The Waterfront Company (Oban) Limited SC295986 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is letting of commercial property Digita Accounts Production Advanced 6.30.9574.0 true true true SC295986 2023-04-01 2024-03-31 SC295986 2024-03-31 SC295986 bus:OrdinaryShareClass1 2024-03-31 SC295986 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC295986 core:ShareCapital 2024-03-31 SC295986 core:CurrentFinancialInstruments 2024-03-31 SC295986 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC295986 core:Non-currentFinancialInstruments 2024-03-31 SC295986 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC295986 core:FurnitureFittingsToolsEquipment 2024-03-31 SC295986 core:LandBuildings 2024-03-31 SC295986 core:OtherPropertyPlantEquipment 2024-03-31 SC295986 1 2024-03-31 SC295986 bus:SmallEntities 2023-04-01 2024-03-31 SC295986 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC295986 bus:FullAccounts 2023-04-01 2024-03-31 SC295986 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC295986 bus:RegisteredOffice 2023-04-01 2024-03-31 SC295986 bus:Director1 2023-04-01 2024-03-31 SC295986 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC295986 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC295986 bus:Agent1 2023-04-01 2024-03-31 SC295986 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC295986 core:ShareCapital 2023-04-01 2024-03-31 SC295986 core:FurnitureFittings 2023-04-01 2024-03-31 SC295986 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC295986 core:LandBuildings 2023-04-01 2024-03-31 SC295986 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC295986 core:PlantMachinery 2023-04-01 2024-03-31 SC295986 1 2023-04-01 2024-03-31 SC295986 1 2023-04-01 2024-03-31 SC295986 countries:AllCountries 2023-04-01 2024-03-31 SC295986 2023-03-31 SC295986 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC295986 core:ShareCapital 2023-03-31 SC295986 core:FurnitureFittingsToolsEquipment 2023-03-31 SC295986 core:LandBuildings 2023-03-31 SC295986 core:OtherPropertyPlantEquipment 2023-03-31 SC295986 2022-04-01 2023-03-31 SC295986 2023-03-31 SC295986 bus:OrdinaryShareClass1 2023-03-31 SC295986 core:CurrentFinancialInstruments 2023-03-31 SC295986 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC295986 core:Non-currentFinancialInstruments 2023-03-31 SC295986 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC295986 core:FurnitureFittingsToolsEquipment 2023-03-31 SC295986 core:LandBuildings 2023-03-31 SC295986 core:OtherPropertyPlantEquipment 2023-03-31 SC295986 1 2023-03-31 SC295986 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 SC295986 core:ShareCapital 2022-04-01 2023-03-31 SC295986 2022-03-31 SC295986 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC295986 core:ShareCapital 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC295986

The Waterfront Company (Oban) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

The Waterfront Company (Oban) Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

The Waterfront Company (Oban) Limited

Company Information

Director

Mr Calum Maclachlainn

Registered office

NO.1 The Pier
Oban
Argyll
Argyll
PA34 4LW

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

The Waterfront Company (Oban) Limited

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr Calum Maclachlainn

Principal activity

The principal activity of the company is letting of commercial property

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 20 August 2024
 

.........................................
Mr Calum Maclachlainn
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Waterfront Company (Oban) Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Waterfront Company (Oban) Limited for the year ended 31 March 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Waterfront Company (Oban) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Waterfront Company (Oban) Limited and state those matters that we have agreed to state to the Board of Directors of The Waterfront Company (Oban) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Waterfront Company (Oban) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Waterfront Company (Oban) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Waterfront Company (Oban) Limited. You consider that The Waterfront Company (Oban) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Waterfront Company (Oban) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

20 August 2024

 

The Waterfront Company (Oban) Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

30,000

42,000

Gross profit

 

30,000

42,000

Administrative expenses

 

(23,128)

(23,488)

Operating profit

 

6,872

18,512

Interest payable and similar expenses

 

(4,500)

(4,763)

Profit before tax

3

2,372

13,749

Tax on profit

 

(4,624)

(6,256)

(Loss)/profit for the financial year

 

(2,252)

7,493

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

The Waterfront Company (Oban) Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

(Loss)/profit for the year

(2,252)

7,493

Total comprehensive income for the year

(2,252)

7,493

 

The Waterfront Company (Oban) Limited

(Registration number: SC295986)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

325,185

346,991

Current assets

 

Debtors

5

4,723

4,723

Cash at bank and in hand

 

33,865

8,791

 

38,588

13,514

Creditors: Amounts falling due within one year

6

(114,122)

(95,774)

Net current liabilities

 

(75,534)

(82,260)

Total assets less current liabilities

 

249,651

264,731

Creditors: Amounts falling due after more than one year

6

(105,296)

(118,124)

Net assets

 

144,355

146,607

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

144,353

146,605

Shareholders' funds

 

144,355

146,607

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 20 August 2024
 

.........................................
Mr Calum Maclachlainn
Director

 

The Waterfront Company (Oban) Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

2

146,605

146,607

Loss for the year

-

(2,252)

(2,252)

At 31 March 2024

2

144,353

144,355

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

2

139,112

139,114

Profit for the year

-

7,493

7,493

At 31 March 2023

2

146,605

146,607

 

The Waterfront Company (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

The Waterfront Company (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Land & buildings

over remaining lifetime of lease

Plant & machinery

15% reducing balance

Fixtures & fittings

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

The Waterfront Company (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

3

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

21,806

22,510

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

498,152

90,351

150,935

739,438

At 31 March 2024

498,152

90,351

150,935

739,438

Depreciation

At 1 April 2023

177,910

80,194

134,343

392,447

Charge for the year

17,791

1,526

2,489

21,806

At 31 March 2024

195,701

81,720

136,832

414,253

Carrying amount

At 31 March 2024

302,451

8,631

14,103

325,185

At 31 March 2023

320,242

10,157

16,592

346,991

Included within the net book value of land and buildings above is £302,451 (2023 - £320,242) in respect of long leasehold land and buildings.
 

 

The Waterfront Company (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

Current

2024
£

2023
£

Other debtors

4,723

4,723

 

4,723

4,723

 

The Waterfront Company (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

4,624

6,256

Other creditors

109,498

89,518

114,122

95,774

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

105,296

118,124

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

105,296

118,124

Bank borrowings

Bank term loan is denominated in GBP with a nominal interest rate of 5%, and the final instalment is due on 29 December 2032. The carrying amount at year end is £105,296 (2023 - £118,124).

The loan is secured by a floating charge over assets of the company

 

The Waterfront Company (Oban) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Parent and ultimate parent undertaking

The company's immediate parent is Tob Property Management & Investments Limited, incorporated in Scotland.