Whetley Mills (Properties) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05120864 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

WHETLEY MILLS (PROPERTIES) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M S Hussain

Mr T Z Hussain

SECRETARY:

Mr T Z Hussain

REGISTERED OFFICE:

Ground Floor, St Paul's House

23 Park Square

Leeds

West Yorkshire

LS1 2ND

REGISTERED NUMBER:

05120864 (England and Wales)

ACCOUNTANTS:

Sedulo Leeds Limited

St Paul's House

23 Park Square

Leeds

LS1 2ND

FIXED ASSETS

Tangible assets

4

1,140

1,341

Investment property

5

2,353,722

2,353,722

2,354,862

2,355,063

CURRENT ASSETS

Stocks

300,000

465,000

Debtors

6

142,240

136,657

Cash at bank and in hand

66

19,614

442,306

621,271

CREDITORS

Amounts falling due within one year

7

2,822,334

2,857,310

NET CURRENT LIABILITIES

(2,380,028

)

(2,236,039

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(25,166

)

119,024

CREDITORS

Amounts falling due after more than one year

8

785,984

729,608

NET LIABILITIES

(811,150

)

(610,584

)

CAPITAL AND RESERVES

Called up share capital

4

4

Revaluation reserve

10

63,084

63,084

Retained earnings

(874,238

)

(673,672

)

SHAREHOLDERS' FUNDS

(811,150

)

(610,584

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 November 2018 and were signed on its behalf by:

Mr M S Hussain - Director

1.	STATUTORY INFORMATION

Whetley Mills (Properties) Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis. The company is reliant on support

provided by the directors and members of their families, related parties and other creditors included within

Creditors: amounts falling due after more than one year. Those concerned have indicated their willingness to

support the company by not requiring repayment of amounts due to them until the company is in a position to

repay them.

The company is also reliant on the loans provided by its bankers. The directors are not aware of any reasons why

peremptory repayment would be demanded.

The directors consider that the company is able to operate within the level of its current bank facilities for the

foreseeable future.

The Financial Statements are prepared in sterling which is the functional currency of the company.

Turnover

Turnover represents net invoiced sales of properties, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation

is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Closing stock represents freehold property held for resale. The directors have reviewed the carrying value of all

properties held on an individual basis in the light of recent property market fluctuations. The directors are of the

opinion that the net realisable value of each property remains in excess of its carrying value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Operating lease income

Operating lease rental income (excluding charges for services such as insurance and maintenance) is accounted

for on a straight line basis over the period of the lease with any rental increases recognised during the period to

which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2017

and 31 March 2018

3,180

DEPRECIATION

At 1 April 2017

1,839

Charge for year

201

At 31 March 2018

2,040

NET BOOK VALUE

At 31 March 2018

1,140

At 31 March 2017

1,341

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

and 31 March 2018

2,353,722

NET BOOK VALUE

At 31 March 2018

2,353,722

At 31 March 2017

2,353,722

If the revalued property were sold at the revalued amount no tax liability would arise due to the availability of

losses arising in prior years.

Fair value at 31 March 2018 is represented by:

£

Valuation in 2009

53,084

Valuation in 2010

10,000

Cost

2,290,638

2,353,722

If investment properties had not been revalued they would have been included at the following historical cost:

2018

2017

£

£

Cost

2,290,638

2,290,638

Investment property was valued on an open market basis on 15 September 2009 and 14 January 2010 by

independent valuers.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

3,046

Other debtors

142,240

133,611

142,240

136,657

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

2,710,465

2,732,228

Trade creditors

-

101

Taxation and social security

13,109

17,498

Other creditors

98,760

107,483

2,822,334

2,857,310

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

785,984

729,608

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

2,710,465

2,732,228

The bank loan and overdrafts are secured by way of a fixed and floating charge over all properties and assets of

the company.

10.

RESERVES

Revaluation

reserve

£

At 1 April 2017

and 31 March 2018

63,084

11.	RELATED PARTY DISCLOSURES

Both directors are shareholders in and directors of Whetley Mills Limited, a company incorporated in England

and Wales. At 31 March 2018 this company owed Whetley Mills Limited the sum of £605,055 (2017:

£653,475). The advance is interest free, undertakings have been received that repayment will not be required

prior to 31 March 2018, and is disclosed within 'Creditors: Amounts falling due after more than one year' at note

9 above.

Mr T Z Hussain, a director of the company, was owed £6,398 by the company at 31 March 2018 (2017: £6,398).

The advance is interest free with no set terms of repayment and disclosed within 'Other creditors' at 'Creditors,

amounts falling due after more than one year' at note 9 above.

Mr M S Hussain, a director of the company, was owed £5,994 by the company at 31 March 2018 (2017: £5,994).

The advance is interest free with no set terms of repayment and disclosed within 'Other creditors' at 'Creditors,

amounts falling due after more than one year' at note 9 above.

Mrs M Hussain, a director of the company, was owed £1,974 by the company at 31 March 2018 (2017: £Nil).

The advance is interest free with and paid after the year-end and is disclosed within 'Other creditors' at 'Creditors,

amounts falling due within one year' at note 8 above.