Wallness Limited - Accounts to registrar (filleted) - small 18.2

Wallness Limited - Accounts to registrar (filleted) - small 18.2

WALLNESS LIMITED - Company Information

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REGISTERED NUMBER: 05961832 (England and Wales)



















WALLNESS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019






WALLNESS LIMITED (REGISTERED NUMBER: 05961832)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


WALLNESS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2019







DIRECTOR: Mr J Feldman





SECRETARY: Mr C M Rubin





REGISTERED OFFICE: 24 Riverside Road
London
N15 6DA





REGISTERED NUMBER: 05961832 (England and Wales)





ACCOUNTANTS: Sugarwhite Meyer Accountants Ltd
First Floor
94 Stamford Hill
London
N16 6XS
Page 1
WALLNESS LIMITED (REGISTERED NUMBER: 05961832)

BALANCE SHEET
31 OCTOBER 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 1,007,146 1,007,146

CURRENT ASSETS
Debtors 6 8,616 4,189
Cash at bank 99,399 87,801
108,015 91,990
CREDITORS
Amounts falling due within one year 7 1,055,612 1,053,815
NET CURRENT LIABILITIES (947,597 ) (961,825 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
59,549
45,321

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 50,000 50,000
Retained earnings 9,548 (4,680 )
59,549 45,321

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 May 2020 and were
signed by:





Mr J Feldman - Director


The notes on pages 3 to 4 form part of these financial statements

Page 2
WALLNESS LIMITED (REGISTERED NUMBER: 05961832)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019

1. STATUTORY INFORMATION

Wallness Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information
page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified to include
investment properties measured at fair value through profit or loss.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. The estimates and underlying
assumptions are reviewed on an ongoing basis.

Turnover
Turnover is recognised at the fair value of the consideration receivable in respect of services provided
in the normal course of business. The turnover of the company is represented by rents and charges
receivable in respect of the company's investment portfolio. Rental income is accounted for on an
accruals basis.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially
recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value
are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss
Account, except to the extent that it relates to items recognised in other comprehensive income or
directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods
different from those in which they are recognised in financial statements. Deferred tax is measured
using tax rates and laws that have been enacted or substantively enacted by the year end and that are
expected to apply to the reversal of the timing difference.

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.

Page 3
WALLNESS LIMITED (REGISTERED NUMBER: 05961832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2019

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2018
and 31 October 2019 1,007,146
NET BOOK VALUE
At 31 October 2019 1,007,146
At 31 October 2018 1,007,146

The fair value of the investment properties has been arrived at on the basis of a valuation carried out
by the company's director who has the experience and expertise required to undertake such an
exercise. The valuation was made on an open market value basis by reference to market evidence of
transaction prices for similar properties in the same location.

The historical cost of investment properties at 31 October 2019 is £957,146.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 8,616 4,189

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Taxation and social security 3,466 3,061
Other creditors 1,052,146 1,050,754
1,055,612 1,053,815

8. RELATED PARTY DISCLOSURES

Other creditors include amounts aggregating £120,000 (2018: £120,000) due to related companies
under common control.

Page 4