Wolf Rock Properties Limited Company Accounts

WOLF ROCK PROPERTIES LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-06-01 Sage Accounts Production Advanced 2017 Update 3 - FRS 418,000 145,000 8,050 264,950 264,950 418,000 xbrli:pure xbrli:shares iso4217:GBP 05137479 2016-06-01 2017-05-31 05137479 2017-05-31 05137479 2016-05-31 05137479 bus:LeadAgentIfApplicable 2016-06-01 2017-05-31 05137479 bus:Director1 2016-06-01 2017-05-31 05137479 core:WithinOneYear 2017-05-31 05137479 core:WithinOneYear 2016-05-31 05137479 core:AfterOneYear 2017-05-31 05137479 core:AfterOneYear 2016-05-31 05137479 core:ShareCapital 2017-05-31 05137479 core:ShareCapital 2016-05-31 05137479 core:RetainedEarningsAccumulatedLosses 2017-05-31 05137479 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2016-05-31 05137479 core:RestatedAmount 2016-05-31 05137479 core:CostValuation core:Non-currentFinancialInstruments 2016-05-31 05137479 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2017-05-31 05137479 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2017-05-31 05137479 core:CostValuation core:Non-currentFinancialInstruments 2017-05-31 05137479 core:Non-currentFinancialInstruments 2017-05-31 05137479 core:Non-currentFinancialInstruments 2016-05-31 05137479 bus:Director1 2016-05-31 05137479 bus:Director1 2017-05-31 05137479 bus:Director1 2015-05-31 05137479 bus:Director1 2016-05-31 05137479 bus:Director1 2015-06-01 2016-05-31 05137479 bus:FRS102 2016-06-01 2017-05-31 05137479 bus:AuditExemptWithAccountantsReport 2016-06-01 2017-05-31 05137479 bus:FullAccounts 2016-06-01 2017-05-31 05137479 bus:SmallCompaniesRegimeForAccounts 2016-06-01 2017-05-31 05137479 bus:PrivateLimitedCompanyLtd 2016-06-01 2017-05-31

COMPANY REGISTRATION NUMBER: 05137479

Wolf Rock Properties Limited

Filleted Unaudited Financial Statements

31 May 2017

Wolf Rock Properties Limited

Financial Statements

Year ended 31 May 2017

Contents	Pages

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

Wolf Rock Properties Limited

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Wolf Rock Properties Limited

Year ended 31 May 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wolf Rock Properties Limited for the year ended 31 May 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 us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Wolf Rock Properties Limited, as a body, in accordance with the terms of our engagement letter dated 6 March 2006. Our work has been undertaken solely to prepare for your approval the financial statements of Wolf Rock Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wolf Rock Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wolf Rock Properties 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 loss of Wolf Rock Properties Limited. You consider that Wolf Rock 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 financial statements of Wolf Rock 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 financial statements.

EDWARDS PEARSON & WHITE LLP Chartered Certified Accountants

Warwick & Coventry

20 February 2018

Wolf Rock Properties Limited

Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	3		264,950	418,000

Current assets

Debtors	4	460	870
Cash at bank and in hand		4,006	5,948
		------	------
		4,466	6,818

Creditors: amounts falling due within one year	5	53,584		127,010
		-------		--------
Net current liabilities			49,118	120,192
			--------	--------
Total assets less current liabilities			215,832	297,808

Creditors: amounts falling due after more than one year	6	238,431	295,473
		--------	--------
Net (liabilities)/assets		( 22,599)	2,335
		--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 22,600)	2,334
	-------	------
Shareholders (deficit)/funds	( 22,599)	2,335
	-------	------

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 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 income statement has not been delivered.

For the year ending 31 May 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 financial statements for the year 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 .

Wolf Rock Properties Limited

Statement of Financial Position (continued)

31 May 2017

These financial statements were approved by the board of directors and authorised for issue on 19 February 2018 , and are signed on behalf of the board by:

R.S. Milne

Director

Company registration number: 05137479

Wolf Rock Properties Limited

Notes to the Financial Statements

Year ended 31 May 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Jury Street, Warwick, CV34 4EW. The company also trades from an address in England.

2. 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 company and rounded to the nearest £.

Going concern

The continuation of the company's affairs is dependent upon the support of the creditors. These accounts have been prepared on a going concern basis which assumes their support will be continued for the foreseeable future.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015.

Judgements in applying accounting policies and key sources of estimation in uncertainty

In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historic experience and various other factors that are believed to be reasonable under the circumstances. The results of which form the basis of making the judgements about carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates. The significant judgements, estimates and assumptions are: - Trade debtors and amounts owed by group and associated undertakings At each reporting date, amounts owed by trade debtors and group and associated undertakings are assessed for recoverability. If there is any evidence of impairment, the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised immediately in the statement of comprehensive income. - Revenue recognition As explained in note 1, contract revenues are recognised based on stage of completion. The application of this accounting policy requires the state of completion on contracts to be assessed. Surveys of work performed are carried out by qualified surveyors. An inherent degree of judgement will exist in determining the stage of completion on a contract at a given time. - Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessment consider issues such as future market conditions, the remaining life of the asset and projected disposal values. - Stocks At each reporting date, the amounts in stock are assessed for recoverability. If there is any evidence of impairment the carrying amount of the stock is reduced to its recoverable amount. The impairment loss is recognised immediately in the statement of comprehensive income.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3. Investments

	Other investments other than loans
	£
Cost
At 1 June 2016	418,000
Disposals	( 145,000)
Revaluations	( 8,050)
	--------
At 31 May 2017	264,950
	--------
Impairment
At 1 June 2016 and 31 May 2017	–
	--------

Carrying amount
At 31 May 2017	264,950
	--------
At 31 May 2016	418,000
	--------

Property

The investment properties were purchased between 12th October 2004 and 19th May 2006. The fair value of the properties at 31st May 2017 has been arrived at on the basis of a valuation carried out at that date by Mr R Milne BSc FRICS, a director of the company who is a professionally qualified Chartered Surveyor. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in it's location.

The historic cost of the investment properties were £273,000 (2016: £358,500).

4. Debtors

	2017	2016
	£	£
Trade debtors	–	283
Other debtors	460	587
	----	----
	460	870
	----	----

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	4,353	81,166
Corporation tax	–	941
Other creditors	49,231	44,903
	-------	--------
	53,584	127,010
	-------	--------

6. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	238,431	295,473
	--------	--------

The bank loans are secured by the company. The banks have fixed charges over all rental income and sale proceeds of any lease of the following properties:

14 Coseley Street

90 Chorlton Road

73 Leonard Street

20 Cromwell Street

The banks also have fixed and floating charges over the company's assets to secure the bank loans.

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R.S. Milne	( 43,276)	( 4,325)	( 47,601)
	-------	------	-------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R.S. Milne	( 43,713)	437	( 43,276)
	-------	----	-------

8. Related party transactions

The company was under the control of R.S. Milne throughout the current and previous year. R.S. Milne is the managing director and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard For Smaller Enterprises.