Walters Land (Rogerstone) Limited - Period Ending 2023-02-28
Walters Land (Rogerstone) Limited - Period Ending 2023-02-28
Registration number:
Walters Land (Rogerstone) Limited
for the Year Ended 28 February 2023
Walters Land (Rogerstone) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Walters Land (Rogerstone) Limited
Company Information
Directors |
Mr M E R Llewellyn Mrs S C Llewellyn Mrs A Zarifian Mr V Zarifian |
Company secretary |
Mr M E R Llewellyn |
Registered office |
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Walters Land (Rogerstone) Limited
(Registration number: 07950199)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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- |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
45 |
45 |
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Capital redemption reserve |
55 |
55 |
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Retained earnings |
3,973,426 |
1,362,406 |
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Shareholders' funds |
3,973,526 |
1,362,506 |
For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.
Approved and authorised by the
Walters Land (Rogerstone) Limited
(Registration number: 07950199)
Balance Sheet as at 28 February 2023
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Walters Land (Rogerstone) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial Statements is the Pound Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The significant risks and rewards of ownership have been transferred to the buyer;
The company retains no control over the goods;
The amount of revenue can be reliably measured; and
It is probable that future economic benefits will flow to the entity.
Income from the sale of land and property which is subject to a contract of sale, is recognised on completion of that contract.
Walters Land (Rogerstone) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Properties under construction |
Not depreciated |
Investment property
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Walters Land (Rogerstone) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
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 income statement 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Properties under construction |
Total |
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Cost or valuation |
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At 1 March 2022 |
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Additions |
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Transfers |
( |
( |
At 28 February 2023 |
- |
- |
Depreciation |
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Carrying amount |
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At 28 February 2023 |
- |
- |
At 28 February 2022 |
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Investment properties |
2023 |
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Transfers to and from owner-occupied property |
1,585,777 |
Fair value adjustments |
( |
At 28 February |
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The directors have valued the property at market value at the year end, having regard to professional valuations of other similar property.
There has been no valuation of investment property by an independent valuer.
Walters Land (Rogerstone) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Stocks |
2023 |
2022 |
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Work in progress |
- |
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Other inventories |
- |
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- |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Other debtors |
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Walters Land (Rogerstone) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
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10 |
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10 |
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25 |
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25 |
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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 £
Walters Land (Rogerstone) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Related party transactions |
Loans from related parties
2023 |
Parent |
Entities with joint control or significant influence |
Total |
At start of period |
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Interest transactions |
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At end of period |
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2022 |
Parent |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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Interest transactions |
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At end of period |
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Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
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