Silverfin false false 29/02/2024 01/03/2023 29/02/2024 I Johnston 24/02/2011 K Johnston 24/02/2011 M Johnston 24/02/2011 E Millar 24/02/2011 29 August 2024 The principal activity of the Company during the financial year continued to be that of property letting. SC394217 2024-02-29 SC394217 bus:Director1 2024-02-29 SC394217 bus:Director2 2024-02-29 SC394217 bus:Director3 2024-02-29 SC394217 bus:Director4 2024-02-29 SC394217 2023-02-28 SC394217 core:CurrentFinancialInstruments 2024-02-29 SC394217 core:CurrentFinancialInstruments 2023-02-28 SC394217 core:ShareCapital 2024-02-29 SC394217 core:ShareCapital 2023-02-28 SC394217 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC394217 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC394217 core:FurnitureFittings 2023-02-28 SC394217 core:ComputerEquipment 2023-02-28 SC394217 core:FurnitureFittings 2024-02-29 SC394217 core:ComputerEquipment 2024-02-29 SC394217 bus:OrdinaryShareClass1 2024-02-29 SC394217 2023-03-01 2024-02-29 SC394217 bus:FilletedAccounts 2023-03-01 2024-02-29 SC394217 bus:SmallEntities 2023-03-01 2024-02-29 SC394217 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC394217 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC394217 bus:Director1 2023-03-01 2024-02-29 SC394217 bus:Director2 2023-03-01 2024-02-29 SC394217 bus:Director3 2023-03-01 2024-02-29 SC394217 bus:Director4 2023-03-01 2024-02-29 SC394217 core:FurnitureFittings 2023-03-01 2024-02-29 SC394217 core:ComputerEquipment core:TopRangeValue 2023-03-01 2024-02-29 SC394217 2022-03-01 2023-02-28 SC394217 core:ComputerEquipment 2023-03-01 2024-02-29 SC394217 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC394217 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC394217 (Scotland)

WEBSTER JOHNSTON PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

WEBSTER JOHNSTON PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

WEBSTER JOHNSTON PROPERTIES LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
WEBSTER JOHNSTON PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,209 3,882
Investment property 4 225,111 284,111
228,320 287,993
Current assets
Debtors 5 88 66
Cash at bank and in hand 1,467 1,711
1,555 1,777
Creditors: amounts falling due within one year 6 ( 236,528) ( 304,212)
Net current liabilities (234,973) (302,435)
Total assets less current liabilities (6,653) (14,442)
Net liabilities ( 6,653) ( 14,442)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 6,753 ) ( 14,542 )
Total shareholders' deficit ( 6,653) ( 14,442)

For the financial year ending 29 February 2024 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 Webster Johnston Properties Limited (registered number: SC394217) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

M Johnston
Director
WEBSTER JOHNSTON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
WEBSTER JOHNSTON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
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

Webster Johnston Properties Limited (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 227 West George Street, Glasgow, G2 2ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties 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 Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £6,653. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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 represents amounts receivable for rent.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are imeasured at transaction price.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 March 2023 22,895 818 23,713
At 29 February 2024 22,895 818 23,713
Accumulated depreciation
At 01 March 2023 19,339 492 19,831
Charge for the financial year 533 140 673
At 29 February 2024 19,872 632 20,504
Net book value
At 29 February 2024 3,023 186 3,209
At 28 February 2023 3,556 326 3,882

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 284,111
Disposals (59,000)
As at 29 February 2024 225,111

5. Debtors

2024 2023
£ £
Other debtors 88 66

6. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 236,528 304,212

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to key management personnel 234,847 302,126

This loan is interest free and has no fixed repayment terms.