Wickbourne Estates Limited Filleted accounts for Companies House (small and micro)

WICKBOURNE ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01086680

WICKBOURNE ESTATES LIMITED

Filleted Unaudited Financial Statements

For the year ended

31 March 2022

WICKBOURNE ESTATES LIMITED

Financial Statements

Year ended 31 March 2022

CONTENTS	PAGES

Balance Sheet	1 to 2

Notes to the Financial Statements	3 to 5

WICKBOURNE ESTATES LIMITED

Balance Sheet

31 March 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Investment properties	4		350,000		300,000

Current assets

Debtors	5	95,851	96,884
Cash at bank and in hand		5,180	5,210
		----------	----------
		101,031	102,094

Creditors: amounts falling due within one year	6	( 186,591)		( 184,890)
		----------		----------
Net current liabilities			( 85,560)		( 82,796)
			----------		----------
Total assets less current liabilities			264,440		217,204

Creditors: amounts falling due after more than one year	7		( 43,859)		( 47,253)

Provisions

Deferred tax	( 38,100)	( 19,500)
	----------	----------
Net assets	182,481	150,451
	----------	----------

WICKBOURNE ESTATES LIMITED

Balance Sheet (continued)

31 March 2022

	2022		2021
Note	£	£	£	£

Capital and reserves

Called up share capital	500	500
Profit and loss account	181,981	149,951
	----------	----------
Shareholders funds	182,481	150,451
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 March 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 ;

- 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 were approved by the board of directors and authorised for issue on 26 July 2023 , and are signed on behalf of the board by:

Mr S Berger
Director

Company registration number: 01086680

WICKBOURNE ESTATES LIMITED

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investment properties

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - - Investment properties whose fair value can be measured reliably are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment properties fair value is determined by the Directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either 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. The company has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

4. Investment properties

	Freehold investment properties
	£
Fair value
At 1 April 2021	300,000
Revaluations	50,000
	----------
At 31 March 2022	350,000
	----------
Carrying amount
At 31 March 2022	350,000
	----------
At 31 March 2021	300,000
	----------

The Company's investment properties were valued by the Directors at 31 March 2022 based on their understanding of property market conditions and the specific properties concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. The historical cost of the properties is £157,136.

5. Debtors

	2022	2021
	£	£
Trade debtors	625	1,658
Other debtors	95,226	95,226
	---------	---------
	95,851	96,884
	---------	---------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	2,945	2,250
Trade creditors	2,700	2,318
Other creditors	180,946	180,322
	----------	----------
	186,591	184,890
	----------	----------

7. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	43,859	47,253
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £31,000 (2021: £36,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

8. Related party transactions

Included in Other creditors are loans aggregating £154,506 due to companies connected with the directors and shareholders. The loans are interest-free and repayable on demand