Winckley Estates Limited - Accounts to registrar (filleted) - small 23.1.2
Winckley Estates Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 |
| FOR |
| WINCKLEY ESTATES LIMITED |
| WINCKLEY ESTATES LIMITED (REGISTERED NUMBER: 01074806) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 October 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| WINCKLEY ESTATES LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 October 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| WINCKLEY ESTATES LIMITED (REGISTERED NUMBER: 01074806) |
| BALANCE SHEET |
| 31 October 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non-distributable reserve |
| Retained earnings |
| 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. |
| WINCKLEY ESTATES LIMITED (REGISTERED NUMBER: 01074806) |
| BALANCE SHEET - continued |
| 31 October 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WINCKLEY ESTATES LIMITED (REGISTERED NUMBER: 01074806) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 October 2022 |
| 1. | STATUTORY INFORMATION |
| Winckley Estates Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Winckley Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| The director's opinion is that depreciation should not apply to freehold property, included in note 5, as its market value considerably outweighs its cost. |
| Investment property |
| The property held by the company is classed as investment property, which is held to earn rentals and / or for capital appreciation. Investment property is stated at open market value, at the most recent valuation. Gains or losses arising from the changes in the fair values of investment properties are included in the Income Statement for the period in which they arise. Deferred tax is provided on these movements where applicable. |
| Stocks |
| Stock is valued at the lower of cost and net realisable value. Long term contracts are valued at cost, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched with turnover. Transfers to turnover are made on the basis of cost plus known profit attributable to the stage of completion of each contract. |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments - trade debtors, prepayments, trade creditors, accruals, cash at bank, bank loans, and intercompany loans. They are all measured at the amount of consideration expected to be received or paid. |
| WINCKLEY ESTATES LIMITED (REGISTERED NUMBER: 01074806) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 October 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Revenue recognition |
| Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods and services supplied net of discounts. |
| Rents receivable are recognised when a liability arises on the tenant in accordance with the tenancy agreement. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2021 |
| and 31 October 2022 |
| DEPRECIATION |
| At 1 November 2021 |
| Charge for year |
| At 31 October 2022 |
| NET BOOK VALUE |
| At 31 October 2022 |
| At 31 October 2021 |
| WINCKLEY ESTATES LIMITED (REGISTERED NUMBER: 01074806) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 October 2022 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| The directors, on reflection, consider that the cost of the freehold property is far outweighed by its market value and therefore do not consider that the property should be depreciated at all. This departure from The Companies Act 2006 and FRS 102 1A is in the directors' opinion necessary for the financial statements to give a true and fair view given that they do not wish to revalue the property. In the directors' opinion a provision of at least £693 should have been made on the buildings element of the property. The effect of not providing for depreciation on this asset is to overstate profits by £693 in both the current and previous years. |
| Cost or valuation at 31 October 2022 is represented by: |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| Cost | 51,974 | 17,918 | 69,892 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 November 2021 |
| and 31 October 2022 |
| NET BOOK VALUE |
| At 31 October 2022 |
| At 31 October 2021 |
| Investments in subsidiary undertakings are recognised at cost. |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2021 |
| and 31 October 2022 |
| NET BOOK VALUE |
| At 31 October 2022 |
| At 31 October 2021 |
| Fair value at 31 October 2022 is represented by: |
| £ |
| Valuation in 1992 | 169,950 |
| Valuation in 2011 | 400,720 |
| Cost | 587,714 |
| 1,158,384 |
| WINCKLEY ESTATES LIMITED (REGISTERED NUMBER: 01074806) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 October 2022 |
| 6. | INVESTMENT PROPERTY - continued |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2022 | 2021 |
| £ | £ |
| Cost | 587,714 | 587,714 |
| Investment property was valued on an open market basis on 14 July 2011 by M A Crook, a director of the company . |
| 7. | STOCKS |
| 2022 | 2021 |
| £ | £ |
| Work-in-progress |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors | ( |
) |
| Corporation tax |
| Social security and other taxes |
| Directors' loan accounts | 74,477 | 56,814 |
| Directors' current accounts | 2,000 | - |
| Accruals and deferred income |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loan |
| WINCKLEY ESTATES LIMITED (REGISTERED NUMBER: 01074806) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 October 2022 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loan | 168,176 | 174,729 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| The bank loan and overdraft are secured by legal charges over the company's freehold property in the form of a debenture dated 9 October 1989, and legal charges dating from 20th July 1987 over six freehold properties held for rental purposes, and one other freehold property. The company has also given a debenture in favour of Royal Bank of Scotland PLC, in respect of the borrowing requirements of its wholly owned subsidiary company Marlion (Preston) Limited. |
| 12. | RELATED PARTY DISCLOSURES |
| At 31 October 2022 the company owed £74,477 (2021: £56,814) to a director. No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The directors consider that Mr M A Crook is the ultimate controlling party by virtue of his shareholding in the company. |
| 14. | GOING CONCERN |
| Although the company has substantial net assets at the balance sheet date, it has net current liabilities meaning that it is unable to pay its creditors as and when they fall due. The company continues to trade through the support of its bankers and its creditors the largest of whom is the directors' loan account. |