We Buy Property Scotland Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC595501 (Scotland)

Unaudited Financial Statements

For The Period 6 April 2019 to 31 March 2020

for

We Buy Property Scotland Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L Duncan

A Robertson

REGISTERED OFFICE:

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

REGISTERED NUMBER:

SC595501 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

4,629

-

Investment property

5

753,987

155,000

758,616

155,000

CURRENT ASSETS

Debtors

6

20,506

7,980

Cash at bank

32,915

208

53,421

8,188

CREDITORS

Amounts falling due within one year

7

406,264

121,915

NET CURRENT LIABILITIES

(352,843

)

(113,727

)

TOTAL ASSETS LESS CURRENT LIABILITIES

405,773

41,273

CREDITORS

Amounts falling due after more than one year

8

(240,000

)

-

PROVISIONS FOR LIABILITIES

10

(45,894

)

(10,299

)

NET ASSETS

119,879

30,974

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

195,652

50,281

Retained earnings

(75,873

)

(19,407

)

119,879

30,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2020 and were signed on its behalf by:

L Duncan - Director

1.	STATUTORY INFORMATION

We Buy Property Scotland Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

5,446

At 31 March 2020

5,446

DEPRECIATION

Charge for period

817

At 31 March 2020

817

NET BOOK VALUE

At 31 March 2020

4,629

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2019

155,000

Additions

418,021

Revaluations

180,966

At 31 March 2020

753,987

NET BOOK VALUE

At 31 March 2020

753,987

At 5 April 2019

155,000

Each property has been professionally valued throughout the year and reviewed by director at 31/03/2020 and

assessed as fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

5.4.19

£

£

Trade debtors

3,434

-

Other debtors

17,072

7,700

Prepayments

-

280

20,506

7,980

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

5.4.19

£

£

Bank loans and overdrafts

-

85,000

Trade creditors

-

12,882

Other creditors

311,618

-

Directors' current accounts

92,241

21,700

Accrued expenses

2,405

2,333

406,264

121,915

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

5.4.19

£

£

Bank loans more 5 yr by instal

240,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

240,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

5.4.19

£

£

Bank loans

240,000

-

Other creditors

239,053

-

479,053

-

The bank hold the following securities:

1. All and whole the subjects known as and forming 20 Craigrie Terrace, Clackermannan, FK10 4ER.

2. All and whole the subjects known as and forming 44B New Street, Kilmarnock KA1 4LD.

3. All and whole the subjects known as and forming 27 Watling Avenue, Falkirk FK1 4QE.

4. All and whole the subjects known as and forming 58B, Alloway Street, Ayr, KA7 1SH.

5. All and whole the subjects known as and forming 8 Union Road, Grangemouth, FK3 8AB.

Private investors hold the following securities:

1. All and whole the subjects known as and forming 1 Haig Street, Grangremouth, FK3 8QJ.

2. All and whole the subjects known as and forming 35 Dryburgh Avenue, Denny, FK6 6AG.

3. All and whole the subjects known as and forming 10 McDonald Terrace, Leven, KY8 3BQ.

4. All and whole the subjects known as and forming 87 Don Drive, Livingston , EH54 5LP.

10.	PROVISIONS FOR LIABILITIES

31.3.20

5.4.19

£

£

Deferred tax

45,894

10,299

Deferred

tax

£

Balance at 6 April 2019

10,299

Provided during period

35,595

Balance at 31 March 2020

45,894

11.

RESERVES

Fair

value

reserve

£

At 6 April 2019

50,281

Transfer to fair value reserve

180,966

Deferred tax on revaluation

(35,595

)

At 31 March 2020

195,652

12.	RELATED PARTY DISCLOSURES

During the year a loan was provided to Real Estate Wealth Developments Limited, a company owned by the

directors. At the year end, the loan balance was £13. This loan is interest free and has no fixed repayment terms.

During the year a loan was provided by REWD Developments Limited, a company owned by the directors. At

the year end, the loan balance was £40,031. This loan is interest free and has no fixed repayment terms.

During the year a loan was provided to DUNROBB SSAS, a SSAS held in the name of both directors. At the

year end, the loan balance was £15,859. This loan is interest free and has no fixed repayment terms.

During the year the company traded with Emandel Property Trading Limited on an arms length basis. Emandel

Property Trading Limited is a company owned by one of the directors. Emandel Property Trading Limited

invoiced the company for services of £20,400. All amounts were paid during the year.