Company registration number SC420432 (Scotland)
BOATWYND LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BOATWYND LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
BOATWYND LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
5,000,000
5,000,000
Current assets
Debtors
4
17,180
Creditors: amounts falling due within one year
5
(2,000,000)
(2,000,000)
Net current liabilities
(1,982,820)
(2,000,000)
Net assets
3,017,180
3,000,000
Capital and reserves
Called up share capital
20,002
2
Share premium account
2,807,692
2,807,692
Profit and loss reserve
(2,820)
Fair value reserve
192,306
192,306
Total equity
3,017,180
3,000,000
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 28 July 2025
S MILNE
Mr S Milne
Director
Company registration number SC420432 (Scotland)
BOATWYND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Boatwynd Ltd is a private company limited by shares incorporated in Scotland. The registered office is 2 Marischal Square, Broad Street, Aberdeen, Scotland, Scotland, AB10 1DQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102.
1.2
Going concern
The financial statements have been prepared on the going concern basis. The director believes the going concern basis to be appropriate as the company's shareholder has provided the company with an undertaking that for at least twelve months from the date of approval of these financial statements, he will continue to make available such funds as are required by the company and in particular will not seek repayment of the amounts currently made available. Based on this undertaking the director believes that it is appropriate to prepare the financial statements on a going concern basis.true
1.3
Investment property
During the year it was determined by the directors that the items held previously as stock are to be retained by the company and reclassified as investment property, being land which is held to earn rentals and/or for capital appreciation. It 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. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
1
1
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
5,000,000
Investment property comprises land at Counteswells, Aberdeen. The fair value of the investment property has been arrived at on the basis of an independent professional valuation carried out by J& E Shepherd Chartered Surveyors, who are not connected with the company, on an open market value basis by reference to the current planning status at the time of valuation.
BOATWYND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Unpaid share capital
17,180
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,000,000
2,000,000
6
Related party transactions
During the current year, the company made advances to the director of £300,000. No credits were received which resulted in a balance at the year end of £1,700,000 due by the company (2023 - £2,000,000).
During the current year the company received credits of £300,000 from a related entity, resulting in a balance owed due by the company of £300,000 (2023 - nil).
These amounts are interest free and have no set repayment terms.