8th Wonder Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08499164 (England and Wales)

Financial Statements

for the Year Ended 31 December 2021

for

8TH WONDER PROPERTIES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Investment property

5

455,000

125,000

CURRENT ASSETS

Debtors

6

127,600

85,818

Cash at bank

1,402

311

129,002

86,129

CREDITORS

Amounts falling due within one year

7

13,756

2,730

NET CURRENT ASSETS

115,246

83,399

TOTAL ASSETS LESS CURRENT
LIABILITIES

570,246

208,399

PROVISIONS FOR LIABILITIES

8

99,999

13,299

NET ASSETS

470,247

195,100

CAPITAL AND RESERVES

Called up share capital

9

100

Fair value reserve

10

317,606

74,306

Retained earnings

152,541

120,694

SHAREHOLDERS' FUNDS

470,247

195,100

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 23 March 2023 and were signed by:

Mr G M Tyrer - Director

1.	STATUTORY INFORMATION

8th Wonder Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08499164

Registered office:

Unit E Sovereign Business Park,

Kingscroft Court

Wigan

WN1 3AP

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continue to adopt the going concern basis in preparing its financial statements.

Related party exemption

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.

Turnover

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

Investment property

Investment property for which fair value can be measured reliably is measured at fair value at each reporting date with changes in fair value recognised in the income statement.

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.

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.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

4.	EMPLOYEES AND DIRECTORS

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

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

125,000

Fair value increase

330,000

At 31 December 2021

455,000

NET BOOK VALUE

At 31 December 2021

455,000

At 31 December 2020

125,000

The property was valued on 11 May 2022 by Landwood Group, in accordance with the RICS Red Book Global Standards effective from 31 January 2022. The director is satisfied that this value does not vary materially from the value as at 31 December 2021.

Fair value at 31 December 2021 is represented by:

£

Valuation in 2014

74,306

Valuation in 2021

330,000

Cost

50,694

455,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

Amounts owed by group undertakings

123,941

85,398

Other debtors

3,659

420

127,600

85,818

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

Trade creditors

3,451

1,980

Taxation and social security

7,470

-

Other creditors

2,835

750

13,756

2,730

8.	PROVISIONS FOR LIABILITIES

31.12.21

31.12.20

£

Deferred tax

99,999

13,299

Deferred

tax

£

Balance at 1 January 2021

13,299

Provided during year

86,700

Balance at 31 December 2021

99,999

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

100

Ordinary

£1

100

10.

RESERVES

Fair

value

reserve

£

At 1 January 2021

74,306

Transfer to non distributable

reserves

243,300

At 31 December 2021

317,606

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

In the previous accounting period, the director of the company took advantage of audit exemption under S477 of the Companies Act. Therefore, the prior period financial statements were not subject to audit. The information available in respect of the fair value of investment property in the prior period's financial statements was insufficient for us to obtain audit evidence to confirm the figure of £125,000 included in the balance sheet at 31 December 2020. Any adjustment to this figure would affect the profit for the year ended 31 December 2021.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Catherine Rogers BSc FCA (Senior Statutory Auditor)

for and on behalf of NRB

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is 8th Wonder Holdings Limited.

8th Wonder Properties Limited - Accounts to registrar (filleted) - small 22.3

8th Wonder Properties Limited - Accounts to registrar (filleted) - small 22.3