Wolf Rock Properties Limited Filleted accounts for Companies House (small and micro)

Wolf Rock Properties Limited Filleted accounts for Companies House (small and micro)

WOLF ROCK PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05137479
Wolf Rock Properties Limited
Filleted Unaudited Financial Statements
31 May 2018
Wolf Rock Properties Limited
Statement of Financial Position
31 May 2018
2018
2017
Note
£
£
£
Fixed assets
Investments
3
67,000
264,950
Current assets
Debtors
4
100
460
Cash at bank and in hand
537
4,006
----
------
637
4,466
Creditors: amounts falling due within one year
5
43,008
53,584
-------
-------
Net current liabilities
42,371
49,118
-------
--------
Total assets less current liabilities
24,629
215,832
Creditors: amounts falling due after more than one year
6
59,326
238,431
-------
--------
Net liabilities
( 34,697)
( 22,599)
-------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 34,698)
( 22,600)
-------
-------
Shareholders deficit
( 34,697)
( 22,599)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wolf Rock Properties Limited
Statement of Financial Position (continued)
31 May 2018
These financial statements were approved by the board of directors and authorised for issue on 17 February 2019 , and are signed on behalf of the board by:
R.S. Milne
Director
Company registration number: 05137479
Wolf Rock Properties Limited
Notes to the Financial Statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Jury Street, Warwick, CV34 4EW. The company also trades from an address in England.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
Going concern
The continuation of the company's affairs is dependent upon the support of the creditors. These accounts have been prepared on a going concern basis which assumes their support will be continued for the foreseeable future.
Judgements in applying accounting policies and key sources of estimation in uncertainty
In preparing these financial statements the directors/members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3. Investments
Other investments other than loans
£
Cost
At 1 June 2017
264,950
Disposals
( 201,950)
Revaluations
4,000
--------
At 31 May 2018
67,000
--------
Impairment
At 1 June 2017 and 31 May 2018
–
--------
Carrying amount
At 31 May 2018
67,000
--------
At 31 May 2017
264,950
--------
Property
The investment properties were purchased between 12th October 2004 and 19th May 2006. The fair value of the properties at 31st May 2018 has been arrived at on the basis of a valuation carried out at that date by Mr R Milne BSc FRICS, a director of the company who is a professionally qualified Chartered Surveyor. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in it's location.
The historic cost of the investment properties was £58,318 (2017: £273,000).
4. Debtors
2018
2017
£
£
Other debtors
100
460
----
----
5. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
1,303
4,353
Other creditors
41,705
49,231
-------
-------
43,008
53,584
-------
-------
6. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
59,326
238,431
-------
--------
The bank loans are secured by the company. The banks have fixed charges over all rental income and sale proceeds of any lease of the following properties:
73 Leonard Street
The banks also have fixed and floating charges over the company's assets to secure the bank loans.
7. Financial instruments at fair value
The company only has basic financial instruments. - Financial Assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company/LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
8. Directors' advances, credits and guarantees
At the reporting date the directors loan account was in credit by £40,265 (2017: 47,601). There is no fixed term for repayment and no interest is charged.
9. Related party transactions
The company was under the control of R. Milne during the current and previous period.