2023-02-012024-01-312024-01-31falseSC262668NEW WEST PROPERTIES 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NEW WEST PROPERTIES LIMITED

Registered Number
SC262668
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2024

NEW WEST PROPERTIES LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

BELL, Susan Irene
BRUCE, Adam
PATON, Hilary Fleming Bruce

Company Secretary

PATON, Hilary Fleming Bruce

Registered Address

2 Balmoral Drive
Cambuslang
Glasgow
G72 8BG

Registered Number

SC262668 (Scotland)
NEW WEST PROPERTIES LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,703,1271,751,825
1,703,1271,751,825
Current assets
Debtors558,82223,868
Cash at bank and on hand270,79564,911
329,61788,779
Creditors amounts falling due within one year6(768,121)(642,916)
Net current assets (liabilities)(438,504)(554,137)
Total assets less current liabilities1,264,6231,197,688
Provisions for liabilities8-(375)
Net assets1,264,6231,197,313
Capital and reserves
Called up share capital9999
Profit and loss account1,264,5241,197,214
Shareholders' funds1,264,6231,197,313
The financial statements were approved and authorised for issue by the Board of Directors on 23 July 2024, and are signed on its behalf by:
BRUCE, Adam
Director
Registered Company No. SC262668
NEW WEST PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Turnover from the rendering of services, namely the provision of property rental services, is recognised by reference to the stage of completion of the service at the statement of financial position date.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings50
Plant and machinery5
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 February 232,359,9738,4552,368,428
At 31 January 242,359,9738,4552,368,428
Depreciation and impairment
At 01 February 23609,6496,954616,603
Charge for year47,1991,49948,698
At 31 January 24656,8488,453665,301
Net book value
At 31 January 241,703,12521,703,127
At 31 January 231,750,3241,5011,751,825
4.Fixed asset investments
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables47,03413,987
Prepayments and accrued income11,7889,881
Total58,82223,868
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,0039,153
Amounts owed to related parties51,00090,000
Taxation and social security108,53242,570
Other creditors559,025460,042
Accrued liabilities and deferred income47,56141,151
Total768,121642,916
7.Creditors: amounts due after one year
8.Provisions for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

2024

2023

££
Net deferred tax liability (asset)-375
Total-375
9.Related party transactions
During the year, the company received an interest free loan from the director amounting to £51,000 (2023 : £90,000).