REGISTERED NUMBER: |
THE WALSALL AND DISTRICT PROPERTY AND |
INVESTMENT COMPANY, LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
REGISTERED NUMBER: |
THE WALSALL AND DISTRICT PROPERTY AND |
INVESTMENT COMPANY, LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
THE WALSALL AND DISTRICT PROPERTY AND |
INVESTMENT COMPANY, LIMITED (REGISTERED NUMBER: 00105920) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
THE WALSALL AND DISTRICT PROPERTY AND |
INVESTMENT COMPANY, LIMITED (REGISTERED NUMBER: 00105920) |
BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Capital redemption reserve |
Fair value reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE WALSALL AND DISTRICT PROPERTY AND |
INVESTMENT COMPANY, LIMITED (REGISTERED NUMBER: 00105920) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
The Walsall And District Property And Investment Company, Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
At the time of finalising the annual accounts, the economic environment is suffering from the Corona virus pandemic. The extent and duration of the pandemic is currently difficult to foresee, but it can be assumed that it will have a severe impact on the economy. The directors do not expect the effects of the pandemic to be permanent and consider the company has adequate resources for its current and future funding requirements. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for rental income. |
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. |
Interest income is recognised using the effective interest method and dividend income is recognised as the company’s right to receive payment is established. |
Investment property |
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. The surplus or deficit on revaluation is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
THE WALSALL AND DISTRICT PROPERTY AND |
INVESTMENT COMPANY, LIMITED (REGISTERED NUMBER: 00105920) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Fixed asset investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably. |
Capital reserve |
In accordance with the memorandum of association, where the company realises all or any part of its property or assets, then any surpluses or deficits arising from realisation shall be dealt with as capital surpluses, not available for payment of dividends, or capital deficiencies, which shall be charged against capital reserve. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
VALUATION |
At 1 January 2021 | 70,292 |
Additions | 3,620 |
Disposal | (21,477 | ) |
Revaluation | 14,320 |
At 31 December 2021 | 66,755 |
CARRYING AMOUNT |
At 31 December 2021 | 66,755 |
At 31 December 2020 | 70,292 |
THE WALSALL AND DISTRICT PROPERTY AND |
INVESTMENT COMPANY, LIMITED (REGISTERED NUMBER: 00105920) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
Revaluations | 1,023,000 |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
The valuations of investment properties were made by the directors of the company on an open market basis at 31 December 2021. |
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts included would have been: |
2021 | 2020 |
£ | £ |
Cost | 2,699,451 | 2,699,451 |
Impairment losses | (103,163 | ) | (108,232 | ) |
Carrying amount | 2,596,288 | 2,591,219 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Taxation and social security |
Other creditors |
Other creditors includes £21,600 12% debenture stock which is secured and repayable at six months notice. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary shares | £1 | 22,000 | 22,000 |
THE WALSALL AND DISTRICT PROPERTY AND |
INVESTMENT COMPANY, LIMITED (REGISTERED NUMBER: 00105920) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2021 |
Fair value transfers | 1,025,448 |
Fair value tax adjustment | (183,468 | ) |
At 31 December 2021 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY TRANSACTIONS |
During the year, rent and service charges totalling £5,241 (2020 - £5,541) was charged to related parties, including Directors. There was no balance outstanding at the year end. |