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Registration number: SC599959

West Property Scotland Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

West Property Scotland Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 13

 

West Property Scotland Limited

Company Information

Directors

Mr Alistair Smith

Mr Stephen John Ham

Mr Gavin MacKinnon

Registered office

3A MacLeod Buildings
Lochavullin Road
Oban
Argyll
PA34 4PL

Accountants

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

 

West Property Scotland Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Alistair Smith

Mr Stephen John Ham

Mr Gavin MacKinnon

Principal activity

The principal activity of the company is estate agents

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 Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Mr Gavin MacKinnon
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
West Property Scotland 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 West Property Scotland 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 West Property Scotland 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 West Property Scotland Limited and state those matters that we have agreed to state to the Board of Directors of West Property Scotland 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 West Property Scotland Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that West Property Scotland 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 West Property Scotland Limited. You consider that West Property Scotland 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 West Property Scotland 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

13 September 2024

 

West Property Scotland Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

160,772

185,573

Gross profit

 

160,772

185,573

Administrative expenses

 

(185,604)

(244,712)

Operating loss

 

(24,832)

(59,139)

Interest payable and similar expenses

 

(1,013)

(1,448)

Loss before tax

3

(25,845)

(60,587)

Tax on loss

 

-

(6)

Loss for the financial year

 

(25,845)

(60,593)

The above results were derived from continuing operations.

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

 

West Property Scotland Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Loss for the year

(25,845)

(60,593)

Total comprehensive income for the year

(25,845)

(60,593)

 

West Property Scotland Limited

(Registration number: SC599959)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

125,986

145,986

Current assets

 

Debtors

5

14,654

14,359

Cash at bank and in hand

 

5,878

19,003

 

20,532

33,362

Creditors: Amounts falling due within one year

6

(234,629)

(236,418)

Net current liabilities

 

(214,097)

(203,056)

Total assets less current liabilities

 

(88,111)

(57,070)

Creditors: Amounts falling due after more than one year

6

(38,089)

(43,285)

Net liabilities

 

(126,200)

(100,355)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(126,300)

(100,455)

Shareholders' deficit

 

(126,200)

(100,355)

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.

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' 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 directors acknowledge their 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 Board on 13 September 2024 and signed on its behalf by:
 

 

West Property Scotland Limited

(Registration number: SC599959)
Balance Sheet as at 31 March 2024

.........................................
Mr Gavin MacKinnon
Director

 

West Property Scotland Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

(100,455)

(100,355)

Loss for the year

-

(25,845)

(25,845)

At 31 March 2024

100

(126,300)

(126,200)

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

(39,862)

(39,762)

Loss for the year

-

(60,593)

(60,593)

At 31 March 2023

100

(100,455)

(100,355)

 

West Property Scotland 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 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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

West Property Scotland Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

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.

 

West Property Scotland 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 directors) during the year, was 6 (2023 - 7).

3

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Amortisation expense

20,000

20,000

 

West Property Scotland Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

245,986

245,986

At 31 March 2024

245,986

245,986

Amortisation

At 1 April 2023

100,000

100,000

Amortisation charge

20,000

20,000

At 31 March 2024

120,000

120,000

Carrying amount

At 31 March 2024

125,986

125,986

At 31 March 2023

145,986

145,986

5

Debtors

Current

2024
£

2023
£

Trade debtors

13,406

9,994

Other debtors

1,248

4,365

 

14,654

14,359

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

375

-

Taxation and social security

6,908

16,807

Accruals and deferred income

1,000

-

Other creditors

226,346

219,611

234,629

236,418

Creditors: amounts falling due after more than one year

 

West Property Scotland Limited

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

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

38,089

43,285

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

38,089

43,285

9

Parent and ultimate parent undertaking

The company's immediate parent is West Property Group Scotland Ltd, incorporated in Scotland.