Company Registration No. SC220870 (Scotland)
WEST COAST CAPITAL PRESTVEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
WEST COAST CAPITAL PRESTVEN LIMITED
COMPANY INFORMATION
Directors
J C McMahon
P R Davidson
Secretary
K E Murray
S Seales
Company number
SC220870
Registered office
Marathon House
Olympic Business Park
Drybridge Road
Dundonald
AYRSHIRE
KA2 9AE
Accountants
Johnston Carmichael LLP
227 West George Street
GLASGOW
G2 2ND
WEST COAST CAPITAL PRESTVEN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
WEST COAST CAPITAL PRESTVEN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
1
1
Net current assets
1
1
Capital and reserves
Called up share capital
4
1
1
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 December 2020 and are signed on its behalf by:
J C McMahon
Director
Company Registration No. SC220870
WEST COAST CAPITAL PRESTVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
West Coast Capital Prestven Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Marathon House, Olympic Business Park, Drybridge Road, Dundonald, AYRSHIRE, KA2 9AE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The
true
company does not trade. As a result, the
accounts have not been prepared on a going concern basis. The company has made all adjustments necessary to ensure that assets are recorded at an appropriate recoverable amount which is amortised cost. Accordingly, the director
s
are
satisfied that there are no adjustments required to the carrying value of assets necessary to reflect the fact that the company is not continuing as a going concern.
1.3
Profit and loss account
The company has not traded during the year or the preceding financial
period
. During
this time
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's
balance sheet
when the company becomes party to the contractual provisions of the instrument.
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
, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WEST COAST CAPITAL PRESTVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2019 - 0).
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
4
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
5
Related party transactions
The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions or balances with the immediate parent company or any wholly owned subsidiary undertaking of the group.