Waddicar Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01270005 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

Waddicar Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Armor

P J Armor

S Armor

SECRETARY:

S Armor

REGISTERED OFFICE:

32 Derby Street

Ormskirk

Lancashire

L39 2BY

REGISTERED NUMBER:

01270005 (England and Wales)

ACCOUNTANTS:

Myersons

Chartered Accountants

32 Derby Street

Ormskirk

Lancashire

L39 2BY

FIXED ASSETS

Tangible assets

4

13,774,347

13,680,504

Investments

5

452,250

452,250

14,226,597

14,132,754

CURRENT ASSETS

Debtors

6

48,464

42,274

Cash at bank

1,303,112

1,350,002

1,351,576

1,392,276

CREDITORS

Amounts falling due within one year

7

2,573,605

2,653,310

NET CURRENT LIABILITIES

(1,222,029

)

(1,261,034

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,004,568

12,871,720

CREDITORS

Amounts falling due after more than one year

8

(5,846,021

)

(5,965,167

)

PROVISIONS FOR LIABILITIES

(148

)

(148

)

NET ASSETS

7,158,399

6,906,405

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

10

2,977,167

2,977,167

Retained earnings

4,180,232

3,928,238

SHAREHOLDERS' FUNDS

7,158,399

6,906,405

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 20 April 2021 and were signed on its behalf by:

P J Armor - Director

1.	STATUTORY INFORMATION

Waddicar Property 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.	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.

Turnover

Turnover represents net invoiced rent, excluding value added tax.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 October 2019

13,680,001

27,931

1,690

422

13,710,044

Additions

93,930

-

-

-

93,930

At 30 September 2020

13,773,931

27,931

1,690

422

13,803,974

DEPRECIATION

At 1 October 2019

-

27,650

1,468

422

29,540

Charge for year

-

42

45

-

87

At 30 September 2020

-

27,692

1,513

422

29,627

NET BOOK VALUE

At 30 September 2020

13,773,931

239

177

-

13,774,347

At 30 September 2019

13,680,001

281

222

-

13,680,504

Cost or valuation at 30 September 2020 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Valuation in 1997

55,521

-

-

-

55,521

Valuation in 2010

1,446,535

-

-

-

1,446,535

Valuation in 2011

3,728,744

-

-

-

3,728,744

Valuation in 2018

(2,253,633

)

-

-

-

(2,253,633

)

Cost

10,796,764

27,931

1,690

422

10,826,807

13,773,931

27,931

1,690

422

13,803,974

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.9.20

30.9.19

£

£

Cost

10,739,290

10,739,290

In September 2018 the freehold land and buildings were valued on an open market basis by Eddisons Taylors Commercial Valuers. In the directors' opinion all freehold land and buildings are included in the balance sheet at their open market value.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2019

and 30 September 2020

452,250

NET BOOK VALUE

At 30 September 2020

452,250

At 30 September 2019

452,250

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

19,000

15,057

Other debtors

29,464

27,217

48,464

42,274

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

523,146

523,146

Trade creditors

16,519

18,537

Taxation and social security

39,795

3,101

Other creditors

1,994,145

2,108,526

2,573,605

2,653,310

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans

5,846,021

5,965,167

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.20

30.9.19

£

£

Bank loans

6,369,167

6,488,313

The bank loans are secured by fixed charges on properties owned by the company and a floating charge over all the assets of the company in the name of Lloyds Bank Plc along with a debenture dated 22nd January 2019.

10.

RESERVES

Revaluation

reserve

£

At 1 October 2019

and 30 September 2020

2,977,167

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party are P & S Armor.