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Registered number: 04725620









WELWYN GARDEN ESTATES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2021

 
WELWYN GARDEN ESTATES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
WELWYN GARDEN ESTATES LIMITED
REGISTERED NUMBER: 04725620

BALANCE SHEET
AS AT 30 NOVEMBER 2021

2021
2021
2020
2020
Note
£
£
£
£

  

Current assets
  

Stocks
 4 
24,520,781
24,520,781

Debtors: amounts falling due after more than one year
 5 
3,931,445
3,931,445

Debtors: amounts falling due within one year
 5 
333,364
333,364

Cash at bank and in hand
 6 
1,177,534
1,122,217

  
29,963,124
29,907,807

Creditors: amounts falling due within one year
 7 
(519,288)
(502,397)

Net current assets
  
 
 
29,443,836
 
 
29,405,410

Total assets less current liabilities
  
29,443,836
29,405,410

Creditors: amounts falling due after more than one year
 8 
(28,795,582)
(29,068,990)

  

Net assets
  
648,254
336,420


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
647,254
335,420

  
648,254
336,420


Page 1

 
WELWYN GARDEN ESTATES LIMITED
REGISTERED NUMBER: 04725620
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2021

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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2022.




D G Mattey
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
WELWYN GARDEN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1.


General information

Welwyn Garden Estates Limited is a private company, limited by shares and incorporated in England and Wakes, United Kingdom, with a registration number 04725620. The address of the registered office is Lawrence House, Goodwyn Avenue, Mill Hill, London, NW7 3RH. The principal activity of the company is that of buying and selling real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Stocks

Unsold properties held for resale are stated at the lower of cost and net realisable value. Cost includes all ancillary expenses of purchase. 

Page 3

 
WELWYN GARDEN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2020 - 8).


4.


Stocks

2021
2020
£
£

Development property
24,520,781
24,520,781

24,520,781
24,520,781



5.


Debtors

2021
2020
£
£

Due after more than one year

Other debtors
3,931,445
3,931,445

3,931,445
3,931,445


2021
2020
£
£

Due within one year

Trade debtors
332,864
332,864
Page 4

 
WELWYN GARDEN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

5.Debtors (continued)


Other debtors
500
500

333,364
333,364



6.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
1,177,534
1,122,217

1,177,534
1,122,217



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Other loans
273,409
258,671

Corporation tax
73,146
70,993

Other creditors
172,733
172,733

519,288
502,397


Page 5

 
WELWYN GARDEN ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Other loans
28,795,582
29,068,990

28,795,582
29,068,990


Secured loans
The company has loans with Aviva Commercial Finance Limited of £29,068,991 (2020: £29,327,661). The loans are secured against the assets of the company.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2021
2020
£
£


Repayable by instalments
27,537,027
27,878,281

27,537,027
27,878,281




9.

Related party transactions

2021
2020
        £
        £
Entities with control, joint control or significant influence over the entity

1,965,721

1,965,721



10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2021 was unqualified.

The audit report was signed on 8 August 2022 by Christina Georgiou (Senior Statutory Auditor) on behalf of Haslers.

 
Page 6