REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WALTON PROPERTIES (SCOTLAND) LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WALTON PROPERTIES (SCOTLAND) LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 |
|
|
|
|
|
WALTON PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC144729) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
|
|
|
|
Page |
|
Balance Sheet | 1 |
|
Notes to the Financial Statements | 3 |
|
WALTON PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC144729) |
|
BALANCE SHEET |
30 JUNE 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Fair value reserve |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WALTON PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC144729) |
|
BALANCE SHEET - continued |
30 JUNE 2021 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
WALTON PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC144729) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
|
1. | STATUTORY INFORMATION |
|
Walton Properties (Scotland) Limited is a private company, limited by shares, registered in Scotland. The company's registered office address is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ. |
|
The presentation currency of the financial statements is Sterling (£). |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. There were no material departures from this standard. |
|
Going concern |
The financial statements have been prepared on a going concern basis. The validity of this is dependent on the financial performance of the company following the restrictions and other conditions placed throughout the UK due to the Covid 19 pandemic. After due consideration on the potential impact and future commitments, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
|
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. |
|
The directors consider there are no such significant judgements. |
|
Turnover |
Turnover represents the rental income received from the letting of property and fees issued for services provided. |
|
The company's policy is to recognise rental income in accordance with the terms of the lease agreements and fees when substantively all the risks and rewards in connection with the services provided have been passed to the buyer. |
|
Investment property |
The company's investment property is held for long term investment and accounted for as follows:- |
|
(i) Investment property is initially recorded at cost which includes purchase cost and any directly attributable expenditure. |
|
(ii) Thereafter, investment property is revalued at each balance sheet date to it's fair value, where this can be measured reliably. |
|
(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet. |
|
(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold. |
WALTON PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC144729) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in non-puttable ordinary shares. |
|
Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
|
Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: at fair value with changes recognised in profit and loss if the shares are publicly traded or their fair value can be measured reliably or at cost less impairment for all other investments. |
|
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
|
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
|
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
|
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
|
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
|
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
|
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
|
Fixed asset investments |
Equity investments are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs, where the investment is subsequently measured at fair value through the profit and loss account). Subsequently, they are measured at fair value through profit and loss. Gains or losses arising on revaluation are then transferred from profit and loss reserves to a non-distributable fair value reserve in the balance sheet. |
WALTON PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC144729) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2020 - NIL). |
|
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
Cost or valuation |
At 1 July 2020 |
and 30 June 2021 |
|
Provisions |
At 1 July 2020 | 14,524 |
|
Revaluation adjustments | (734 | ) |
At 30 June 2021 | 13,790 |
Net book value |
At 30 June 2021 |
|
At 30 June 2020 |
|
|
Cost or valuation at 30 June 2021 is represented by: |
|
Other |
investments |
£ |
Cost | 15,999 |
|
If fixed asset investments had not been revalued they would have been included at the following historical cost: |
|
2021 | 2020 |
£ | £ |
Cost | 15,999 | 15,999 |
Aggregate provisions | (13,790 | ) | (14,524 | ) |
|
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 July 2020 |
and 30 June 2021 |
|
Net book value |
At 30 June 2021 |
|
At 30 June 2020 |
|
WALTON PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC144729) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
|
5. | INVESTMENT PROPERTY - continued |
|
Fair value at 30 June 2021 is represented by: |
£ |
Valuation in 2005 | 24,398 |
Valuation in 2007 | 15,000 |
Cost | 60,602 |
100,000 |
|
The fair value of investment property at 30 June 2021 has been arrived at on the basis of a valuation carried out at that date by the directors. The valuation, which does not differ from the valuation at the end of the previous reporting period, was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated. |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Taxation and social security |
|
|
Other creditors |
|
|
|
|