Whighams Young & Saunders Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: SC045983 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

WHIGHAMS YOUNG & SAUNDERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I G Cumming

M J K Montgomerie

SECRETARY:

I G Cumming

REGISTERED OFFICE:

c/o Stewart Gilmour & Co C.A.

24 Beresford Terrace

AYR

Ayrshire

KA7 2EG

REGISTERED NUMBER:

SC045983 (Scotland)

ACCOUNTANTS:

Stewart Gilmour & Co.

24 Beresford Terrace

Ayr

KA7 2EG

BANKERS:

Bank of Scotland

123 High Street

Ayr

KA7 1QP

FIXED ASSETS

Investment property

4

373,000

376,000

CURRENT ASSETS

Cash at bank

2,367

5,283

CREDITORS

Amounts falling due within one year

5

24,073

20,778

NET CURRENT LIABILITIES

(21,706

)

(15,495

)

TOTAL ASSETS LESS CURRENT LIABILITIES

351,294

360,505

CAPITAL AND RESERVES

Called up share capital

6

10,000

10,000

Revaluation reserve

7

379,869

380,991

Retained earnings

7

(38,575

)

(30,486

)

SHAREHOLDERS' FUNDS

351,294

360,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 11 July 2023 and were signed on its behalf by:

I G Cumming - Director

1.	STATUTORY INFORMATION

Whighams Young & Saunders 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.

Investment property

In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account .

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, depreciation of 0.67% will give a true and fair view.

Taxation

Taxation for the year 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 year 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 year was NIL (2022 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2022

and 30 April 2023

450,000

DEPRECIATION

At 1 May 2022

74,000

Charge for year

3,000

At 30 April 2023

77,000

NET BOOK VALUE

At 30 April 2023

373,000

At 30 April 2022

376,000

Fair value at 30 April 2023 is represented by:

£

Valuation in 2000

150,000

Valuation in 2015

300,000

450,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

150,000

150,000

Aggregate depreciation

(77,000

)

(74,000

)

The investment property was valued on a fair value basis on 30 April 2023 by the Director, Mr I G Cumming .

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Taxation and social security

8,160

7,693

Other creditors

15,913

13,085

24,073

20,778

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

10,000

Ordinary

£1

10,000

10,000

7.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 May 2022

(30,486

)

380,991

350,505

Profit for the year

31,789

31,789

Dividends

(41,000

)

(41,000

)

Transfers to and from Reserves

1,122

(1,122

)

-

At 30 April 2023

(38,575

)

379,869

341,294

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £41,000 were paid to the directors .

During the year the Company operated a current account with Director Mr I Cumming. As at the year end the amount owed to the Director was Nil (2022 - £158)