Registration number: SC090593

The Waukrigg Development Company Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 10

The Waukrigg Development Company Limited

Company Information

Directors

A M G Burrell S L Kemp

Company secretary

S L Kemp

Registered office

27 North Bridge Street Hawick Scottish Borders TD9 9BD

Accountants

Deans Accountants And Business Advisors Ltd Chartered Accountants and Business Advisors 27 North Bridge Street Hawick Scottish Borders TD9 9BD

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Waukrigg Development Company Limited for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Waukrigg Development Company Limited for the year ended 31 March 2025 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of The Waukrigg Development Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Waukrigg Development Company Limited and state those matters that we have agreed to state to the Board of Directors of The Waukrigg Development Company Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Waukrigg Development Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Waukrigg Development Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Waukrigg Development Company Limited. You consider that The Waukrigg Development Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Waukrigg Development Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

3 November 2025

The Waukrigg Development Company Limited

(Registration number: SC090593)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	12,614	24,950
Investment property	5	3,865,816	3,865,816
		3,878,430	3,890,766
Current assets
Debtors	6	484,058	324,446
Cash at bank and in hand		378,360	246,694
		862,418	571,140
Creditors: Amounts falling due within one year	7	(92,677)	(108,919)
Net current assets		769,741	462,221
Total assets less current liabilities		4,648,171	4,352,987
Creditors: Amounts falling due after more than one year	7	(1,621,505)	(1,384,937)
Net assets		3,026,666	2,968,050
Capital and reserves
Called up share capital	8	40,000	40,000
Revaluation reserve		1,615,112	1,615,112
Retained earnings		1,371,554	1,312,938
Shareholders' funds		3,026,666	2,968,050

For the financial year ending 31 March 2025 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised by the Board on 3 November 2025 and signed on its behalf by:
 

The Waukrigg Development Company Limited

(Registration number: SC090593)
Balance Sheet as at 31 March 2025

......................................... A M G Burrell Director

......................................... S L Kemp Director

The Waukrigg Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD
United Kingdom

These financial statements were authorised for issue by the Board on 3 November 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 presented in Sterling (£) and rounded to the nearest £0.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Rental income
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the lease term.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

The Waukrigg Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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
Furniture, fittings and equipment	25% straight line.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Rentals are payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease.

Assets held under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

The Waukrigg Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 arrangement, as 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 it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2024	49,344	49,344
At 31 March 2025	49,344	49,344
Depreciation
At 1 April 2024	24,394	24,394
Charge for the year	12,336	12,336
At 31 March 2025	36,730	36,730
Carrying amount
At 31 March 2025	12,614	12,614
At 31 March 2024	24,950	24,950

5	Investment properties

	2025 £
At 1 April	3,865,816
At 31 March	3,865,816

The directors are comfortable that the property valuation represents a fair market value.

The Waukrigg Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Debtors

Current	2025 £	2024 £
Trade debtors	216	2,353
Prepayments	1,709	5,417
Other debtors	482,133	316,676
	484,058	324,446

The Waukrigg Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	8,333	8,333
Trade creditors		1,541	1,142
Taxation and social security		30,769	40,214
Accruals and deferred income		41,781	48,914
Other creditors		10,253	10,316
		92,677	108,919

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	1,621,505	1,384,937

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	40,000	40,000	40,000	40,000

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	3,929	14,937
Other borrowings	1,617,576	1,370,000
	1,621,505	1,384,937

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	8,333	8,333

The Waukrigg Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

10	Related party transactions

Transactions with directors

Summary of transactions with other related parties

ASM Developments Limited
(Directors of the company, S Kemp and A Burrell are also directors of ASM Developments Limited). At the balance sheet date the amount due from ASM Developments Limited was £355,220 (2024 £203,813).

Talo Property Management Limited
(Director of the company, S Kemp, is also a director of Talo Property Management Limited)
Talo Property Management Limited manages properties owned by The Waukrigg Development Company Limited. During the year Talo Property Management Limited invoiced the company for property management fees of £4,228 (2024 - £0).