REGISTERED NUMBER: |
Wiselawmill Farm (Developments) Limited |
Unaudited Financial Statements |
for the Year Ended 31st October 2024 |
REGISTERED NUMBER: |
Wiselawmill Farm (Developments) Limited |
Unaudited Financial Statements |
for the Year Ended 31st October 2024 |
Wiselawmill Farm (Developments) Limited (Registered number: SC309930) |
Contents of the Financial Statements |
for the year ended 31st October 2024 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 6 |
Wiselawmill Farm (Developments) Limited |
Company Information |
for the year ended 31st October 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Wiselawmill Farm (Developments) Limited (Registered number: SC309930) |
Balance Sheet |
31st October 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings | 9 | ( |
) | ( |
) |
Shareholders' funds |
Wiselawmill Farm (Developments) Limited (Registered number: SC309930) |
Balance Sheet - continued |
31st October 2024 |
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 financial statements were approved by the Board of Directors and authorised for issue on |
Wiselawmill Farm (Developments) Limited (Registered number: SC309930) |
Notes to the Financial Statements |
for the year ended 31st October 2024 |
1. | Statutory information |
Wiselawmill Farm (Developments) Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end. |
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from property rental is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts. |
Investment property |
Investment properties are initially measured at cost. They are subsequently measured at the most recent valuation as carried out by the directors. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - bank loans, creditors, other creditors and accruals. |
Bank loans are initially measured at the present value of future payments, discounted at the market rate of interest, and subsequently at amortised cost using the effective interest method. |
Creditors, accruals and other creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at 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 Statement of Income and Retained Earnings. |
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. |
Wiselawmill Farm (Developments) Limited (Registered number: SC309930) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2024 |
2. | Accounting policies - continued |
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. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Going concern |
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
4. | Investment property |
Total |
£ |
Fair value |
At 1st November 2023 |
Revaluations | 33,000 |
At 31st October 2024 |
Net book value |
At 31st October 2024 |
At 31st October 2023 |
Fair value at 31st October 2024 is represented by: |
£ |
Valuation in 2021 | 17,676 |
Valuation in 2023 | 1,447 |
Valuation in 2024 | 33,000 |
Cost | 454,877 |
507,000 |
Wiselawmill Farm (Developments) Limited (Registered number: SC309930) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2024 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
8. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Paragon bank, Aldermore bank and Charter Court financial services hold security over the properties in the company. |
9. | Reserves |
Retained earnings include non distributable reserves totalling £42,220 (2023 - £15,490). |