HWS (EDINBURGH) LTD

HWS (EDINBURGH) LTD - Company Information

2022-06-012023-05-312023-05-31falseSC475326HWS (EDINBURGH) 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HWS (EDINBURGH) LTD

Registered Number
SC475326
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2023

HWS (EDINBURGH) LTD

Company Information
for the year from 1 June 2022 to 31 May 2023


Directors	H S Atwal
	N S Atwal


Company Secretary	ATWAL, Harjinder Singh


Registered Address	108/1 George Street
	Edinburgh
	EH2 4LH


Registered Number	SC475326 (Scotland)

HWS (EDINBURGH) LTD

Balance Sheet as at
31 May 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	3		85		105
Investment property	4		3,817,328		3,817,328
			3,817,413		3,817,433
Current assets
Debtors	5	4,454		162,982
Cash at bank and on hand		31,530		23,507
		35,984		186,489
Creditors amounts falling due within one year	6	(813,788)		(822,382)
Net current assets (liabilities)			(777,804)		(635,893)
Total assets less current liabilities			3,039,609		3,181,540
Creditors amounts falling due after one year	7		(1,836,068)		(1,951,999)
Net assets			1,203,541		1,229,541
Capital and reserves
Called up share capital			100		100
Profit and loss account			1,203,441		1,229,441
Shareholders' funds			1,203,541		1,229,541

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 7 May 2024, and are signed on its behalf by:

H S Atwal
Director
Registered Company No. SC475326

HWS (EDINBURGH) LTD

Notes to the Financial Statements
for the year ended 31 May 2023

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared in accordance with 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 historical cost convention modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Basis of preparation

The financial statements have been prepared in accordance with 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 historical cost convention modified to include investment properties and certain financial instruments at fair value.
The principal accounting policies adopted are set out below.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover represents the rent receivable in the period. Income is recognised in the period to which it relates.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Fixtures and fittings	20

	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 at the reporting end date. The surplus or deficit on revaluation is recognised in profit and loss account.

	Financial instruments
	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. Basic financial liabilities Basic financial liabilities, including creditors and bank loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 amortized cost using the effective interest method.

Financial instruments

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.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 payments discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Amounts 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 amortized cost using the effective interest method.

2.	Average number of employees


		2023		2022
	Average number of employees during the year	2		2

3.	Tangible fixed assets

	Fixtures & fittings	Total
	£	£
Cost or valuation
At 01 June 22	675	675
At 31 May 23	675	675
Depreciation and impairment
At 01 June 22	570	570
Charge for year	20	20
At 31 May 23	590	590
Net book value
At 31 May 23	85	85
At 31 May 22	105	105

4.	Investment property
	In the opinion of the director, the market value of the other property is not materially different to the carrying value in the accounts as the balance sheet date.


		£
	Fair value at 01 June 22	3,817,328
	At 31 May 23	3,817,328

5.	Debtors: amounts due within one year

	2023	2022
	£	£
Trade debtors / trade receivables	406	36,257
Other debtors	-	79,262
Prepayments and accrued income	4,048	10,661
Deferred tax asset, debtors	-	36,802
Total	4,454	162,982

6.	Creditors: amounts due within one year

	2023	2022
	£	£
Trade creditors / trade payables	3,312	18,062
Bank borrowings and overdrafts	191,230	266,529
Taxation and social security	41,252	45,788
Other creditors	531,075	450,418
Accrued liabilities and deferred income	46,919	41,585
Total	813,788	822,382

7.	Creditors: amounts due after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	1,836,068	1,951,999
Total	1,836,068	1,951,999


	Included within other creditors falling due within one year and creditors falling due after more than one year are bank loans amounting to £ 2,027,298 (2022: £2,218,527) Bank loans are secured against floating charge that covers all the property of the company

8.	Related party transactions
	Included in other debtors are the amounts due from the companies owned by the director or close relatives of the directors due with in 12 months. PAD Lifestyle Ltd £0 (2022:£79,262) During the year, the company paid management charges of £4,410 (2022: £4,410) to Hadplaid Limited a company connected the directors. Included in other creditors are the amounts due to the companies owned by the director or close relatives of the directors due with in 12 months. MCA Edinburgh Ltd £222,714 (2022: £182,714); ST Edinburgh Ltd £60,000 (2022:£60,000); JA Fife Ltd £17,000 (2022: £17,000); NA Aberdeen £17,000 (2022: £7,000); Hadplaid Ltd £57,495 (2022: £58,039); H&N Holdings Ltd £900 (2022: £900); PB Edinburgh Ltd £10,000 (2022: £10,000); HA Aberdeen Ltd £10,000 (2022: £0); HA Fife Ltd £15,000 (2022: £15,000); Jedco Ltd £17,000 (2022: £17,000); Nalmond Ltd £11,000 (2022: £11,000)

Related party transactions

Included in other debtors are the amounts due from the companies owned by the director or close relatives of the directors due with in 12 months. PAD Lifestyle Ltd £0 (2022:£79,262)

During the year, the company paid management charges of £4,410 (2022: £4,410) to Hadplaid Limited a company connected the directors.

Included in other creditors are the amounts due to the companies owned by the director or close relatives of the directors due with in 12 months.
MCA  Edinburgh Ltd £222,714 (2022: £182,714); ST Edinburgh Ltd £60,000 (2022:£60,000); JA Fife Ltd £17,000 (2022: £17,000); NA Aberdeen £17,000 (2022: £7,000); Hadplaid Ltd £57,495 (2022: £58,039); H&N Holdings Ltd £900 (2022: £900); PB Edinburgh Ltd £10,000 (2022: £10,000); HA Aberdeen Ltd £10,000 (2022: £0); HA Fife Ltd £15,000 (2022: £15,000); Jedco Ltd £17,000 (2022: £17,000); Nalmond Ltd £11,000 (2022: £11,000)