W & A Property Developments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: NI053590 (Northern Ireland)

W & A PROPERTY DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Alastair Hayes

William Hayes

REGISTERED OFFICE:

146 Pomeroy Road

Pomeroy

Dungannon

Co. Tyrone

BT70 2TY

REGISTERED NUMBER:

NI053590 (Northern Ireland)

ACCOUNTANTS:

CavanaghKelly

Chartered Accountants

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Investment property

5

725,000

725,000

CURRENT ASSETS

Inventories

2,388,919

2,388,919

Receivables: amounts falling due within one year

6

8,194

2,850

Cash at bank and in hand

31,965

31,910

2,429,078

2,423,679

PAYABLES

Amounts falling due within one year

7

(3,130,688

)

(3,058,027

)

NET CURRENT LIABILITIES

(701,610

)

(634,348

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,390

90,652

PAYABLES

Amounts falling due after more than one year

8

-

(86,241

)

PROVISIONS FOR LIABILITIES

(67,500

)

-

NET (LIABILITIES)/ASSETS

(44,110

)

4,411

CAPITAL AND RESERVES

Called up share capital

2

2

Other reserves

270,000

270,000

Retained earnings

(314,112

)

(265,591

)

(44,110

)

4,411

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 April 2023 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2023 and were signed on its behalf by:

Alastair Hayes - Director

1.	STATUTORY INFORMATION

W & A Property Developments Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue

Revenue 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.

Inventories

Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Exceptional item

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are items

that are material either because of their size or their nature or that are nonrecurring. They are considered as exceptional items and are presented within the line items to which they best relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2022

and 30 April 2023

725,000

NET BOOK VALUE

At 30 April 2023

725,000

At 30 April 2022

725,000

Fair value at 30 April 2023 is represented by:

£

Valuation in 2020

455,000

Valuation in 2021

270,000

725,000

6.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

3,025

-

Other receivables

5,169

2,850

8,194

2,850

7.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts (see note 9)

-

91,716

Trade payables

5,639

-

Amounts owed to group undertakings

3,026,599

2,960,235

Taxation and social security

-

3,489

Other payables

98,450

2,587

3,130,688

3,058,027

8.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2023

2022

£

£

Bank loans (see note 9)

-

86,241

9.

LOANS

An analysis of the maturity of loans is given below:

2023

2022

£

£

Amounts falling due within one year or on demand:

Bank loans

-

91,716

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

86,241

The bank loans and overdraft have been secured by the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end an amount of £96,260 (2022 NIL) was owing to the directors.

11.	RELATED PARTY DISCLOSURES

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.