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REGISTERED NUMBER: SC395189 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

WESTQUARTER PROPERTIES LIMITED

WESTQUARTER PROPERTIES LIMITED (REGISTERED NUMBER: SC395189)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WESTQUARTER PROPERTIES LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: R Fisher
M E Fisher
A J Fisher





REGISTERED OFFICE: Q Court
3 Quality Street
Edinburgh
EH4 5BP





REGISTERED NUMBER: SC395189 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

WESTQUARTER PROPERTIES LIMITED (REGISTERED NUMBER: SC395189)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 799 1,193
Investment property 5 379,351 389,351
380,150 390,544

CURRENT ASSETS
Debtors 6 7,950 5,735
Cash at bank 270,744 206,249
278,694 211,984
CREDITORS
Amounts falling due within one year 7 192,277 206,356
NET CURRENT ASSETS 86,417 5,628
TOTAL ASSETS LESS CURRENT
LIABILITIES

466,567

396,172

PROVISIONS FOR LIABILITIES 8 184 316
NET ASSETS 466,383 395,856

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 465,383 394,856
SHAREHOLDERS' FUNDS 466,383 395,856

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

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

WESTQUARTER PROPERTIES LIMITED (REGISTERED NUMBER: SC395189)

BALANCE SHEET - continued
31 March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





R Fisher - Director


WESTQUARTER PROPERTIES LIMITED (REGISTERED NUMBER: SC395189)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Westquarter Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

TURNOVER
Turnover represents gross rents receivable and consultancy income, excluding Value Added Tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33% per annum reducing balance

The carrying values of tangible fixed assets are reviewed for impairment on an annual basis.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


WESTQUARTER PROPERTIES LIMITED (REGISTERED NUMBER: SC395189)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

FIXED ASSET INVESTMENT
Investment in participating interest is shown at attributable share of the total members' interests.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 1,574
DEPRECIATION
At 1 April 2023 381
Charge for year 394
At 31 March 2024 775
NET BOOK VALUE
At 31 March 2024 799
At 31 March 2023 1,193

WESTQUARTER PROPERTIES LIMITED (REGISTERED NUMBER: SC395189)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 389,351
Impairments (10,000 )
At 31 March 2024 379,351
NET BOOK VALUE
At 31 March 2024 379,351
At 31 March 2023 389,351

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 (52,841 )
Cost 432,192
379,351

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 432,192 432,192

Investment property was valued on an open market basis on 31 March 2024 by the directors. .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,716 5,108
Other debtors 1,234 627
7,950 5,735

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 396 360
Taxation and social security 24,762 9,449
Other creditors 167,119 196,547
192,277 206,356

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 184 316

WESTQUARTER PROPERTIES LIMITED (REGISTERED NUMBER: SC395189)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 316
Credit to Statement of Income and Retained Earnings during year (132 )
Balance at 31 March 2024 184

9. RELATED PARTY DISCLOSURES

Included within 'Other creditors' is an amount of £162,155 (2023 - £194,066) due to the directors from the company. The loan is interest free and has no fixed terms of repayment.