Company registration number SC705836 (Scotland)
WESTERHILL SPV LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WESTERHILL SPV LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
WESTERHILL SPV LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,923
11,569
Investment property
5
2,008,882
2,008,882
2,030,805
2,020,451
Current assets
Debtors
6
57,809
7,522
Cash at bank and in hand
157,989
24,518
215,798
32,040
Creditors: amounts falling due within one year
7
(166,789)
(68,510)
Net current assets/(liabilities)
49,009
(36,470)
Total assets less current liabilities
2,079,814
1,983,981
Creditors: amounts falling due after more than one year
8
(2,178,612)
(2,022,364)
Net liabilities
(98,798)
(38,383)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(98,799)
(38,384)
Total equity
(98,798)
(38,383)
WESTERHILL SPV LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 20 August 2025
D Moulsdale
Director
Company registration number SC705836 (Scotland)
WESTERHILL SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Westerhill SPV Limited is a private company limited by shares incorporated in Scotland. The registered office is 200 St Vincent Street, Glasgow, Scotland, G2 5SG.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company meets its day to day working capital requirements through loans from related parties. The director expects this to continue and therefore the financial statements have been prepared on a going concern basis.true

1.3
Turnover

Turnover represents the amounts derived from rental income in the period. Rental income relating to future years is recorded as deferred income and recognised as turnover when the service has been provided.

1.4
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:

Fixtures and fittings
15% reducing balance

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.

1.5
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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

WESTERHILL SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WESTERHILL SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
WESTERHILL SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2024
13,104
Additions
13,629
At 31 December 2024
26,733
Depreciation and impairment
At 1 January 2024
1,535
Depreciation charged in the year
3,275
At 31 December 2024
4,810
Carrying amount
At 31 December 2024
21,923
At 31 December 2023
11,569
5
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
2,008,882

The director considers the fair value of the Investment Property to be equal to the current book value and therefore has not revalued during the year.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
31,891
-
0
Amounts owed by group undertakings
1
1
Other debtors
25,917
7,521
57,809
7,522
WESTERHILL SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
80,205
-
0
Taxation and social security
22,575
22,261
Other creditors
64,009
46,249
166,789
68,510
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,178,612
2,022,364

Included within other creditors is a n amount for £2,178,612 (2023 - £2,022,364) loan balances which is secured with a standard security over the investment property and a bond and floating charge over the assets of the company.

9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
123,474
128,283
37,171
28,283
Loan received / (repaid)
Loan interest charged / (repaid)
2024
2023
2024
2023
£
£
£
£
Other related parties
-
(25,407)
157,016
31,166

These are related parties of the company because the director has common control or is a connected party.

2024
2023
Amounts due to related parties
£
£
Other related parties
2,296,943
2,061,092
WESTERHILL SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Related party transactions
(Continued)
- 8 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
31,891
-
Other information

The company has taken advantage of the exemption granted by paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with other wholly owned group companies.true

10
Parent company

The ultimate parent company is Westerhill Holdings SPV Limited, a company incorporated in Scotland. Group financial statements are not prepared.

2024-12-31 2024-01-01 false false false CCH Software CCH Accounts Production 2024.310 The principal activity of the company continued to be that of the rental of property.
D Moulsdale 0 SC705836 2024-01-01 2024-12-31 SC705836 2024-12-31 SC705836 2023-12-31 SC705836 core:OtherPropertyPlantEquipment 2024-12-31 SC705836 core:OtherPropertyPlantEquipment 2023-12-31 SC705836 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC705836 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC705836 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 SC705836 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 SC705836 core:CurrentFinancialInstruments 2024-12-31 SC705836 core:CurrentFinancialInstruments 2023-12-31 SC705836 core:ShareCapital 2024-12-31 SC705836 core:ShareCapital 2023-12-31 SC705836 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC705836 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC705836 bus:Director1 2024-01-01 2024-12-31 SC705836 core:FurnitureFittings 2024-01-01 2024-12-31 SC705836 2023-01-01 2023-12-31 SC705836 core:OtherPropertyPlantEquipment 2023-12-31 SC705836 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC705836 2023-12-31 SC705836 core:WithinOneYear 2024-12-31 SC705836 core:WithinOneYear 2023-12-31 SC705836 core:Non-currentFinancialInstruments 2024-12-31 SC705836 core:Non-currentFinancialInstruments 2023-12-31 SC705836 core:OtherRelatedParties core:SaleOrPurchaseGoods 2024-01-01 2024-12-31 SC705836 core:OtherRelatedParties core:SaleOrPurchaseGoods 2023-01-01 2023-12-31 SC705836 core:OtherRelatedParties 2023-01-01 2023-12-31 SC705836 core:OtherRelatedParties 2024-01-01 2024-12-31 SC705836 core:OtherRelatedParties 2024-12-31 SC705836 core:OtherRelatedParties 2023-12-31 SC705836 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC705836 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC705836 bus:FRS102 2024-01-01 2024-12-31 SC705836 bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 SC705836 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP