ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

WS PROPERTY (ADDISON GARDENS) LTD - Company Information

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Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312021-05-142021-05-142022-03-312023-05-052021-04-01No description of principal activityfalse2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13398021 2021-03-31 13398021 2021-04-01 2022-03-31 13398021 2020-03-17 2021-03-31 13398021 2022-03-31 13398021 c:Director1 2021-04-01 2022-03-31 13398021 c:Director1 2022-03-31 13398021 c:Director2 2021-04-01 2022-03-31 13398021 c:Director2 2022-03-31 13398021 c:RegisteredOffice 2021-04-01 2022-03-31 13398021 d:LeaseholdInvestmentProperty 2021-04-01 2022-03-31 13398021 d:LeaseholdInvestmentProperty 2022-03-31 13398021 d:CurrentFinancialInstruments 2022-03-31 13398021 d:Non-currentFinancialInstruments 2022-03-31 13398021 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 13398021 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 13398021 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 13398021 d:ShareCapital 2022-03-31 13398021 d:RetainedEarningsAccumulatedLosses 2022-03-31 13398021 c:OrdinaryShareClass1 2021-04-01 2022-03-31 13398021 c:OrdinaryShareClass1 2022-03-31 13398021 c:FRS102 2021-04-01 2022-03-31 13398021 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 13398021 c:FullAccounts 2021-04-01 2022-03-31 13398021 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13398021









WS PROPERTY (ADDISON GARDENS) LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2022
 
WS PROPERTY (ADDISON GARDENS) LTD
 
 
COMPANY INFORMATION


Directors
J Wilmot-Sitwell (appointed 14 May 2021)
L Wilmot-Sitwell (appointed 14 May 2021)




Registered number
13398021



Registered office
96 Sinclair Road

London

W14 0NJ




Accountants
Donald Reid Limited
Chartered Accountants

18a/20 King Street

Maidenhead

Berkshire

SL6 1EF




 
WS PROPERTY (ADDISON GARDENS) LTD
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6

 
WS PROPERTY (ADDISON GARDENS) LTD
REGISTERED NUMBER: 13398021

BALANCE SHEET
AS AT 31 MARCH 2022

2022
Note
£

Fixed assets
  

Investment property
 4 
886,327

  
886,327

Current assets
  

Cash at bank and in hand
 5 
3,766

  
3,766

Creditors: amounts falling due within one year
 6 
(609,780)

Net current (liabilities)/assets
  
 
 
(606,014)

Total assets less current liabilities
  
280,313

Creditors: amounts falling due after more than one year
 7 
(287,000)

  

Net (liabilities)/assets
  
(6,687)


Capital and reserves
  

Called up share capital 
 9 
2

Profit and loss account
  
(6,689)

  
(6,687)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 May 2023.




Page 1
 
WS PROPERTY (ADDISON GARDENS) LTD
REGISTERED NUMBER: 13398021
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

J Wilmot-Sitwell
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2
 
WS PROPERTY (ADDISON GARDENS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

1.


General information

WS Property (Addison Gardens) Ltd is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registered office address is 96 Sinclair Road, London, England, W14 0NJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the period end the company had net liabilities of £6,687. As the company will continue to be supported by its creditors, the directors consider it appropriate to prepare the financial statements on the going concern basis.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
Page 3
 
WS PROPERTY (ADDISON GARDENS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.

Page 4
 
WS PROPERTY (ADDISON GARDENS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

4.


Investment property


Long term leasehold investment property

£



Valuation


Additions at cost
886,327



At 31 March 2022
886,327

The 2022 valuations were made by the directors, on an open market value for existing use basis.







5.


Cash and cash equivalents

2022
£

Cash at bank and in hand
3,766

3,766



6.


Creditors: Amounts falling due within one year

2022
£

Other creditors
608,280

Accruals and deferred income
1,500

609,780


Amounts of £287,000 are secured by way of a fixed charge over the investment property. 

Page 5
 
WS PROPERTY (ADDISON GARDENS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

7.


Creditors: Amounts falling due after more than one year

2022
£

Bank loans
287,000

287,000



8.


Loans


Analysis of the maturity of loans is given below:


2022
£




Amounts falling due after more than 5 years

Bank loans
287,000

287,000

287,000


The loans are due after 5 years and are repayable other than by instalments.


9.


Share capital

2022
£
Allotted, called up and fully paid


2 Ordinary shares of £1.00 each
2


During the period, 2 Ordinary shares of £1 each were allotted for the aggregate consideration of £2.


10.


Related party transactions

At the period end, included in other creditors is the amount of £600,000 owed by the company to the directors. 

 
Page 6