Showland (Wakefield) Limited 31/03/2023 iXBRL

Showland (Wakefield) Limited 31/03/2023 iXBRL

SHOWLAND (WAKEFIELD) LIMITED - Company Information

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0 01/06/2022 31/03/2023 2023-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 8547979 2022-06-01 2023-03-31 8547979 2023-03-31 8547979 2022-05-31 8547979 2021-06-01 2022-05-31 8547979 2022-05-31 8547979 2021-05-31 8547979 bus:Director1 2022-06-01 2023-03-31 8547979 core:WithinOneYear 2023-03-31 8547979 core:WithinOneYear 2022-05-31 8547979 core:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 8547979 core:RetainedEarningsAccumulatedLosses 2022-06-01 2023-03-31 8547979 core:ShareCapital 2023-03-31 8547979 core:ShareCapital 2022-05-31 8547979 core:RetainedEarningsAccumulatedLosses 2023-03-31 8547979 core:RetainedEarningsAccumulatedLosses 2022-05-31 8547979 core:ShareCapital 2021-05-31 8547979 core:RetainedEarningsAccumulatedLosses 2021-05-31 8547979 core:PreviouslyStatedAmount core:ShareCapital 2023-03-31 8547979 bus:SmallEntities 2022-06-01 2023-03-31 8547979 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-03-31 8547979 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-03-31 8547979 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-03-31 8547979 bus:FullAccounts 2022-06-01 2023-03-31 8547979 1 2022-06-01 2023-03-31
Company registration number: 8547979
Showland (Wakefield) Limited
(Formely Showland (Kidderminster) Limited)
Unaudited filleted financial statements
31 March 2023
Showland (Wakefield) Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Showland (Wakefield) Limited
Statement of financial position
31 March 2023
31/03/23 31/05/22
Note £ £ £ £
Current assets
Debtors 4 578,449 299,118
_______ _______
578,449 299,118
Creditors: amounts falling due
within one year 5 ( 84,035) ( 161,896)
_______ _______
Net current assets 494,414 137,222
_______ _______
Total assets less current liabilities 494,414 137,222
_______ _______
Net assets 494,414 137,222
_______ _______
Capital and reserves
Called up share capital 99 99
Profit and loss account 494,315 137,123
_______ _______
Shareholders funds 494,414 137,222
_______ _______
For the period ending 31 March 2023 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 period 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 December 2023 , and are signed on behalf of the board by:
Mr A Loader
Director
Company registration number: 8547979
Showland (Wakefield) Limited
Statement of changes in equity
Period ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2021 99 73,550 73,649
Profit for the period 63,573 63,573
_______ _______ _______
Total comprehensive income for the period - 63,573 63,573
_______ _______ _______
At 31 May 2022 and 1 June 2022 99 137,123 137,222
Profit for the period 357,192 357,192
_______ _______ _______
Total comprehensive income for the period - 357,192 357,192
_______ _______ _______
At 31 March 2023 99 494,315 494,414
_______ _______ _______
Showland (Wakefield) Limited
Notes to the financial statements
Period ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Kings Barn, 34 Thame Road, Warborough, Wallingford, Oxfordshire, OX10 7DA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
31/03/23 31/05/22
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 578,350 299,019
Other debtors 99 99
_______ _______
578,449 299,118
_______ _______
5. Creditors: amounts falling due within one year
31/03/23 31/05/22
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 146,734
Corporation tax 83,785 14,912
Other creditors 250 250
_______ _______
84,035 161,896
_______ _______
The Company is party to a composite Loan Agreement in the sum of £5,920,000 between a major UK financing institution, the Company, Showland Investments Limited, Showland Kidderminster Limited and three limited partnerships. The major part of this loan (95%) is at a fixed rate of interest, whilst the balance is at a floating rate. A small proportion of the loan is redeemable over the term of the loan with the balance repayable on the fifth anniversary of the loan. All the properties owned by the individual limited partnerships and the associated companies are subject to a first charge on the properties they own in support of the loan which has been allocated between the various entities which, in turn, are each jointly and severally responsible for that liability.
6. Events after the end of the reporting period
Subsequent to the year end the company, in its capacity as General Partner of Wakefield LP, acquired the freehold of an Industrial Warehouse financed by a re-structure of the bank loans and a further capital contribution from existing and new investors.