Wakeley Property Limited - Period Ending 2022-09-30

Wakeley Property Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Wakeley Property Limited

Company Information

Director

A Wakeley

Registered office

Windsor House Bayshill Road Cheltenham GL50 3AT

Accountants

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Wakeley Property Limited

(Registration number: 11587449)
Balance Sheet as at 30 September 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	-	2,771
Investment property	5	-	425,000
		-	427,771
Current assets
Debtors	6	485,529	-
Cash at bank and in hand		155,957	40,768
		641,486	40,768
Creditors: Amounts falling due within one year	7	(528,734)	(332,460)
Net current assets/(liabilities)		112,752	(291,692)
Total assets less current liabilities		112,752	136,079
Deferred tax liabilities		(3,382)	(20,476)
Net assets		109,370	115,603
Capital and reserves
Called up share capital		100	100
Revaluation reserve		-	85,050
Profit and loss account		109,270	30,453
Shareholders' funds		109,370	115,603

For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 May 2023
 

......................................... A Wakeley Director

Wakeley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Wakeley Property Limited

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

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

Wakeley Property Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

	2022  No.	2021  No.
Average number of employees	3	2

4

Tangible assets

	Furniture, fittings and equipment  £
Cost
At 1 October 2021	3,129
Disposals	(3,129)
At 30 September 2022	-
Depreciation
At 1 October 2021	358
Charge for the year	782
Eliminated on disposal	(1,140)
At 30 September 2022	-
Carrying amount
At 30 September 2022	-
At 30 September 2021	2,771

5

Investment properties

	2022 £
At 1 October 2021	425,000
Disposals	(425,000)
At 30 September 2022	-

6

Debtors

	2022  £	2021  £
Other debtors	485,529	-

Wakeley Property Limited

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

7

Creditors

	Note	2022  £	2021  £
Due within one year
Loans and borrowings	8	504,911	320,274
Other creditors		-	5,620
Accrued expenses		2,270	1,500
Corporation tax liability		21,553	5,066
		528,734	332,460

8

Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Other borrowings	325,000	-
Director's loan account	179,911	320,274
	504,911	320,274

9

Deferred tax

Deferred tax assets and liabilities

2022	Liability £
Short term timing differences	3,382

2021	Liability £
Accelerated tax depreciation	526
Revaluation of investment property	19,950
	20,476

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £100,000 (2021 - £Nil). The amount relates to funds available to be drawn upon under a loan agreement with another company.

11

Related party transactions

Summary of transactions with companies under common control
At 30 September 2022, the company owed £325,000 (2021 - £nil) to related companies. The companies are related by virtue of common control. There are no fixed repayment terms or interest charged on the outstanding balance.

Summary of transactions with directors

At 30 September 2022, the company owed £179,911 (2021 - £320,274) to the director A Wakeley in the form of a director's loan account. There are no fixed repayment terms or interest charged on the outstanding balance.