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Company registration number: SC730326
WON Property Investments Ltd
Unaudited filleted financial statements
30 April 2024
WON Property Investments Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
WON Property Investments Ltd
Directors and other information
Directors Mrs Catherine Jackson
Mr Mark Jackson
Company number SC730326
Registered office 2 Syme Street
Moffat
DG10 9HE
Accountants Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
WON Property Investments Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of WON Property Investments Ltd
Year ended 30th April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WON Property Investments Ltd for the year ended 30th April 2024 which comprise the statement of financial position, statement of changes in equity and 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 WON Property Investments Ltd, 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 WON Property Investments Ltd and state those matters that we have agreed to state to the board of directors of WON Property Investments 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 WON Property Investments Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that WON Property Investments 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 WON Property Investments Ltd. You consider that WON Property Investments 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 WON Property Investments 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.
Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
21st January 2025
WON Property Investments Ltd
Statement of financial position
30th April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 230,000 230,000
_______ _______
230,000 230,000
Current assets
Debtors 5 100 100
_______ _______
100 100
Creditors: amounts falling due
within one year 6 ( 6,106) ( 4,589)
_______ _______
Net current liabilities ( 6,006) ( 4,489)
_______ _______
Total assets less current liabilities 223,994 225,511
Creditors: amounts falling due
after more than one year 7 ( 220,431) ( 224,844)
_______ _______
Net assets 3,563 667
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 3,463 567
_______ _______
Shareholders funds 3,563 667
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
Mrs Catherine Jackson
Director
Company registration number: SC730326
WON Property Investments Ltd
Statement of changes in equity
Year ended 30th April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1st May 2022 - - -
Profit for the year 567 567
_______ _______ _______
Total comprehensive income for the year - 567 567
Issue of shares 100 100
_______ _______ _______
Total investments by and distributions to owners 100 - 100
_______ _______ _______
At 30th April 2023 and 1st May 2023 100 567 667
Profit for the year 2,896 2,896
_______ _______ _______
Total comprehensive income for the year - 2,896 2,896
_______ _______ _______
At 30th April 2024 100 3,463 3,563
_______ _______ _______
WON Property Investments Ltd
Notes to the financial statements
Year ended 30th April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Syme Street, Moffat, DG10 9HE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Not depreciated
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1st May 2023 and 30th April 2024 230,000 230,000
_______ _______
Depreciation
At 1st May 2023 and 30th April 2024 - -
_______ _______
Carrying amount
At 30th April 2024 230,000 230,000
_______ _______
At 30th April 2023 230,000 230,000
_______ _______
Investment property
The valuation of the investment property is considered on an annual basis and where the directors believe a material fluctuation in the market occurs this is brought into the financial statements.
5. Debtors
2024 2023
£ £
Other debtors 100 100
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 4,412 4,156
Corporation tax 964 133
Other creditors 730 300
_______ _______
6,106 4,589
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 220,431 224,844
_______ _______
There is a charge against the investment property in relation to borrowing.
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Related party transactions
The rent of the investment property is with a company in which both Mrs Catherine Jackson and Mr Mark Jackson are also directors of and Mrs Catherine Jackson is a shareholder of.