Wealden Properties (Sevenoaks) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10553155 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

Wealden Properties (Sevenoaks) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

W J Terry

R D W Terry

P C Baker

REGISTERED OFFICE:

99 St Johns Hill

Sevenoaks

Kent

TN13 3PE

REGISTERED NUMBER:

10553155 (England and Wales)

ACCOUNTANTS:

ah partnership

Chartered Accountants

Stanley House

49 Dartford Road

Sevenoaks

Kent

TN13 3TE

FIXED ASSETS

Tangible assets

4

189,000

193,000

Investment property

5

10,915,000

10,342,500

11,104,000

10,535,500

CURRENT ASSETS

Debtors

6

61,467

52,599

Cash at bank and in hand

328,062

225,566

389,529

278,165

CREDITORS

Amounts falling due within one year

7

262,570

197,240

NET CURRENT ASSETS

126,959

80,925

TOTAL ASSETS LESS CURRENT LIABILITIES

11,230,959

10,616,425

CREDITORS

Amounts falling due after more than one year

8

(3,831,924

)

(3,219,762

)

PROVISIONS FOR LIABILITIES

-

(11,400

)

NET ASSETS

7,399,035

7,385,263

CAPITAL AND RESERVES

Called up share capital

10

7,391,667

7,391,667

Fair value reserve

11

(83,443

)

48,600

Retained earnings

90,811

(55,004

)

SHAREHOLDERS' FUNDS

7,399,035

7,385,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2021 and were signed on its behalf by:

P C Baker - Director

1.	STATUTORY INFORMATION

Wealden Properties (Sevenoaks) 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is initially recognised in the Income Statement.

As this 'surplus' is not distributable to the shareholders, the surplus or deficit, net of the deferred tax provision relating to the revaluation, is transferred to the Fair Value Reserve.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2019

and 31 May 2020

185,000

12,000

197,000

DEPRECIATION

At 1 June 2019

-

4,000

4,000

Charge for year

-

4,000

4,000

At 31 May 2020

-

8,000

8,000

NET BOOK VALUE

At 31 May 2020

185,000

4,000

189,000

At 31 May 2019

185,000

8,000

193,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2019

10,342,500

Additions

735,516

Revaluations

(163,016

)

At 31 May 2020

10,915,000

NET BOOK VALUE

At 31 May 2020

10,915,000

At 31 May 2019

10,342,500

Fair value at 31 May 2020 is represented by:

£

Valuation in 2019

60,000

Valuation in 2020

(163,016

)

Cost

11,018,016

10,915,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

38,144

48,849

Other debtors

23,323

3,750

61,467

52,599

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

195,857

118,337

Trade creditors

17,249

9,847

Taxation and social security

45,147

41,716

Other creditors

4,317

27,340

262,570

197,240

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

3,831,924

3,219,762

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

4,027,781

3,338,099

Lloyds Bank plc hold a first legal charge over the fixed asset freehold investment properties of the company, and an unlimited debenture.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

7,391,667

Ordinary

£1

7,391,667

7,391,667

During the period ended 31 May 2019 the company took-over the trade of Wealden Property Management, a trading partnership. Shares were issued to the proprietor for the value of the assets transferred to the company. The share issue was 7,391,567 shares of £1 each.

11.

RESERVES

Fair

value

reserve

£

At 1 June 2019

48,600

Transfer to fair value reserve

(132,043

)

At 31 May 2020

(83,443

)

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 May 2020 and the period ended 31 May 2019:

2020

2019

£

£

P C Baker

Balance outstanding at start of year

(208

)

-

Amounts repaid

(208

)

(208

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(416

)

(208

)

W J Terry

Balance outstanding at start of year

(2

)

-

Amounts advanced

1

-

Amounts repaid

-

(2

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1

)

(2

)

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £42,280 (2019 - £228,845) were paid to the directors .

14.	POST BALANCE SHEET EVENTS AND COVID-19

The directors have considered the impact of Covid 19 and hold the opinion that it does not have a material impact on the business as a going concern. The accounts have therefore been drawn up on a going concern basis.

The decision has been taken to recognise in this accounting year the full potential for bad debts through rent arrears as a result of Covid 19. This totals £49,111.

The directors anticipate that no further provision for bad debts due to Covid 19 will be required, assuming the Government roadmap becomes a reality, and the company's property tenants are able to trade as normal, and hence be in a position to pay the property rentals due to the company.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is W J Terry.

The ultimate controlling party is W J Terry.

16.	INVESTMENT PROPERTIES/ RENTAL INCOME

The investment properties were transferred to the company at the end of July 2018 and therefore the rental income for the comparative year represents that received during the 10 month period from August 2018 to May 2019.The 2020 figures represent a full 12 months of income and expenses.