construction work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing construction work in progress to their present location and condition.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

John Wright Properties Ltd (Registered number: SC454936)

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

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 August 2022 54,566 140,363 194,929
Additions 160,735 - 160,735
At 31 July 2023 215,301 140,363 355,664
DEPRECIATION
At 1 August 2022 23,873 102,704 126,577
Charge for year 47,857 7,532 55,389
At 31 July 2023 71,730 110,236 181,966
NET BOOK VALUE
At 31 July 2023 143,571 30,127 173,698
At 31 July 2022 30,693 37,659 68,352

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 3,152,977
Additions 407,370
At 31 July 2023 3,560,347
NET BOOK VALUE
At 31 July 2023 3,560,347
At 31 July 2022 3,152,977

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by associates 1,987,956 1,684,404

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 16,894 10,498
Amounts owed to associates 3,160,540 2,060,540
Other creditors 838,133 502,765
4,015,567 2,573,803

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 4,408 6,279

John Wright Properties Ltd (Registered number: SC454936)

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

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2022 6,279
Utilised during year (1,871 )
Balance at 31 July 2023 4,408

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

10. RELATED PARTY DISCLOSURES

Weldspec (Baku) Limited

Weldspec (Baku) Limited,being a company under the control of the directors, advanced funds to the company during the year concerned in the total amount of £0. The balance due to Weldspec (Baku) Limited at the balance sheet date was £1,168,000.

Weldspec (Glasgow) Limited

In addition, Weldspec (Glasgow) Limited, being an associated company, advanced funds to the company during the year concerned in the total amount of £480,000. The balance due, as at the balance sheet date, to Weldspec (Glasgow) Limited was in the amount of £1,462,540.

K & M Plant and Equipment Hire Limited.

THe company paid certain construction costs and other expenses on behalf of K & M Plant and Equipment Hire Limited, being an associated company, in the total amount of £389,951 during the year concerned. It also received rents on behalf of that company of £195,942 from which it deducted a management charge of £70,314. The balance due from K & M PLant and Equipment Hire Limited as at the balance sheet date was £1,987,957,.

John Wright

John Wright transferred certain properties to the company for an overall value of £335,000. This balance remained outstanding at the year end.

Weldspec Bloodstock Limited

Weldspec Bloodstock Limited, being a company under the control of the directors, advanced £50,000 to the company during the year concerned. The balance due t Weldspec Bloodstock Limited at the balance sheet date was £50,000.