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Registered number: SC275484 MOUNTWEST INVESTMENTS LTD. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MOUNTWEST INVESTMENTS LTD. COMPANY INFORMATION
Directors | G M Ferrier
| M G Ferrier
Company secretary | G M Ferrier
Registered number | SC275484
Registered office | 1 Violet Place
| Newton Mearns
| Glasgow
| G77 6FQ
Accountants | EQ Accountants Limited
| Chartered Accountants
| 14 City Quay
| Dundee
| DD1 3JA
MOUNTWEST INVESTMENTS LTD. REGISTERED NUMBER: SC275484 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 5 |  | 2,020,000 |  | 2,020,000
|  |  | 2,020,000 |  | 2,020,000
Current assets |  |  |  |  |
Cash at bank and in hand |  | 20,591 |  | 7,840 |
|  | 20,591 |  | 7,840 |
Creditors: amounts falling due within one year | 6 | (940,483) |  | (929,994) |
Net current liabilities |  |  | (919,892) |  | (922,154)
Total assets less current liabilities |  |  | 1,100,108 |  | 1,097,846
Creditors: amounts falling due after more than one year | 7 |  | (585,755) |  | (588,889)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (30,485) |  | (30,485) |
|  |  | (30,485) |  | (30,485)
Net assets |  |  | 483,868 |  | 478,472
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 100 |  | 100
Non-distributable reserve |  |  | 321,827 |  | 321,827
Profit and loss account |  |  | 161,941 |  | 156,545
|  |  | 483,868 |  | 478,472
Page 1
MOUNTWEST INVESTMENTS LTD. REGISTERED NUMBER: SC275484 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2025.
M G Ferrier
Director
The notes on pages 3 to 7 form part of these financial statements. Page 2
MOUNTWEST INVESTMENTS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Mountwest Investments Ltd. is a private company, limited by shares, domiciled in Scotland with registration number SC275484. The registered office is 1 Violet Place, Newton Mearns, Glasgow, G77 6FQ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: The company's turnover is from rents and other income receivable from the letting of investment properties within the accounting period stated.
| 2.3 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.4 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
MOUNTWEST INVESTMENTS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 20% and 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Investment property
Investment property is carried at fair value determined annually by external valuers 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 profit or loss. Page 4
MOUNTWEST INVESTMENTS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
4. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 April 2024 | 30,402
| At 31 March 2025 | 30,402
| Depreciation |
| At 1 April 2024 | 30,402
| At 31 March 2025 | 30,402
| Net book value |
| At 31 March 2025 | -
| At 31 March 2024 | -
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 2,020,000
| At 31 March 2025 | 2,020,000
The 2025 valuations were made by the directors, on an open market value for existing use basis.
Page 5
MOUNTWEST INVESTMENTS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 8,442 | -
| Other creditors | 919,128 | 919,644
| Accruals and deferred income | 12,913 | 10,350
|  | 940,483 | 929,994
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 500,000 | 500,000
| Other creditors | 85,755 | 88,889
|  | 585,755 | 588,889
| Secured Loans Loans due after more than one year relate to a bank loan of £500,000. The loan is secured by standard securities over the company's properties, a bond and floating charge over the company's assets, and by a guarantee from Mountwest Newco Ltd.
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1 each | 100 | 100
Page 6
MOUNTWEST INVESTMENTS LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 1,008 | 1,008
| Later than 1 year and not later than 5 years | 4,032 | 4,032
| Later than 5 years | 3,528 | 4,536
|  | 8,568 | 9,576
Page 7