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REGISTERED NUMBER: SC652685 (Scotland)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

141 WEST REGENT STREET LIMITED

141 WEST REGENT STREET LIMITED (REGISTERED NUMBER: SC652685)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 5

141 WEST REGENT STREET LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Pearse John Flynn
Nancy Reid
Simon Ian Mullen





REGISTERED OFFICE: c/o DM McNaught & Co Ltd
166 Buchanan Street
Glasgow
G1 2LW





REGISTERED NUMBER: SC652685 (Scotland)





ACCOUNTANTS: D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW

141 WEST REGENT STREET LIMITED (REGISTERED NUMBER: SC652685)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 4 3,691,231 3,508,312
Debtors 5 12,455 22,886
Cash at bank and in hand 3,146 8,346
3,706,832 3,539,544
CREDITORS
Amounts falling due within one year 6 3,707,079 3,547,489
NET CURRENT LIABILITIES (247 ) (7,945 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(247

)

(7,945

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (347 ) (8,045 )
SHAREHOLDERS' FUNDS (247 ) (7,945 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 20 March 2024 and were signed on its behalf by:





Simon Ian Mullen - Director


141 WEST REGENT STREET LIMITED (REGISTERED NUMBER: SC652685)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

141 West Regent Street 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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Long term contracts are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of long term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.

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 NIL (2023 - NIL).

4. STOCKS
2024 2023
£    £   

141 WEST REGENT STREET LIMITED (REGISTERED NUMBER: SC652685)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,141 2,667
Other debtors 4,314 20,219
12,455 22,886

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 10,126 39,013
Other creditors 3,696,953 3,508,476
3,707,079 3,547,489

7. RELATED PARTY DISCLOSURES

Included in creditors is an amount of £818,853 (2023 - £630,426) owed to Veloz Properties Ltd. This is in respect of a loan provided, with no fixed terms for repayment and no interest charged.

Mr P J Flynn, Mr S I Mullen and Mrs N Reid are all directors of Veloz Properties Ltd.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Pearse John Flynn.

9. GOING CONCERN

The balance sheet shows net liabilities of £247 (2023 - £7,945), including a loan from one of the directors of £2,877,300 (2023 - £2,877,300). As the company retains the support of the directors the accounts have been prepared on a going concern basis.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
141 WEST REGENT STREET LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 141 West Regent Street Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of 141 West Regent Street Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 141 West Regent Street Limited and state those matters that we have agreed to state to the Board of Directors of 141 West Regent Street Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 141 West Regent Street Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 141 West Regent Street Limited. You consider that 141 West Regent Street 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 financial statements of 141 West Regent Street 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 financial statements.






D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW


20 March 2024