Wrencon Developments Limited - Accounts to registrar (filleted) - small 18.2

Wrencon Developments Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 02192113 (England and Wales)















Wrencon Developments Limited

Unaudited Financial Statements for the Year Ended 30 April 2020






Wrencon Developments Limited (Registered number: 02192113)

Contents of the Financial Statements
for the Year Ended 30 April 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wrencon Developments Limited

Company Information
for the Year Ended 30 April 2020







DIRECTORS: JR Williams
J S Elsmore





REGISTERED OFFICE: 1 Allerford Farm Barns
Norton Fitzwarren
Taunton
Somerset
TA4 1AL





REGISTERED NUMBER: 02192113 (England and Wales)





ACCOUNTANTS: Haines Watts Exeter LLP
3 Southernhay West
Exeter
Devon
EX1 1JG

Wrencon Developments Limited (Registered number: 02192113)

Balance Sheet
30 April 2020

2020 2019
Notes £    £   
FIXED ASSETS
Tangible assets 5 279,130 223,793

CURRENT ASSETS
Debtors 6 906 890
Cash at bank 6,896 81,412
7,802 82,302
CREDITORS
Amounts falling due within one year 7 (282,021 ) (364,889 )
NET CURRENT LIABILITIES (274,219 ) (282,587 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,911

(58,794

)

PROVISIONS FOR LIABILITIES (1,735 ) (2,168 )
NET ASSETS/(LIABILITIES) 3,176 (60,962 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 57,620 -
Retained earnings (54,544 ) (61,062 )
SHAREHOLDERS' FUNDS 3,176 (60,962 )

Wrencon Developments Limited (Registered number: 02192113)

Balance Sheet - continued
30 April 2020


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2021 and were signed on its behalf by:





J S Elsmore - Director


Wrencon Developments Limited (Registered number: 02192113)

Notes to the Financial Statements
for the Year Ended 30 April 2020


1. STATUTORY INFORMATION

Wrencon Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The directors and Wrencon Limited (related company) remain supportive of the company and does not consider there to be any material uncertainties which cast significant doubt about the company's ability to continue.

Consequently, the directors have a reasonable expectation that the company has adequate resources to continue as a going concern for the foreseeable future and as such the financial statements have been drawn up on that basis.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of rent received from the tenants of property owned by the company and the proceeds of any sale of property developed by the company. It also includes the rental income from a vehicle leased.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% reducing balance

Freehold land and buildings have not been depreciated, contrary to the Financial Reporting Standard for Smaller Entities and the Companies Act 2006. The directors carry out an annual impairment review on the assets and consider that the value of the freehold land which the buildings occupy exceeds the value at which they are stated in the accounts. Consequently, the directors do not consider it appropriate to provide for depreciation of the freehold land and buildings in the company's financial statements.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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 liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

Wrencon Developments Limited (Registered number: 02192113)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2020


5. TANGIBLE FIXED ASSETS
Property Motor
costs vehicles Totals
£    £    £   
COST OR VALUATION
At 1 May 2019 212,380 13,975 226,355
Revaluations 57,620 - 57,620
At 30 April 2020 270,000 13,975 283,975
DEPRECIATION
At 1 May 2019 - 2,562 2,562
Charge for year - 2,283 2,283
At 30 April 2020 - 4,845 4,845
NET BOOK VALUE
At 30 April 2020 270,000 9,130 279,130
At 30 April 2019 212,380 11,413 223,793

Cost or valuation at 30 April 2020 is represented by:

Property Motor
costs vehicles Totals
£    £    £   
Valuation in 2020 57,620 - 57,620
Cost 212,380 13,975 226,355
270,000 13,975 283,975

The property was valued by Greenslade Taylor Hunt on 15 October 2020 at £270,000, the Directors consider the property was of this value on 30 April 2020.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Other debtors 906 890

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors - 4,001
Taxation and social security 1,004 46
Other creditors 281,017 360,842
282,021 364,889

Wrencon Developments Limited (Registered number: 02192113)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2020


8. CONTINGENT LIABILITIES

The company has given an unlimited guarantee in respect of all monies owed by Wrencon Limited, a company under common management, to its bankers.

Wrencon Limited has given an unlimited guarantee in respect of all monies owed by Wrencon Developments Limited to its bankers.

9. RELATED PARTY DISCLOSURES

Related company

Included in creditors within one year is a loan with a related company of £229,367 (2019: £309,192). The company is related through common ownership. The loan is interest free and repayable on demand.