ACCOUNTS - Final Accounts

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED - Company Information

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Registered number: 03585671

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

COMPANY INFORMATION

Director	C R Sapey


Registered number	03585671


Registered office	The View
	35 School Road
	Drayton
	Norwich
	Norfolk
	NR8 6EF


Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 11

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
FOR THE YEAR ENDED 30 JUNE 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wymondham Property Management Company Limited for the year ended 30 June 2019 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Wymondham Property Management Company Limited in accordance with the terms of our engagement letter dated 17 October 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Wymondham Property Management Company Limited and state those matters that we have agreed to state to the director of Wymondham Property Management Company Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wymondham Property Management Company Limited and its director for our work or for this report.

It is your duty to ensure that Wymondham Property Management Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Wymondham Property Management Company Limited. You consider that Wymondham Property Management Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Wymondham Property Management Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

2 December 2019

Page 1

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

REGISTERED NUMBER: 03585671

BALANCE SHEET

AS AT 30 JUNE 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	3		13,908		17,528
Investments	4		3		3
Investment property	5		6,940,000		12,987,000
			6,953,911		13,004,531
Current assets
Debtors	6	1,993,292		2,113,052
Cash at bank and in hand		85,806		155,309
		2,079,098		2,268,361
Creditors: amounts falling due within one year	7	(82,718)		(171,448)
Net current assets			1,996,380		2,096,913
Total assets less current liabilities			8,950,291		15,101,444
Creditors: amounts falling due after more than one year	8		(1,673,834)		(8,409,181)
Provisions for liabilities
Deferred tax	9		(526,985)		(438,419)
Net assets			6,749,472		6,253,844

Capital and reserves
Called up share capital		1	1
Revaluation reserve	10	3,831,881	4,594,915
Profit and loss account	10	2,917,590	1,658,928
		6,749,472	6,253,844

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 2

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

REGISTERED NUMBER: 03585671

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2019

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2019.

C R Sapey

Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

1.	General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is The View, 35 School Road, Drayton, Norwich, NR8 6EF
The company's principal activity is the management of its own property. The principal place of business is Norwich, UK.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises income due on investment properties leased by the company under operating leases, accounted for on an accruals basis covering the period for which the rent is due under the terms of the lease. Turnover is exclusive of VAT.

2.3

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

2.4

Finance costs

Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred.

Page 4

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

2.Accounting policies (continued)

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25% reducing balance
				Office equipment	-	10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

Page 5

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

2.Accounting policies (continued)

2.8

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

3.	Tangible fixed assets

	Motor vehicles	Office equipment	Total
	£	£	£
Cost or valuation
At 1 July 2018	29,515	16,619	46,134
At 30 June 2019	29,515	16,619	46,134
Depreciation
At 1 July 2018	17,063	11,542	28,605
Charge for the year on owned assets	3,113	508	3,621
At 30 June 2019	20,176	12,050	32,226
Net book value
At 30 June 2019	9,339	4,569	13,908
At 30 June 2018	12,451	5,077	17,528

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 July 2018	3
	At 30 June 2019	3

	Net book value
	At 30 June 2019	3
	At 30 June 2018	3

Page 7

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

4.Fixed asset investments (continued)

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding	Principal activity

	Wymondham Property Development Company Limited	Ordinary	100%	Property Development
	WPMC1	Ordinary	100%	Property Management

5.	Investment property

	Freehold investment property	Long term leasehold investment property	Total
	£	£	£
Valuation
At 1 July 2018	6,357,000	6,630,000	12,987,000
Disposals	(232,000)	(6,450,000)	(6,682,000)
Surplus on revaluation	635,000	-	635,000
At 30 June 2019	6,760,000	180,000	6,940,000

Comprising
Cost	2,451,133	130,000	2,581,133
Annual revaluation surplus/(deficit):	Annual revaluation surplus/(deficit):
2017	4,208,867	50,000	4,258,867
2018	(535,000)	-	(535,000)
2019	635,000	-	635,000
At 30 June 2019	6,760,000	180,000	6,940,000

The 2019 valuations were made by Mr C R Sapey, on an open market value for existing use basis.

Page 8

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Debtors

					2019	2018
					£	£

Due after more than one year
Amounts owed by group undertakings	179,089	461,779
	179,089	461,779
Due within one year
Other debtors	1,708,112	1,554,493
Prepayments and accrued income	3,154	5,580
Tax recoverable	102,937	91,200
	1,993,292	2,113,052

Included within other debtors within one year is a loan to the director amounting to £375,054 (2018: £338,939).
Included within other debtors is £64,686 (2018: £346,966) owed by subsidiary company WPMC1 Ltd which had net liabilities at the year end of £58,601 (2018: £56,026). The director considers this balance to be fully recoverable based on the fact that the subsidiary company is profitable and is expected to continue to make profits for the foreseeable future.

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank loans	1,930	50,556
Trade creditors	3,982	8,110
Other creditors	71,299	106,831
Accruals and deferred income	5,507	5,951
	82,718	171,448

Page 9

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

8.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

Bank loans	1,673,834	8,409,181
	1,673,834	8,409,181

Secured loans

The bank loans are secured by a first legal mortgage over specific freehold property of the company.

The director has also given personal guarantees as shown in note 13.

Creditors include amounts not wholly repayable within 5 years
	2019	2018
	£	£

Repayable by instalments
Bank loans due after 5 years	1,208,984	8,206,956
	1,208,984	8,206,956

9.	Deferred taxation

	2019	2018
	£	£

At beginning of year	438,419	698,319
Charged to profit or loss	88,566	(259,900)
At end of year	526,985	438,419

The provision for deferred taxation is made up as follows:
	2019	2018
	£	£

	Revaulation of investment properties	526,985	438,419
		526,985	438,419

Page 10

WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

10.

Reserves

Investment property revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of listed investments to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss accounts. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.

11.	Contingent liabilities

Under the agreement with the bank, Wymondham Property Management Company Limited is party to an unlimited inter-company guarantee dated 26 April 2012 with Wymondham Property Development Company Limited.

12.Director's personal guarantees

The director, who is the only shareholder has given personal guarantees for secured borrowings of £1,675,763 (2018: £8,459,737).

13.	Related party transactions
	As at 30 June 2019, Wymondham Property Development Company Limited, a wholly owned subsidiary, owed £1,447,460 (2018: £1,330,365). As at 30 June 2019, WPMC1 Limited, a wholly owned subsidiary, owed £64,686 (2018: £346,966).

Page 11