Company registration number SC271177 (Scotland)
WMB PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
WMB PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
WMB PROPERTIES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF WMB PROPERTIES LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WMB Properties Limited for the year ended 31 January 2024 set out on pages 2 to 9 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 of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the Board of Directors of WMB Properties 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 financial statements of WMB Properties Limited and state those matters that we have agreed to state to the Board of Directors of WMB Properties Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WMB Properties Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that WMB Properties 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 loss of WMB Properties Limited. You consider that WMB Properties 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 WMB Properties 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.
MMG Chartered Accountants
29 October 2024
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
WMB PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,324
48,833
Investment property
4
8,429,000
8,494,000
8,462,324
8,542,833
Current assets
Debtors falling due after more than one year
5
195,261
235,875
Debtors falling due within one year
5
414,410
594,186
Cash at bank and in hand
99,078
156,410
708,749
986,471
Creditors: amounts falling due within one year
6
(131,274)
(256,150)
Net current assets
577,475
730,321
Total assets less current liabilities
9,039,799
9,273,154
Creditors: amounts falling due after more than one year
7
(4,225,269)
(4,261,748)
Net assets
4,814,530
5,011,406
Capital and reserves
Called up share capital
680,000
680,000
Revaluation reserve
9
2,409,595
2,474,478
Profit and loss reserves
1,724,935
1,856,928
Total equity
4,814,530
5,011,406
WMB PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr S S R Baptie
Director
Company registration number SC271177 (Scotland)
WMB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
WMB Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 1A Victoria Road, Dundee, DD1 1EL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the aggregate of rental income receivable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Land is not depreciated
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WMB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
WMB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 February 2023
33,324
143,588
359
177,271
Disposals
(143,588)
(143,588)
At 31 January 2024
33,324
359
33,683
Depreciation and impairment
At 1 February 2023
128,079
359
128,438
Eliminated in respect of disposals
(128,079)
(128,079)
At 31 January 2024
359
359
Carrying amount
At 31 January 2024
33,324
33,324
At 31 January 2023
33,324
15,509
48,833
4
Investment property
2024
£
Fair value
At 1 February 2023
8,494,000
Disposals
(65,000)
At 31 January 2024
8,429,000
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
5,954,522
6,019,522
Accumulated depreciation
-
-
Carrying amount
5,954,522
6,019,522
Investment properties were valued on 31st January 202431 January 2024 by the Directors.
WMB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
72,704
72,704
Other debtors
287,089
442,121
Prepayments and accrued income
54,617
79,361
414,410
594,186
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
195,261
235,875
Total debtors
609,671
830,061
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
106,667
106,667
Other borrowings
8
20,000
100,000
Trade creditors
1,993
Other creditors
41,789
Accruals and deferred income
4,607
5,701
131,274
256,150
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
4,165,269
4,261,748
Other borrowings
8
60,000
4,225,269
4,261,748
WMB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
4,271,936
4,368,415
Other loans
80,000
100,000
4,351,936
4,468,415
Payable within one year
126,667
206,667
Payable after one year
4,225,269
4,261,748
The bank loans and overdraft are secured by a bond and floating charge over the assets and undertakings of the company together with standard security over the investment properties.
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,474,478
2,493,863
Other movements
(64,883)
(19,385)
At the end of the year
2,409,595
2,474,478
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Services received
2024
2023
£
£
Companies with mutual directors/shareholders
28,027
30,417
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Companies with mutual directors/shareholders
414,283
327,036
WMB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr S S R Baptie -
-
69,969
10,157
-
80,126
Mr A M R Baptie -
-
200,950
12,859
(87,487)
126,322
270,919
23,016
(87,487)
206,448