Company registration number 07307392 (England and Wales)
WILLOWDALE LODGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
WILLOWDALE LODGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WILLOWDALE LODGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
249
332
Investment properties
4
4,392,764
4,081,647
4,393,013
4,081,979
Current assets
Debtors
5
12,610
10,748
Cash at bank and in hand
27,529
25,185
40,139
35,933
Creditors: amounts falling due within one year
6
(60,854)
(41,842)
Net current liabilities
(20,715)
(5,909)
Total assets less current liabilities
4,372,298
4,076,070
Creditors: amounts falling due after more than one year
7
(2,270,217)
(2,025,965)
Net assets
2,102,081
2,050,105
Capital and reserves
Called up share capital
9
787,003
787,003
Share premium account
28,900
28,900
Revaluation reserve
850,509
850,509
Profit and loss reserves
435,669
383,693
Total equity
2,102,081
2,050,105

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

WILLOWDALE LODGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 September 2022
Mr Jayesh Patel
Director
Company Registration No. 07307392
WILLOWDALE LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information

Willowdale Lodge Limited is a private company limited by shares incorporated in England and Wales. The registered office is 483 Green Lanes, London, N13 4BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts for rent receivable from the investment property.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% Reducing Balance Method
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WILLOWDALE LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
3
3
WILLOWDALE LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2021 and 31 March 2022
1,837
Depreciation and impairment
At 1 April 2021
1,505
Depreciation charged in the year
83
At 31 March 2022
1,588
Carrying amount
At 31 March 2022
249
At 31 March 2021
332
4
Investment property
2022
£
Fair value
At 1 April 2021
4,081,647
Additions
311,117
At 31 March 2022
4,392,764

Investment property is valued at it's estimated open market value by registered Valuer.

5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,688
200
Other debtors
10,922
10,548
12,610
10,748
WILLOWDALE LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
11,961
26,448
Other creditors
46,793
11,194
Accruals and deferred income
2,100
4,200
60,854
41,842
7
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
8
1,706,077
1,486,825
Other borrowings
8
564,140
539,140
2,270,217
2,025,965
8
Loans and overdrafts
2022
2021
£
£
Bank loans
1,706,077
1,486,825
Other loans
564,140
539,140
2,270,217
2,025,965
Payable after one year
2,270,217
2,025,965

The long-term loans are secured by fixed charges over the assets of the company.

9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary Shares of £1 each
202,000
202,000
202,000
202,000
'B' Ordinary Shares of £1 each
155,000
155,000
155,000
155,000
'C' Ordinary Shares of £1 each
3
3
3
3
'D' Ordinary Shares of £1 each
430,000
430,000
430,000
430,000
787,003
787,003
787,003
787,003
WILLOWDALE LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
10
Control

No party has control over the company.

 

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