Wakeley Property Limited - Period Ending 2023-09-30
Wakeley Property Limited - Period Ending 2023-09-30
Registration number:
Prepared for the registrar
for the
Year Ended 30 September 2023
Wakeley Property Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Wakeley Property Limited
Company Information
Director |
A Wakeley |
Registered office |
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Accountants |
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Wakeley Property Limited
(Registration number: 11587449)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
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Current assets |
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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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Total assets less current liabilities |
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Deferred tax liabilities |
(11,467) |
(3,382) |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
128,667 |
109,270 |
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Shareholders' funds |
128,767 |
109,370 |
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Wakeley Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Judgements and key sources of estimation uncertainty
No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements. |
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Office equipment |
25% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Wakeley Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
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 profit and loss account 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Impairment
Wakeley Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Debtors |
2023 |
2022 |
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Other debtors |
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Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Accrued expenses |
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Corporation tax liability |
- |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Director's loan account |
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Wakeley Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Deferred tax |
Deferred tax assets and liabilities
2023 |
Liability |
Short term timing differences |
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Losses and other deductions |
( |
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2022 |
Liability |
Short term timing differences |
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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 £Nil (2022 - £
Related party transactions |
Transactions with companies under common control
At 30 September 2023, the company owed £378,000 (2022 - £325,000) to related companies. The companies are related by virtue of common control. There are no fixed repayment terms or interest charged on the outstanding balance.
Transactions with directors
At 30 September 2023, the company owed £174,372 (2022 - £179,911) to the director A Wakeley in the form of a director's loan account. There are no fixed repayment terms or interest charged on the outstanding balance.