REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022 |
FOR |
WISE FINANCIAL PROPERTY LIMITED |
REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022 |
FOR |
WISE FINANCIAL PROPERTY LIMITED |
WISE FINANCIAL PROPERTY LIMITED (REGISTERED NUMBER: 09917958) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WISE FINANCIAL PROPERTY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
WISE FINANCIAL PROPERTY LIMITED (REGISTERED NUMBER: 09917958) |
ABRIDGED BALANCE SHEET |
31 MAY 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Investments fair value reserve |
Investment property fair value reserve |
Retained earnings |
The director acknowledges his 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. |
WISE FINANCIAL PROPERTY LIMITED (REGISTERED NUMBER: 09917958) |
ABRIDGED BALANCE SHEET - continued |
31 MAY 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WISE FINANCIAL PROPERTY LIMITED (REGISTERED NUMBER: 09917958) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2022 |
1. | STATUTORY INFORMATION |
Wise Financial Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income from the letting of residential properties. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Fixed asset investments |
Fixed asset investments, which comprise listed investments are reflected at their fair value. Any surplus or deficit arising from changes in fair value is recognised in the profit or loss for the year and included in the investments fair value reserve on the balance sheet. In the event that unrealised deficits exceed the accumulated unrealised gains, the deficit arising is transferred to the profit and loss account reserve. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
WISE FINANCIAL PROPERTY LIMITED (REGISTERED NUMBER: 09917958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
At 31 May 2022 |
DEPRECIATION |
Charge for year |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 June 2021 | 501,116 |
Additions | 19,866 |
Disposals | (3,062 | ) |
Revaluations | (98,221 | ) |
At 31 May 2022 | 419,699 |
NET BOOK VALUE |
At 31 May 2022 | 419,699 |
At 31 May 2021 | 501,116 |
Cost or valuation at 31 May 2022 is represented by: |
Totals |
£ |
Valuation in 2021 | 419,699 |
If investments had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 497,282 | 480,478 |
The investment portfolio were valued on an open market basis on 31 May 2022 by Investec Wealth & Investment Ltd . |
WISE FINANCIAL PROPERTY LIMITED (REGISTERED NUMBER: 09917958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2021 |
Additions |
Revaluations | 289,348 |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
Fair value at 31 May 2022 is represented by: |
£ |
Valuation in 2021 | 6,020,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 5,496,817 | 4,242,430 |
Investment properties were valued on an open market basis on 31 May 2022 by the director . |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2022 | 2021 |
£ | £ |
Repayable by instalments |
Mortgages | 3,883,313 | 3,082,263 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
WISE FINANCIAL PROPERTY LIMITED (REGISTERED NUMBER: 09917958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Mortgages | 3,883,313 | 3,082,263 |
Mortgages are secured on the properties to which they relate. |