IRIS Accounts Production v24.2.0.383 SC259786 director 1.4.23 31.3.24 31.3.24 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2597862023-03-31SC2597862024-03-31SC2597862023-04-012024-03-31SC2597862022-03-31SC2597862022-04-012023-03-31SC2597862023-03-31SC259786ns15:Scotland2023-04-012024-03-31SC259786ns14:PoundSterling2023-04-012024-03-31SC259786ns10:Director12023-04-012024-03-31SC259786ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC259786ns10:SmallEntities2023-04-012024-03-31SC259786ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-31SC259786ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC259786ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC259786ns10:FullAccounts2023-04-012024-03-31SC259786ns10:RegisteredOffice2023-04-012024-03-31SC259786ns5:CurrentFinancialInstruments2024-03-31SC259786ns5:CurrentFinancialInstruments2023-03-31SC259786ns5:ShareCapital2024-03-31SC259786ns5:ShareCapital2023-03-31SC259786ns5:RetainedEarningsAccumulatedLosses2024-03-31SC259786ns5:RetainedEarningsAccumulatedLosses2023-03-31SC25978612023-04-012024-03-31SC259786ns5:PlantMachinery2023-04-012024-03-31SC259786ns5:LandBuildings2023-03-31SC259786ns5:PlantMachinery2023-03-31SC259786ns5:LandBuildings2023-04-012024-03-31SC259786ns5:LandBuildings2024-03-31SC259786ns5:PlantMachinery2024-03-31SC259786ns5:LandBuildings2023-03-31SC259786ns5:PlantMachinery2023-03-31SC259786ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31SC259786ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31
REGISTERED NUMBER: SC259786 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

LWM Properties Limited

LWM Properties Limited (Registered number: SC259786)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


LWM Properties Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Ms S L Watt MSP





REGISTERED OFFICE: Murrayfield Cottage
9 Baird Gardens
Edinburgh
EH12 5RS





REGISTERED NUMBER: SC259786 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

LWM Properties Limited (Registered number: SC259786)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 263,858 264,080

CURRENT ASSETS
Debtors 5 668 574
Cash at bank 132,577 142,900
133,245 143,474
CREDITORS
Amounts falling due within one year 6 103,568 129,865
NET CURRENT ASSETS 29,677 13,609
TOTAL ASSETS LESS CURRENT
LIABILITIES

293,535

277,689

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 243,535 227,689
293,535 277,689

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 director acknowledges her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2024 and were signed by:





Ms S L Watt MSP - Director


LWM Properties Limited (Registered number: SC259786)

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

1. STATUTORY INFORMATION

LWM 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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
The turnover in the accounts represents rents receivable during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of
the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated inequity in respect of that asset, the excess shall be recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

LWM Properties Limited (Registered number: SC259786)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 263,192 3,383 266,575
DEPRECIATION
At 1 April 2023 - 2,495 2,495
Charge for year - 222 222
At 31 March 2024 - 2,717 2,717
NET BOOK VALUE
At 31 March 2024 263,192 666 263,858
At 31 March 2023 263,192 888 264,080

The gross amount of assets held for use in operating leases amounted to £263,192 (2022 £263,192).

Depreciation has not been provided on land and buildings which are all investment properties.

The company's investment properties were not revalued at 31 March 2024. In the prevailing market conditions it is felt by Ms S L Watt, the shareholder, that there is no benefit from changing the values of the properties. Ms S L Watt is of the opinion that the values would be not materially different from the cost of the properties and they are a reasonable approximation of the fair values of the properties.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 668 574

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Corporation tax 4,003 2,779
Directors' loan accounts 97,840 125,241
Accrued expenses 1,725 1,845
103,568 129,865

LWM Properties Limited (Registered number: SC259786)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. RELATED PARTY DISCLOSURES

The company was under the control of Ms S L Watt throughout the current and previous year.

Ms S L Watt is the managing director and majority shareholder.

The company collects rents and pays expenses for properties owned by Ms S L Watt - no charge is made by the company to Ms S L Watt for the administration costs involved. No other transactions with related parties were undertaken such as are required to be disclosed.