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REGISTERED NUMBER: SC309930 (Scotland)

































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: M Middlemiss
Mrs K Fitts





Secretary: M Middlemiss





Registered office: 32 East High Street
Lauder
Berwickshire
TD2 6SU





Registered number: SC309930 (Scotland)





Accountants: Rennie Welch LLP
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 4 507,000 474,000

Current assets
Debtors 5 6,074 9,678
Cash at bank 9,807 6,974
15,881 16,652
Creditors
Amounts falling due within one year 6 1,792 1,078
Net current assets 14,089 15,574
Total assets less current liabilities 521,089 489,574

Creditors
Amounts falling due after more than one
year

7

(362,525

)

(339,869

)

Provisions for liabilities (9,903 ) (3,633 )
Net assets 148,661 146,072

Capital and reserves
Called up share capital 160,000 160,000
Retained earnings 9 (11,339 ) (13,928 )
Shareholders' funds 148,661 146,072

Wiselawmill Farm (Developments) Limited (Registered number: SC309930)

Balance Sheet - continued
31st October 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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 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 Board of Directors and authorised for issue on 5th February 2025 and were signed on its behalf by:




M Middlemiss - Director



Mrs K Fitts - Director


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 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 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 474,000
Revaluations 33,000
At 31st October 2024 507,000
Net book value
At 31st October 2024 507,000
At 31st October 2023 474,000

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 6,074 9,678

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 798 1,078
Other creditors 994 -
1,792 1,078

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 356,481 339,869
Other creditors 6,044 -
362,525 339,869

8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 356,481 339,869

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).