Wellington Homes Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09296301 (England and Wales)

WELLINGTON HOMES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

Mrs S R Klein

SECRETARY:

Mr C M Rubin

REGISTERED OFFICE:

23 Fountayne Road

London

N16 7EA

REGISTERED NUMBER:

09296301 (England and Wales)

ACCOUNTANTS:

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

FIXED ASSETS

Investment property

5

725,529

725,529

CURRENT ASSETS

Debtors

6

253,231

250,931

Cash at bank

5,013

4,562

258,244

255,493

CREDITORS

Amounts falling due within one year

7

623,630

623,081

NET CURRENT LIABILITIES

(365,386

)

(367,588

)

TOTAL ASSETS LESS CURRENT LIABILITIES

360,143

357,941

CREDITORS

Amounts falling due after more than one year

8

373,744

373,744

NET LIABILITIES

(13,601

)

(15,803

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(13,602

)

(15,804

)

SHAREHOLDERS' FUNDS

(13,601

)

(15,803

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 22 May 2018 and were signed by:

Mrs S R Klein - Director

1.	STATUTORY INFORMATION

Wellington Homes Ltd is a private company, limited by shares , registered in England and Wales. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified to include

investment properties measured at fair value through profit or loss.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 November 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1 December 2015.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors that are considered to be relevant. The estimates and underlying

assumptions are reviewed on an ongoing basis.

Turnover

Turnover is recognised at the fair value of the consideration receivable in respect of services provided

in the normal course of business. The turnover of the company is represented by rents and charges

receivable in respect of the company's investment portfolio. Rental income is accounted for on an

accruals basis.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially

recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value

are recognised in profit or loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - NIL).

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2016

and 30 November 2017

725,529

NET BOOK VALUE

At 30 November 2017

725,529

At 30 November 2016

725,529

The director is of the opinion that the cost of investment property reflects its fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

4,600

2,300

Other debtors

248,631

248,631

253,231

250,931

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other creditors

623,630

623,081

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

373,744

373,744

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs by non- instalments

373,744

373,744

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

373,744

373,744

The bank loan is secured by a legal charge over the company's investment property.

10.	RELATED PARTY DISCLOSURES

Monetary movements took place between companies under common control of the director, The

amount owed to these companies at the balance sheet date was £330,450 (2016: £330,450).

11.	FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102. The company transitioned to FRS

102 on 1 December 2015.

No transitional adjustments were required in equity or profit or loss for the year.

The following were changes in accounting policies arising from the transition to FRS 102:

Investment properties:

Previously, the company's investment properties were shown at market value, with aggregate surplus

or deficit being recorded in the revaluation reserve. Under FRS 102, these properties are shown at fair

value, with changes in fair value being recorded in the profit and loss account.

Deferred tax on unrealised investment property gains and losses:

Previously, no deferred tax was recognised on the timing differences between the accounting and tax

treatment of the revaluation of the company's investment property. Under FRS 102, deferred tax is

recognised on the difference between the cost for tax purposes and the fair value of the company's

investment properties, with movements recorded in the profit and loss account.