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REGISTERED NUMBER: SC230423 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE WAYFARER PROPERTIES LTD

THE WAYFARER PROPERTIES LTD (REGISTERED NUMBER: SC230423)

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

Chartered Accountants' Report 7

THE WAYFARER PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr William Anthony Cullis
Mrs Rachel May Cullis
Mr Joseph Cullis
Mr John Craig Cullis
Mrs Suzanne Cullis



SECRETARY: Mrs Rachel May Cullis



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



REGISTERED NUMBER: SC230423 (Scotland)



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



BANKERS: The Royal Bank of Scotland Plc
Largs Branch
35-37 Main Street
Largs
Ayrshire
KA30 8AF



SOLICITORS: Sprang Terras
Solicitors
64 Kyle Street
Ayr
KA7 1RZ

THE WAYFARER PROPERTIES LTD (REGISTERED NUMBER: SC230423)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 540 640
Investment property 5 770,639 770,639
771,179 771,279

CURRENT ASSETS
Cash at bank 74,472 65,438

CREDITORS
Amounts falling due within one year 6 10,789 10,341
NET CURRENT ASSETS 63,683 55,097
TOTAL ASSETS LESS CURRENT
LIABILITIES

834,862

826,376

CREDITORS
Amounts falling due after more than one
year

7

(320,569

)

(340,383

)

PROVISIONS FOR LIABILITIES (21,781 ) (16,367 )
NET ASSETS 492,512 469,626

CAPITAL AND RESERVES
Called up share capital 8 3,000 3,000
Retained earnings 489,512 466,626
SHAREHOLDERS' FUNDS 492,512 469,626

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.

THE WAYFARER PROPERTIES LTD (REGISTERED NUMBER: SC230423)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2024 and were signed on its behalf by:





Mr William Anthony Cullis - Director


THE WAYFARER PROPERTIES LTD (REGISTERED NUMBER: SC230423)

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


1. STATUTORY INFORMATION

The Wayfarer Properties Ltd 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents rents received excluding vat.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

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.

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 5 (2023 - 5 ) .

THE WAYFARER PROPERTIES LTD (REGISTERED NUMBER: SC230423)

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


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 9,481
DEPRECIATION
At 1 April 2023 8,841
Charge for year 100
At 31 March 2024 8,941
NET BOOK VALUE
At 31 March 2024 540
At 31 March 2023 640

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 770,639
NET BOOK VALUE
At 31 March 2024 770,639
At 31 March 2023 770,639

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 86,584
Cost 684,055
770,639

If Investment Property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 684,055 684,055

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

THE WAYFARER PROPERTIES LTD (REGISTERED NUMBER: SC230423)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 7,884 7,486
Other creditors 2,905 2,855
10,789 10,341

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 320,569 340,383

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,000 Ordinary £1 3,000 3,000

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE WAYFARER PROPERTIES LTD


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 The Wayfarer Properties Ltd for the year ended 31 March 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 The Wayfarer Properties Ltd, 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 The Wayfarer Properties Ltd and state those matters that we have agreed to state to the Board of Directors of The Wayfarer Properties Ltd, 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 The Wayfarer Properties Ltd 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 The Wayfarer Properties Ltd. You consider that The Wayfarer Properties Ltd 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 The Wayfarer Properties Ltd. 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


10 July 2024