Company registration number 00070358 (England and Wales)
THE LONDON & WESTMINSTER PROPERTY COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
THE LONDON & WESTMINSTER PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE LONDON & WESTMINSTER PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
270
360
Investment properties
4
4,300,000
4,250,000
Investments
5
37
37
4,300,307
4,250,397
Current assets
Debtors
6
1,927
8,411
Cash at bank and in hand
1,011,030
945,715
1,012,957
954,126
Creditors: amounts falling due within one year
7
(86,702)
(48,089)
Net current assets
926,255
906,037
Total assets less current liabilities
5,226,562
5,156,434
Provisions for liabilities
(277,874)
(201,684)
Net assets
4,948,688
4,954,750
Capital and reserves
Called up share capital
107,990
107,990
Fair value reserve
2,730,260
2,756,450
Profit and loss reserves
2,110,438
2,090,310
Total equity
4,948,688
4,954,750
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 August 2022 and are signed on its behalf by:
Mr B H Fitch
Director
Company Registration No. 00070358
THE LONDON & WESTMINSTER PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
The London & Westminster Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, England, SL9 7QE.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental of the company's investment properties.
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:
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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
Fixed asset investments
Fixed asset investments, other than property, are stated at cost less provision for diminution in value.
1.6
Cash and cash equivalents
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE LONDON & WESTMINSTER PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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
2
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
27,987
Depreciation and impairment
At 1 April 2021
27,627
Depreciation charged in the year
90
At 31 March 2022
27,717
Carrying amount
At 31 March 2022
270
At 31 March 2021
360
THE LONDON & WESTMINSTER PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
4
Investment property
2022
£
Fair value
At 1 April 2021
4,250,000
Revaluations
50,000
At 31 March 2022
4,300,000
Investment property comprises freehold premises. The fair value of the investment property has been arrived at on the basis of a valuation carried out in October 2004 by a firm of independent chartered surveyors, and has since been valued by the directors on an annual basis and again as at 31 March 2022. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2022
2021
£
£
Cost
1,280,509
1,280,509
Accumulated depreciation
-
-
Carrying amount
1,280,509
1,280,509
5
Fixed asset investments
2022
2021
£
£
Other investments other than loans
37
37
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
5,804
Other debtors
1,927
2,607
1,927
8,411
THE LONDON & WESTMINSTER PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
28,213
18,358
Other taxation and social security
645
879
Other creditors
57,844
28,852
86,702
48,089
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Palmer FCA
Statutory Auditor:
Nunn Hayward LLP