Wills Residential Limited - Accounts to registrar (filleted) - small 23.1.2

Wills Residential Limited - Accounts to registrar (filleted) - small 23.1.2

WILLS RESIDENTIAL LIMITED - Company Information

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REGISTERED NUMBER: 12190793 (England and Wales)














WILLS RESIDENTIAL LIMITED

Unaudited Financial Statements

for the Year Ended 29 September 2022





Cobley Desborough
Chartered Certified Accountants
Chartered Tax Advisers
Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF








WILLS RESIDENTIAL LIMITED (REGISTERED NUMBER: 12190793)

Contents of the Financial Statements
for the Year Ended 29 September 2022










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


WILLS RESIDENTIAL LIMITED

Company Information
for the Year Ended 29 September 2022







Directors: Mr A M Wills
Mrs L E Wills





Registered office: Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF





Registered number: 12190793 (England and Wales)





Accountants: Cobley Desborough
Chartered Certified Accountants
Chartered Tax Advisers
Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF
Page 1
WILLS RESIDENTIAL LIMITED (REGISTERED NUMBER: 12190793)

Balance Sheet
29 September 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 681,418 681,418

CURRENT ASSETS
Stocks 151,803 -
Debtors 5 4,000 150
Cash at bank 3,514 5,519
159,317 5,669
CREDITORS
Amounts falling due within one year 6 641,468 574,619
NET CURRENT LIABILITIES (482,151 ) (568,950 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
199,267
112,468

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 199,167 112,368
199,267 112,468

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 notes form part of these financial statements

Page 2
WILLS RESIDENTIAL LIMITED (REGISTERED NUMBER: 12190793)

Balance Sheet - continued
29 September 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2023 and were signed on its behalf by:





Mr A M Wills - Director


The notes form part of these financial statements

Page 3
WILLS RESIDENTIAL LIMITED (REGISTERED NUMBER: 12190793)

Notes to the Financial Statements
for the Year Ended 29 September 2022


1. STATUTORY INFORMATION

Wills Residential Limited 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.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Page 4
WILLS RESIDENTIAL LIMITED (REGISTERED NUMBER: 12190793)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2022


2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Going concern
The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least twelve months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on this assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations of external liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the Company is not exposed to losses of these assets which would affect their decision to adopt the going concern basis.

The director is therefore satisfied and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Theses financial statements have therefore been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
Fair value
At 30 September 2021
and 29 September 2022 681,418
Net book value
At 29 September 2022 681,418
At 29 September 2021 681,418

Page 5
WILLS RESIDENTIAL LIMITED (REGISTERED NUMBER: 12190793)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2022


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 4,000 -
Other debtors - 150
4,000 150

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Taxation and social security 21,298 20,635
Other creditors 620,170 553,984
641,468 574,619

Page 6