Wilson Brothers Properties Limited Filleted accounts for Companies House (small and micro)

WILSON BROTHERS PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02616488

Wilson Brothers Properties Limited

Filleted Unaudited Financial Statements

31 March 2021

Wilson Brothers Properties Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		2,977,794	2,977,794

Current assets

Debtors	7	35,108	14,852
Cash at bank and in hand		259,716	280,648
		ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
		294,824	295,500

Creditors: amounts falling due within one year	8	64,690		50,379
		ÄÄÄÄÄÄÄÄÄ		ÄÄÄÄÄÄÄÄÄ
Net current assets			230,134	245,121
			ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities			3,207,928	3,222,915

Provisions

Taxation including deferred tax	112,004	112,004
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
Net assets	3,095,924	3,110,911
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

Capital and reserves

Called up share capital	9,000	9,000
Share premium account	276,262	276,262
Profit and loss account	2,810,662	2,825,649
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
Shareholders funds	3,095,924	3,110,911
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Wilson Brothers Properties Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 11 September 2021 , and are signed on behalf of the board by:

Mrs R Taylor

Director

Company registration number: 02616488

Wilson Brothers Properties Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Pound Street, Newbury, Berkshire, RG14 6AE, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Description of activities

The principal activity of the company during the year was that of property letting. The company also made loans and receives interest as well as capital repayments.

4. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

From early 2020 the COVID-19 pandemic swept around the world, with the World Health Organisation declaring a global pandemic on 11 March 2020, followed by the UK government announcing various restrictive measures from 20 March 2020 forcing many businesses to reduce activity. As the company rents commercial properties, there has been some disruption to the business as a result of the COVID-19 pandemic but the Directors consider there to be no material uncertainties about the company's ability to continue to trade on a going concern basis, and the majority of rents continue to be received on time.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short term highly liquid investments.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).

6. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 April 2020 and 31 March 2021	2,977,794	642	2,978,436
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ
Depreciation
At 1 April 2020 and 31 March 2021	–	642	642
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 March 2021	2,977,794	–	2,977,794
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ
At 31 March 2020	2,977,794	–	2,977,794
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

Tangible assets held at valuation

All Freehold Properties are Investment Properties and are shown at fair value. The valuation of the investment properties has been undertaken by the directors based on market conditions.

7. Debtors

	2021	2020
	£	£
Other debtors	35,108	14,852
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	24,632	25,712
Social security and other taxes	3,275	3,168
Other creditors	36,783	21,499
	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
	64,690	50,379
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

9. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the Profit and loss account is an undistributable amount of £1,179,298 (2020 £1,179,298) relating to revaluation of Investment properties £1,291,302 (2020 £1,291,302) less deferred tax on the revaluation £112,004 (2020 £112,004).

10. Related party transactions

There were no related party transactions in the year needing to be reported.