Woolsington Properties Limited - Period Ending 2022-04-30

Woolsington Properties Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Woolsington Properties Limited

Company Information

Directors

E. Burke P.J. Burke

Company secretary

P.J. Burke

Registered office

Unit 2 Double Row Seaton Delaval Whitley Bay Tyne & Wear NE25 0PP

Bankers

Barclays Bank PLC Unit 50 Northumbria House Cramlington Northumberland NE23 6QP

Accountants

Azets Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

Woolsington Properties Limited

(Registration number: 04063739)
Statement of Financial Position as at 30 April 2022

	Note	2022 £		2021 £
Fixed assets
Tangible assets	4		586,374		540,220
Current assets
Debtors	5	71,739		55,493
Cash at bank and in hand		88,865		118,956
		160,604		174,449
Creditors: Amounts falling due within one year	6	(694,425)		(636,501)
Net current liabilities			(533,821)		(462,052)
Total assets less current liabilities			52,553		78,168
Creditors: Amounts falling due after more than one year	6		(32,094)		(32,500)
Net assets			20,459		45,668
Capital and reserves
Called up share capital		100		100
Profit and loss account		20,359		45,568
Total equity			20,459		45,668

Woolsington Properties Limited

(Registration number: 04063739)
Statement of Financial Position as at 30 April 2022 (continued)

For the financial year ending 30 April 2022 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; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised for issue by the Board on 27 January 2023 and signed on its behalf by:
 

......................................... P.J. Burke Company secretary and director

Woolsington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

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 Unit 2 Double Row, Seaton Delaval, Whitley Bay, Tyne & Wear, NE25 0PP.

2	Accounting policies

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The company meets its day to day working capital requirements through cash generated from operations. The directors have assessed the potential impact of the COVID-19 virus and the financial impact on the company and have developed a business continuity plan should the impact of the pandemic widen.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of properties and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Woolsington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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. 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.

Woolsington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)

2	Accounting policies (continued)

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 income statement 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

Woolsington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)

4	Tangible assets

	Land and buildings £
Cost or valuation
At 1 May 2021	540,220
Additions	46,154
At 30 April 2022	586,374
Depreciation
Carrying amount
At 30 April 2022	586,374
At 30 April 2021	540,220

Included within the net book value of land and buildings above is investment property £586,374 (2021 - £540,220) in respect of freehold land and buildings.
 

The value of the investment properties has been reviewed by the company director, P. J. Burke. The director feels this valuation accurately reflects the current open market value of investment properties.

5

Debtors

	2022 £	2021 £
Trade debtors	14,453	10,415
Prepayments	56,776	45,078
Other debtors	510	-
	71,739	55,493

Woolsington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans and overdrafts	7	4,875	6,500
Trade creditors		8,171	6,711
Taxation and social security		-	18,638
Accruals and deferred income		27,106	27,508
Other creditors		493,071	400,600
Corporation tax liability		45,667	52,769
Directors loan accounts		115,535	123,775
		694,425	636,501

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	7	32,094	32,500

7	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	4,875	6,500

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	32,094	32,500