Wraxall Properties Limited - Period Ending 2017-08-31

Registration number: 03832647

Wraxall Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

Henry and Banwell Limited
Chartered Accountants
26 Berkeley Square
Clifton
Bristol
BS8 1HP

Wraxall Properties Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

Wraxall Properties Limited

Company Information

Directors

Mr C D B Sandy Mr J Ottewell Mr P F White Mr C J H Lucas

Company secretary

Mr C J H Lucas

Registered office

26 Berkeley Square Clifton Bristol BS8 1HP

Accountants

Henry and Banwell Limited Chartered Accountants 26 Berkeley Square Clifton Bristol BS8 1HP

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wraxall Properties Limited
for the Year Ended 31 August 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wraxall Properties Limited for the year ended 31 August 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Wraxall Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wraxall Properties Limited and state those matters that we have agreed to state to the Board of Directors of Wraxall Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wraxall Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wraxall Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wraxall Properties Limited. You consider that Wraxall Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wraxall Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Henry and Banwell Limited
Chartered Accountants
26 Berkeley Square
Clifton
Bristol
BS8 1HP

12 September 2017

Page 2

Wraxall Properties Limited

(Registration number: 03832647)
Balance Sheet as at 31 August 2017

	Note	2017 £	2016 £
Fixed assets
Investment property	3	505,000	490,000
Current assets
Debtors	4	1,196	2,786
Cash at bank and in hand		5,278	19,882
		6,474	22,668
Creditors: Amounts falling due within one year	5	(3,882)	(8,347)
Net current assets		2,592	14,321
Total assets less current liabilities		507,592	504,321
Creditors: Amounts falling due after more than one year	5	(98,540)	(110,280)
Provisions for liabilities		(36,377)	(35,389)
Net assets		372,675	358,652
Capital and reserves
Called up share capital		4	4
Profit and loss account		372,671	358,648
Total equity		372,675	358,652

For the financial year ending 31 August 2017 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 accounts for the year in question in accordance with section 476; and
•	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 and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 3

Wraxall Properties Limited

(Registration number: 03832647)
Balance Sheet as at 31 August 2017

Approved and authorised by the Board on 12 September 2017 and signed on its behalf by:
 

.........................................

Mr C J H Lucas

Director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

Wraxall Properties Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
26 Berkeley Square
Clifton
Bristol
BS8 1HP

The principal place of business is:
91 Princess Victoria Street
Clifton
Bristol
BS8 4DD
United Kingdom

These financial statements were authorised for issue by the Board on 12 September 2017.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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
Plant and machinery	25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Page 5

Wraxall Properties Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

3	Investment properties

	2017 £
At 1 September	490,000
Fair value adjustments	15,000
At 31 August	505,000

There has been no valuation of investment property by an independent valuer.

Page 6

Wraxall Properties Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

4

Debtors

	2017 £	2016 £
Trade debtors	-	2,000
Other debtors	1,196	786
Total current trade and other debtors	1,196	2,786

Page 7

Wraxall Properties Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

5

Creditors

	Note	2017 £	2016 £
Due within one year
Taxation and social security		962	1,988
Other creditors		2,920	6,359
		3,882	8,347
Due after one year
Loans and borrowings	7	94,940	105,280
Other non-current financial liabilities		3,600	5,000
		98,540	110,280

6

Reserves

	2017 £
Distributable reserves	143,027
Non-distributable reserves	229,644
Total	372,671

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	94,940	105,280

Page 8

Wraxall Properties Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

8	Transition to FRS 102

The date of transition to FRS 102 was 01/09/2015. The following adjustments have been made on transition to FRS 102:

a) At the date of transition the company held investment property which was held at historical cost and no revaluation had previously taken place. Under FRS 102 investment property is required to be revalued at it's fair value. At the date of transition the property was valued at £490,000 (Prior year - £490,000) with the difference between the fair value and the cost value of £251,021 transferred to the profit and loss reserve. There was no movement between the fair value at the date of transition and the end date of the comparative period and therefore no adjustment to the comparative profit & loss account.

b) At the date of transition no deferred tax provision had been included in the accounts. Under FRS102 deferred tax is mandatory and must be calculated. At the date of transition a provision of £36,388 (Prior year - £35,389) was recognised reducing the profit and loss reserve by this amount. The decrease in the deferred to provision of £999 in the prior period has reduced taxation and therefore increased profit in the comparative Profit & loss Account.

There were no other adjustments on transition to FRS 102 other than those stated above.

Page 9

Wraxall Properties Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Balance Sheet at 1 September 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		238,979	-	251,021	490,000
Current assets
Debtors		950	-	-	950
Cash at bank and in hand		3,933	-	-	3,933
		4,883	-	-	4,883
Creditors: Amounts falling due within one year		(3,052)	-	-	(3,052)
Net current assets		1,831	-	-	1,831
Total assets less current liabilities		240,810	-	251,021	491,831
Creditors: Amounts falling due after more than one year		(115,166)	-	-	(115,166)
Provisions for liabilities		-	-	(36,388)	(36,388)
Net assets		125,644	-	214,633	340,277
Capital and reserves
Called up share capital		(4)	-	-	(4)
Profit and loss account		(125,640)	-	(214,633)	(340,273)
Total equity		(125,644)	-	(214,633)	(340,277)

Page 10

Wraxall Properties Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Balance Sheet at 31 August 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		238,979	-	251,021	490,000
Current assets
Debtors		2,786	-	-	2,786
Cash at bank and in hand		19,882	-	-	19,882
		22,668	-	-	22,668
Creditors: Amounts falling due within one year		(8,347)	-	-	(8,347)
Net current assets		14,321	-	-	14,321
Total assets less current liabilities		253,300	-	251,021	504,321
Creditors: Amounts falling due after more than one year		(110,280)	-	-	(110,280)
Provisions for liabilities		-	-	(35,389)	(35,389)
Net assets		143,020	-	215,632	358,652
Capital and reserves
Called up share capital		(4)	-	-	(4)
Profit and loss account		(143,016)	-	(215,632)	(358,648)
Total equity		(143,020)	-	(215,632)	(358,652)

Page 11