Wapping Property Limited Filleted accounts for Companies House (small and micro)

WAPPING PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01820187

Wapping Property Limited

Filleted Unaudited Financial Statements

30 June 2018

Wapping Property Limited

Statement of Financial Position

30 June 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		1,073,417	983,440

Current assets

Debtors	6	91,107	46,692
Cash at bank and in hand		2,039	2,888
		--------	--------
		93,146	49,580

Creditors: amounts falling due within one year	7	127,629		95,338
		---------		--------
Net current liabilities			34,483	45,758
			------------	---------
Total assets less current liabilities			1,038,934	937,682

Creditors: amounts falling due after more than one year	8	73,647	–
		------------	---------
Net assets		965,287	937,682
		------------	---------

Capital and reserves

Called up share capital	1,000	1,000
Revaluation reserve	159,716	159,716
Profit and loss account	804,571	776,966
	---------	---------
Shareholder funds	965,287	937,682
	---------	---------

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 statement of income and retained earnings has not been delivered.

For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Wapping Property Limited

Statement of Financial Position (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 27 March 2019 , and are signed on behalf of the board by:

Mr J L Pattison
Director

Company registration number: 01820187

Wapping Property Limited

Notes to the Financial Statements

Year ended 30 June 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 Gleneden Mill, Lorne Crescent, Carlisle, Cumbria, CA2 5XL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. 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 entity.

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant & Machinery	-	20% reducing balance

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.

Financial instruments

Financial instuments are classified and accounted for, according to the substance of the contractual arrangements, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its financial liabilities.

4. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	6,481	7,734
	-------	-------
Tax on profit	6,481	7,734
	-------	-------

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 July 2017	983,324	6,907	990,231
Additions	90,000	–	90,000
	------------	-------	------------
At 30 June 2018	1,073,324	6,907	1,080,231
	------------	-------	------------
Depreciation
At 1 July 2017	–	6,791	6,791
Charge for the year	–	23	23
	------------	-------	------------
At 30 June 2018	–	6,814	6,814
	------------	-------	------------
Carrying amount
At 30 June 2018	1,073,324	93	1,073,417
	------------	-------	------------
At 30 June 2017	983,324	116	983,440
	------------	-------	------------

Tangible assets held at valuation

Freehold properties included above at valuation £265,000 were revalued by Messrs. John Taylor & Co. Chartered Surveyors on 29 October 1999 on the basis of open market value. The historical cost of these properties is £105,284 (2016: £105,284). Properties purchased from 2006 onwards are carried at purchase cost plus cost of improvements. During the year the director has considered the value of the freehold properties and believes the valuations as shown in the accounts to be appropriate. In respect of certain fixed assets stated at valuations, the comparable historical cost value is as follows:

	2018	2017
	£	£
Net book value at end of year	265,000	265,000

	Historical cost	105,284	105,284

6. Debtors

	2018	2017
	£	£
Trade debtors	6,107	6,692
Other debtors	85,000	40,000
	--------	--------
	91,107	46,692
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	21,806	–
Trade creditors	22,021	22,037
Corporation tax	6,481	11,268
Other creditors	77,321	62,033
	---------	--------
	127,629	95,338
	---------	--------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	73,647	–
	--------	----

9. Related party transactions

The company has made a loan to Carlisle Glass Limited which is interest free and has no specific repayment date. The amount outstanding on this loan is £85,000 (2017 : £40,000).