Wasdell Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10307277 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2021

for

Wasdell Properties Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

M J Tedham

REGISTERED OFFICE:

Unit 6 Stephenson Road

Swindon

SN25 5AX

REGISTERED NUMBER:

10307277 (England and Wales)

ACCOUNTANTS:

Venture

Chartered Accountants

Venture House

Calne Road

Lyneham

Chippenham

SN15 4PP

FIXED ASSETS

Property, plant and equipment

4

156,668

190,460

Investments

5

1,349,621

1,200,000

Investment property

6

3,559,970

3,559,970

5,066,259

4,950,430

CURRENT ASSETS

Inventories

2,318,531

1,910,705

Debtors

7

174,316

57,355

Investments

8

336,832

385,085

Cash at bank

16,432

45,489

2,846,111

2,398,634

CREDITORS

Amounts falling due within one year

9

8,088,053

1,532,342

NET CURRENT (LIABILITIES)/ASSETS

(5,241,942

)

866,292

TOTAL ASSETS LESS CURRENT LIABILITIES

(175,683

)

5,816,722

CREDITORS

Amounts falling due after more than one year

10

-

(6,172,000

)

PROVISIONS FOR LIABILITIES

(27,331

)

-

NET LIABILITIES

(203,014

)

(355,278

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

(203,114

)

(355,378

)

SHAREHOLDERS' FUNDS

(203,014

)

(355,278

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 28 January 2022 and were signed by:

M J Tedham - Director

1.	STATUTORY INFORMATION

Wasdell Properties Ltd 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about Wasdell Properties Ltd 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.

Significant judgements and estimates

Current assets include horses. The value of a horse may go up or down. The director believes that unless factors to the contrary exist the investments should be written off over four years.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

15% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Financial instruments

The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Current asset investments

Current asset investments relate to racehorses that are carried at cost less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 May 2020

and 30 April 2021

225,282

DEPRECIATION

At 1 May 2020

34,822

Charge for year

33,792

At 30 April 2021

68,614

NET BOOK VALUE

At 30 April 2021

156,668

At 30 April 2020

190,460

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2020

1,200,000

Additions

149,621

At 30 April 2021

1,349,621

NET BOOK VALUE

At 30 April 2021

1,349,621

At 30 April 2020

1,200,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2020

and 30 April 2021

3,559,970

NET BOOK VALUE

At 30 April 2021

3,559,970

At 30 April 2020

3,559,970

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Trade debtors

21,459

37,508

Other debtors

152,857

19,847

174,316

57,355

8.	CURRENT ASSET INVESTMENTS

30.4.21

30.4.20

£

£

Other

336,832

385,085

Current asset investments relate to horses that are held at cost and being written off over four years.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans and overdrafts

-

390,474

Trade creditors

81,197

148,113

Amounts owed to group undertakings

1,512,569

787,987

Taxation and social security

89,304

2,084

Other creditors

6,404,983

203,684

8,088,053

1,532,342

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Other creditors

-

6,172,000

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.21

30.4.20

value:

£

£

100

ordinary

£1

100

100

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2021 and 30 April 2020:

30.4.21

30.4.20

£

£

M J Tedham

Balance outstanding at start of year

-

-

Amounts advanced

150,598

-

Amounts repaid

(35,863

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

114,735

-

13.	RELATED PARTY DISCLOSURES

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.

Company under common control

Sales

Expenses

Amount due from (to)

£

Wasdell Packaging Limited

687,730

8,882

(3,801,777

)

Wasdell Holdings Limited

-

(2,500,000

)

The balance is interest free and repayable on demand.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is M J Tedham.