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Registration number: SC429417

Westport Property Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Westport Property Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Westport Property Ltd

(Registration number: SC429417)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

50,026

58,629

Current assets

 

Debtors

5

760,317

585,453

Cash at bank and in hand

 

159,160

190,036

 

919,477

775,489

Creditors: Amounts falling due within one year

6

(645,927)

(565,428)

Net current assets

 

273,550

210,061

Total assets less current liabilities

 

323,576

268,690

Creditors: Amounts falling due after more than one year

6

(5,301)

(15,051)

Net assets

 

318,275

253,639

Capital and reserves

 

Called up share capital

100

100

Retained earnings

318,175

253,539

Shareholders' funds

 

318,275

253,639

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 19 July 2025 and signed on its behalf by:
 

.........................................
Mr A D Hutcheson
Director

.........................................
Mrs R J Hutcheson
Director

 
     
 

Westport Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
3 Old Hawkhill
Dundee
DD1 5EU
Scotland

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Westport Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Office equipment

33% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 10 (2023 - 10).

 

Westport Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Tenants improvements
£

Fixtures and fittings
£

Development costs
£

Office equipment
£

Cost or valuation

At 1 November 2023

54,024

24,795

12,745

43,425

Additions

-

-

-

969

At 31 October 2024

54,024

24,795

12,745

44,394

Depreciation

At 1 November 2023

15,058

19,231

9,165

36,774

Charge for the year

3,897

1,113

1,192

2,403

At 31 October 2024

18,955

20,344

10,357

39,177

Carrying amount

At 31 October 2024

35,069

4,451

2,388

5,217

At 31 October 2023

38,966

5,564

3,580

6,651

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

6,690

141,679

Additions

-

969

At 31 October 2024

6,690

142,648

Depreciation

At 1 November 2023

2,822

83,050

Charge for the year

967

9,572

At 31 October 2024

3,789

92,622

Carrying amount

At 31 October 2024

2,901

50,026

At 31 October 2023

3,868

58,629

5

Debtors

 

Westport Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Current

Note

2024
£

2023
£

Trade debtors

 

18,905

26,010

Amounts owed by related parties

9

143,075

125,075

Prepayments

 

9,220

9,385

Other debtors

 

589,117

424,983

   

760,317

585,453

 

Westport Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

10,532

10,782

Trade creditors

 

17,664

29,306

Taxation and social security

 

104,841

70,292

Accruals and deferred income

 

34,436

32,331

Other creditors

 

478,454

422,717

 

645,927

565,428

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

5,301

15,051

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,301

15,051

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,532

10,782

8

Dividends

Final dividends paid

 

Westport Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

   

2024
£

 

2023
£

Final dividend of £1,509.12 (2023 - £1,211.52) per each Ordinary A

 

75,456

 

60,576

Final dividend of £1,537.48 (2023 - £1,474.30) per each Ordinary B

 

76,874

 

73,715

   

152,330

 

134,291

9

Related party transactions

Transactions with Directors

2024

At 1 November 2023
£

Advances to Director
£

Repayments by Director
£

At 31 October 2024
£

Mr A D Hutcheson

-

(23,277)

12,609

(10,668)

2023

At 1 November 2022
£

Advances to Director
£

Repayments by Director
£

At 31 October 2023
£

Mr A D Hutcheson

-

(11,933)

11,933

-