Wakeley Property Limited - Period Ending 2020-09-30

Wakeley Property Limited

(Registration number: 11587449)
Balance Sheet as at 30 September 2020

	Note	30 September 2020  £	30 September 2019  £
Fixed assets
Investment property	4	320,000	320,000
Current assets
Debtors	5	-	1,426
Cash at bank and in hand		48,523	46,640
		48,523	48,066
Creditors: Amounts falling due within one year	6	(332,810)	(338,382)
Net current liabilities		(284,287)	(290,316)
Net assets		35,713	29,684
Capital and reserves
Called up share capital		100	100
Profit and loss account		35,613	29,584
Total equity		35,713	29,684

For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

Approved and authorised by the director on 28 June 2021
 

......................................... A Wakeley Director

Wakeley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Borrowings

Wakeley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

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 current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
 

Wakeley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

	Year ended 30 September 2020  No.	25 September 2018 to 30 September 2019  No.
Average number of employees	2	2

4

Investment properties

	2020 £
At 1 October	320,000
At 30 September 2020	320,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

	30 September 2020  £	30 September 2019  £
Other debtors	-	1,426

6

Creditors

	Note	30 September 2020  £	30 September 2019  £
Due within one year
Loans and borrowings	7	323,931	324,384
Other creditors		5,620	5,755
Accrued expenses		1,506	1,200
Corporation tax liability		1,753	7,043
		332,810	338,382

Wakeley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

7

Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Director's loan account	323,931	324,384

8

Related party transactions

Summary of transactions with directors

At 30 September 2020, the company owed £323,931 (2019: £324,384) to the director A Wakeley in the form of a director's loan account. No interest is payable on the loan and it is repayable on demand.