W & A Property Developments Limited iXBRL

Company Number: NI053590

W & A Property Developments Limited

Unaudited Financial Statements

for the year ended 30 April 2017

W & A Property Developments Limited

DIRECTORS AND OTHER INFORMATION

Directors	William Hayes
	Alastair Hayes
Company Secretary	Alastair Hayes
Company Number	NI053590
Registered Office and Business Address	146 Pomeroy Road
	Pomeroy
	Dungannon
	Co. Tyrone
	BT70 2TY
Accountants	CavanaghKelly
	Chartered Accountants
	36-38 Northland Row
	Dungannon
	Co. Tyrone
	BT71 6AP

W & A Property Developments Limited

CHARTERED ACCOUNTANTS' REPORT

to the Board of Directors on the unaudited financial statements of W & A Property Developments Limited for the year ended 30 April 2017

In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company for the year ended 30 April 2017 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of W & A Property Developments Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of W & A Property Developments Limited and state those matters that we have agreed to state to the Board of Directors of W & A Property Developments Limited, as a body, in this report in accordance with the guidance of Chartered Accountants Ireland. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W & A Property Developments Limited and its Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

It is your duty to ensure that W & A Property Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of W & A Property Developments Limited. You consider that W & A Property Developments 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 financial statements of W & A Property Developments 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 financial statements.

__________________________________

CAVANAGHKELLY

Chartered Accountants

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

20 September 2017

W & A Property Developments Limited

Company Number: NI053590

STATEMENT OF FINANCIAL POSITION

as at 30 April 2017

			2017		2016
		Notes	£		£
Non-Current Assets

Property, plant and equipment		4	535,000		535,000
			─────────		─────────
Current Assets

Cash and cash equivalents			8,593		5,334
Payables: Amounts falling due within one year		5	(677,614)		(620,139)
			─────────		─────────
Net Current Liabilities			(669,021)		(614,805)
			─────────		─────────
Total Assets less Current Liabilities			(134,021)		(79,805)
Payables

Amounts falling due after more than one year		6	(374,028)		(441,142)
			─────────		─────────
Net Liabilities			(508,049)		(520,947)
			═════════		═════════
Equity

Called up share capital			2		2
Income statement			(508,051)		(520,949)
			─────────		─────────
Equity attributable to owners of the company			(508,049)		(520,947)
			═════════		═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.

For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 20 September 2017 and signed on its behalf by

________________________________			________________________________
Alastair Hayes			William Hayes
Director			Director

W & A Property Developments Limited

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2017

1.	GENERAL INFORMATION
	W & A Property Developments Limited is a company limited by shares incorporated in Northern Ireland.

2.	ACCOUNTING POLICIES
	The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.
	Statement of compliance
	The financial statements of the company for the year ended 30 April 2017 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.
	Basis of preparation
	The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
	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.
	Revenue
	The revenue shown in the profit and loss account represents amounts recevied or receivable for goods and services provided in the normal course of business, exclusive of Value Added Tax. Turnover is recognised over the period in which rentals relate.
	Investments
	Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable.
	Investment properties
	Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuations 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.
	Taxation
	Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

3.	ADOPTION OF FRS 102 SECTION 1A
	This is the first set of financial statements prepared by W & A Property Developments Limited in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). The company transitioned from previously extant Irish and UK GAAP to FRS 102 Section 1A as at 1 May 2015.

4.	PROPERTY, PLANT AND EQUIPMENT
		Investment	Total
		properties
		£	£
	Cost
	At 30 April 2017	535,000	535,000
		─────────	─────────
	Carrying amount
	At 30 April 2017	535,000	535,000
		═════════	═════════
	At 30 April 2016	535,000	535,000
		═════════	═════════

5.	PAYABLES	2017	2016
	Amounts falling due within one year	£	£
	Bank loan	84,557	84,557
	Amounts owed to group companies	587,659	175,000
	Taxation	3,208	1,389
	Directors' current accounts	-	357,003
	Accruals	2,190	2,190
		─────────	─────────
		677,614	620,139
		═════════	═════════

6.	PAYABLES	2017	2016
	Amounts falling due after more than one year	£	£
	Bank loan	374,028	441,142
		═════════	═════════
	Loans
	Repayable in one year or less, or on demand (Note 5)	84,557	84,557
	Repayable between two and five years	374,028	441,142
		─────────	─────────
		458,585	525,699
		═════════	═════════
	The bank loans and overdraft have been secured by the company.

7.	RELATED PARTY TRANSACTIONS
	The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group companies.