Company registration number SC197572 (Scotland)
HERITAGE WHARF (OBAN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HERITAGE WHARF (OBAN) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HERITAGE WHARF (OBAN) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,450,000
1,450,000
Current assets
Debtors
4
47,794
23,245
Cash at bank and in hand
45,498
3,384
93,292
26,629
Creditors: amounts falling due within one year
5
(68,682)
(17,899)
Net current assets
24,610
8,730
Net assets
1,474,610
1,458,730
Capital and reserves
Called up share capital
2
2
Fair Value Reserve
6
391,049
391,049
Distributable profit and loss reserves
1,083,559
1,067,679
Total equity
1,474,610
1,458,730

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
M A Shahid
Director
Company Registration No. SC197572
HERITAGE WHARF (OBAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Heritage Wharf (Oban) Limited is a private company limited by shares incorporated in Scotland. The registered office is 9 Bruce Road, Pollokshields, Glasgow, United Kingdom, G41 5EL.

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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for rental income from its investment properties. It is recognised on an invoice basis and arises wholly within the United Kingdom

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:

Plant and equipment
10% on Cost
Fixtures and fittings
10% on Cost
Computers
10% on Cost
Motor vehicles
20% 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
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

HERITAGE WHARF (OBAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
1,450,000

Investment property comprises commercial property. The fair value of the investment property has been arrived based on the market conditions at 30 June 2024.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
47,794
23,245
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
135
7,714
Taxation and social security
5,217
8,223
Other creditors
63,330
1,962
68,682
17,899
6
Fair Value Reserve
2024
2023
£
£
At the beginning and end of the year
391,049
391,049
HERITAGE WHARF (OBAN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
7
Related party transactions

The loans have been made on an interest free basis and the repayment terms have not yet been set.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Key management personnel
38,698
14,731
Other related parties
3,000
-

The loans have been made on an interest free basis and the repayment terms have not yet been set.

2024-06-302023-07-01falsefalsefalse25 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityM A ShahidW ShahidR ShahidSC1975722023-07-012024-06-30SC1975722024-06-30SC1975722023-06-30SC197572core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-30SC197572core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30SC197572core:CurrentFinancialInstruments2024-06-30SC197572core:CurrentFinancialInstruments2023-06-30SC197572core:ShareCapital2024-06-30SC197572core:ShareCapital2023-06-30SC197572core:FurtherSpecificReserve1ComponentTotalEquity2024-06-30SC197572core:FurtherSpecificReserve1ComponentTotalEquity2023-06-30SC197572core:RetainedEarningsAccumulatedLosses2024-06-30SC197572core:RetainedEarningsAccumulatedLosses2023-06-30SC197572bus:Director12023-07-012024-06-30SC197572core:PlantMachinery2023-07-012024-06-30SC197572core:FurnitureFittings2023-07-012024-06-30SC197572core:ComputerEquipment2023-07-012024-06-30SC197572core:MotorVehicles2023-07-012024-06-30SC1975722022-07-012023-06-30SC1975722023-06-30SC197572core:WithinOneYear2024-06-30SC197572core:WithinOneYear2023-06-30SC197572bus:PrivateLimitedCompanyLtd2023-07-012024-06-30SC197572bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-30SC197572bus:FRS1022023-07-012024-06-30SC197572bus:AuditExemptWithAccountantsReport2023-07-012024-06-30SC197572bus:Director22023-07-012024-06-30SC197572bus:CompanySecretary12023-07-012024-06-30SC197572bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP