Registered number
12030458
Wilkinson Property Developments Limited
Filleted Accounts
31 January 2022
Wilkinson Property Developments Limited
Registered number: 12030458
Balance Sheet
as at 31 January 2022
Notes 2022 2021
£ £
Fixed assets
Investments 3 267,256 129,204
Current assets
Cash at bank and in hand 49,635 22,379
Creditors: amounts falling due within one year 4 (87,587) (41,487)
Net current liabilities (37,952) (19,108)
Total assets less current liabilities 229,304 110,096
Creditors: amounts falling due after more than one year 5 (236,560) (116,630)
Net liabilities (7,256) (6,534)
Capital and reserves
Called up share capital 100 100
Profit and loss account (7,356) (6,634)
Shareholder's funds (7,256) (6,534)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Wilkinson
Director
Approved by the board on 5 August 2022
Wilkinson Property Developments Limited
Notes to the Accounts
for the period from 1 March 2021 to 31 January 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Investments
Other
investments
£
Cost
At 1 March 2021 129,204
Additions 138,052
At 31 January 2022 267,256
At 31 January 2022 the valuation of the investment properties was reviewed by Mr J Wilkinson the director of the company. Following the review he is satisfied that the current valuation represents the fair value of the investment properties.
4 Creditors: amounts falling due within one year 2022 2021
£ £
Director's loan account 41,530 40,881
Other creditors 46,057 606
87,587 41,487
5 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 236,560 116,630
6 Loans 2022 2021
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 236,560 116,630
Secured bank loans 236,560 116,630
The bank loans are secured on the investment properties owned by the company.
7 First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss. The transition date was 1 June 2020. The financial statements for the period ended 28 February 2021 were prepared under the previous financial reporting framework.
8 Controlling party
Mr J Wilkinson is the company's controlling party by virtue of his shareholding in the company.
9 Other information
Wilkinson Property Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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