Winckley Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01074806 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

WINCKLEY ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M A Crook

Mrs V L Bauer

SECRETARY:

Mr M A Crook

REGISTERED OFFICE:

Nook Farm

Carrhouse Lane

Bretherton

Leyland

Lancashire

PR26 9AR

REGISTERED NUMBER:

01074806 (England and Wales)

ACCOUNTANTS:

James Todd & Co

Greenbank House

141 Adelphi Street

Preston

Lancashire

PR1 7BH

FIXED ASSETS

Tangible assets

4

55,629

54,824

Investments

5

2

2

Investment property

6

1,158,384

1,158,384

1,214,015

1,213,210

CURRENT ASSETS

Stocks

7

12,641

7,941

Debtors

8

8,704

1,684

Cash at bank

42,328

-

63,673

9,625

CREDITORS

Amounts falling due within one year

9

130,593

109,512

NET CURRENT LIABILITIES

(66,920

)

(99,887

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,147,095

1,113,323

CREDITORS

Amounts falling due after more than one year

10

(354,604

)

(343,794

)

PROVISIONS FOR LIABILITIES

(21,625

)

(21,714

)

NET ASSETS

770,866

747,815

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Non-distributable reserve

570,670

570,670

Retained earnings

197,196

174,145

SHAREHOLDERS' FUNDS

770,866

747,815

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 28 July 2022 and were signed on its behalf by:

Mr M A Crook - Director

1.	STATUTORY INFORMATION

Winckley Estates 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.

Preparation of consolidated financial statements

The financial statements contain information about Winckley Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets

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

Fixtures and fittings

-

10% on reducing balance

The director's opinion is that depreciation should not apply to freehold property, included in note 5, as its market value considerably outweighs its cost.

Investment property

The property held by the company is classed as investment property, which is held to earn rentals and / or for capital appreciation. Investment property is stated at open market value, at the most recent valuation. Gains or losses arising from the changes in the fair values of investment properties are included in the Income Statement for the period in which they arise. Deferred tax is provided on these movements where applicable.

Stocks

Stock is valued at the lower of cost and net realisable value. Long term contracts are valued at cost, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched with turnover. Transfers to turnover are made on the basis of cost plus known profit attributable to the stage of completion of each contract.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, prepayments, trade creditors, accruals, cash at bank, bank loans, and intercompany loans. They are all measured at the amount of consideration expected to be received or paid.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Revenue recognition

Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods and services supplied net of discounts.

Rents receivable are recognised when a liability arises on the tenant in accordance with the tenancy agreement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 November 2020

51,974

16,623

68,597

Additions

-

1,295

1,295

At 31 October 2021

51,974

17,918

69,892

DEPRECIATION

At 1 November 2020

-

13,773

13,773

Charge for year

-

490

490

At 31 October 2021

-

14,263

14,263

NET BOOK VALUE

At 31 October 2021

51,974

3,655

55,629

At 31 October 2020

51,974

2,850

54,824

The directors, on reflection, consider that the cost of the freehold property is far outweighed by its market value and therefore do not consider that the property should be depreciated at all. This departure from The Companies Act 2006 and FRS 102 1A is in the directors' opinion necessary for the financial statements to give a true and fair view given that they do not wish to revalue the property. In the directors' opinion a provision of at least £693 should have been made on the buildings element of the property. The effect of not providing for depreciation on this asset is to overstate profits by £693 in both the current and previous years.

Cost or valuation at 31 October 2021 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Cost

51,974

17,918

69,892

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 November 2020

and 31 October 2021

2

NET BOOK VALUE

At 31 October 2021

2

At 31 October 2020

2

Investments in subsidiary undertakings are recognised at cost.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2020

and 31 October 2021

1,158,384

NET BOOK VALUE

At 31 October 2021

1,158,384

At 31 October 2020

1,158,384

Fair value at 31 October 2021 is represented by:

£

Valuation in 1992

169,950

Valuation in 2011

400,720

Cost

587,714

1,158,384

If investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

587,714

587,714

Investment property was valued on an open market basis on 14 July 2011 by M A Crook, a director of the company .

7.

STOCKS

2021

2020

£

£

Work-in-progress

12,641

7,941

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

3,787

-

Other debtors

4,457

1,684

Prepayments

460

-

8,704

1,684

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

44,969

43,490

Trade creditors

6,639

8,271

Amounts owed to group undertakings

-

924

Corporation tax

9,092

6,353

Social security and other taxes

941

941

Directors' loan accounts

56,814

37,735

Accruals and deferred income

12,138

11,798

130,593

109,512

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

44,969

41,155

Bank loans - 2-5 years

134,906

123,466

Bank loan

174,729

179,173

354,604

343,794

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

174,729

179,173

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdraft

-

2,335

Bank loans

399,573

384,949

399,573

387,284

The bank loan and overdraft are secured by legal charges over the company's freehold property in the form of a debenture dated 9 October 1989, and legal charges dating from 20th July 1987 over six freehold properties held for rental purposes, and one other freehold property. The company has also given a debenture in favour of Royal Bank of Scotland PLC, in respect of the borrowing requirements of its wholly owned subsidiary company Marlion (Preston) Limited.

12.	RELATED PARTY DISCLOSURES

At 31 October 2021 the company owed £56,814 (2020: £37,735) to a director. No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.

13.	ULTIMATE CONTROLLING PARTY

14.	GOING CONCERN

Although the company has substantial net assets at the balance sheet date, it has net current liabilities meaning that it is unable to pay its creditors as and when they fall due. The company continues to trade through the support of its bankers and its creditors the largest of whom is the directors' loan account.