Wicklesham Commercial Properties Ltd - Accounts to registrar (filleted) - small 18.2
Wicklesham Commercial Properties Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
FOR |
WICKLESHAM COMMERCIAL PROPERTIES LTD |
WICKLESHAM COMMERCIAL PROPERTIES LTD (REGISTERED NUMBER: 03184903) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WICKLESHAM COMMERCIAL PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
83 Cambridge Street |
London |
SW1V 4PS |
WICKLESHAM COMMERCIAL PROPERTIES LTD (REGISTERED NUMBER: 03184903) |
BALANCE SHEET |
31 DECEMBER 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
WICKLESHAM COMMERCIAL PROPERTIES LTD (REGISTERED NUMBER: 03184903) |
BALANCE SHEET - continued |
31 DECEMBER 2020 |
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 |
WICKLESHAM COMMERCIAL PROPERTIES LTD (REGISTERED NUMBER: 03184903) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
1. | STATUTORY INFORMATION |
Wicklesham Commercial Properties Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a Going Concern basis. The company continues to be dependent upon the ongoing support of the directors, its shareholders and its bankers for it to continue trading. The directors and shareholders have provided the necessary assurances of continued support whilst the bank borrowings are secured on the freehold premises and are payable by instalments. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
No depreciation is provided on freehold properties. It is the company's practice to maintain these assets in a continual state of sound repair and to make improvements thereto from time to time. Accordingly the directors consider that the lives of these assets are so long and residual value so high that the depreciation is insignificant. The properties were revalued in September 2015 and the valuation has been incorporated into the financial statements. |
Financial instruments |
The Company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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. |
WICKLESHAM COMMERCIAL PROPERTIES LTD (REGISTERED NUMBER: 03184903) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | TANGIBLE FIXED ASSETS |
Cost - | Fixtures |
Freehold | improv to | and | Computer |
property | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2020 |
Additions |
At 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
Cost or valuation at 31 December 2020 is represented by: |
Cost - | Fixtures |
Freehold | improv to | and | Computer |
property | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2004 | 386,725 | - | - | - | 386,725 |
Valuation in 2006 | 148,688 | - | - | - | 148,688 |
Valuation in 2011 | (322,178 | ) | - | - | - | (322,178 | ) |
Valuation in 2015 | 110,131 | - | - | - | 110,131 |
Cost | 145,000 | 1,557,015 | 227,245 | 43,657 | 1,972,917 |
468,366 | 1,557,015 | 227,245 | 43,657 | 2,296,283 |
WICKLESHAM COMMERCIAL PROPERTIES LTD (REGISTERED NUMBER: 03184903) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
4. | TANGIBLE FIXED ASSETS - continued |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2020 | 2019 |
£ | £ |
Cost | 1,702,015 | 1,702,015 |
The directors consider the fair value of freehold land and buildings has increased by £25,381 since 4th September 2015, when freehold land and buildings were valued on an open market basis by Savills, Chartered Surveyors. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Accrued income |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 2,254 | 2,023 |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans over 5 years |
Other loans more 5yrs non-inst | 239,000 | 238,994 |
Directors' loan accounts | 228,415 | 228,415 |
WICKLESHAM COMMERCIAL PROPERTIES LTD (REGISTERED NUMBER: 03184903) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2020 | 2019 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
Directors' loan accounts | 228,415 | 228,415 |
Repayable by instalments |
Bank loans over 5 years | 486,081 | 480,118 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2020 | 2019 |
£ | £ |
Bank loans |
9. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 63,789 | 57,621 |
Deferred |
tax |
£ |
Balance at 1 January 2020 |
Provided during year |
Balance at 31 December 2020 |
10. | RELATED PARTY DISCLOSURES |
At 31 December 2020 the company owed £139,000 (2019: £138,994) to two shareholders of the company. These loans are not secured on company assets In addition a close family member held a loan account balance with the company in the sum of £100,000 (2019: £100,000). This loan is not secured on company assets and no interest was paid during the year. |