Westerham Properties Limited - Period Ending 2022-06-30
Westerham Properties Limited - Period Ending 2022-06-30
Registration number:
for the Year Ended
Westerham Properties Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Westerham Properties Limited
Company Information
Directors |
Mr J M Williams |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Westerham Properties Limited
for the Year Ended 30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Westerham Properties Limited for the year ended 30 June 2022 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Westerham Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Westerham Properties Limited and state those matters that we have agreed to state to the Board of Directors of Westerham Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westerham Properties Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Westerham Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Westerham Properties Limited. You consider that Westerham Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Westerham Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Silks Way
Braintree
Essex
CM7 3GB
Westerham Properties Limited
Statement of Comprehensive Income for the Year Ended 30 June 2022
2022 |
2021 |
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(Loss)/profit for the year |
( |
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Surplus on revaluation of other assets |
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- |
Total comprehensive income for the year |
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Westerham Properties Limited
(Registration number: 03579923)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
- |
16,000 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Revaluation reserve |
1,894,873 |
728,593 |
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Retained earnings |
152,458 |
504,489 |
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Shareholders' funds |
2,048,331 |
1,234,082 |
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Westerham Properties Limited
(Registration number: 03579923)
Balance Sheet as at 30 June 2022
Approved and authorised by the
Director
Westerham Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is: Hill House, 210 Upper Richmond Road, Putney, London, SW15 6NP.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable from tenants for the rent of properties owned. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Westerham Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from tenants for unpaid rental income.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as long term liabilities as the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Westerham Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible assets |
Land and buildings |
Office equipment |
Total |
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Cost or valuation |
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At 1 July 2021 |
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Revaluations |
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- |
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At 30 June 2022 |
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Depreciation |
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At 1 July 2021 |
- |
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At 30 June 2022 |
- |
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Carrying amount |
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At 30 June 2022 |
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- |
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At 30 June 2021 |
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- |
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Revaluation
The fair value of the company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Debtors |
2022 |
2021 |
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Prepayments |
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Other debtors |
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Westerham Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Other creditors |
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Taxation and social security |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |