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COMPANY REGISTRATION NUMBER: NI016629
Walldith Properties Limited
Filleted Unaudited Financial Statements
31 January 2022
Walldith Properties Limited
Financial Statements
Year ended 31st January 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Walldith Properties Limited
Statement of Financial Position
31 January 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
4
4,869,236
4,869,236
Investments
5
3,733,633
3,733,633
------------
------------
8,602,869
8,602,869
Current assets
Debtors
6
90,557
96,872
Cash at bank and in hand
6,804,437
6,451,271
------------
------------
6,894,994
6,548,143
Creditors: amounts falling due within one year
7
120,219
121,324
------------
------------
Net current assets
6,774,775
6,426,819
-------------
-------------
Total assets less current liabilities
15,377,644
15,029,688
Creditors: amounts falling due after more than one year
8
3,538,182
3,538,182
-------------
-------------
Net assets
11,839,462
11,491,506
-------------
-------------
Capital and reserves
Called up share capital
25,002
25,002
Share premium account
208,633
208,633
Profit and loss account
11,605,827
11,257,871
-------------
-------------
Shareholders funds
11,839,462
11,491,506
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Walldith Properties Limited
Statement of Financial Position (continued)
31 January 2022
These financial statements were approved by the board of directors and authorised for issue on 23 August 2022 , and are signed on behalf of the board by:
Mrs E Wallace
Mr W Wallace
Director
Director
Company registration number: NI016629
Walldith Properties Limited
Notes to the Financial Statements
Year ended 31st January 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Units 10-16, New Foundry Industrial Estate, Foundry Street, Portadown, BT63 5AD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Debtors and creditors receivable/payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4. Tangible assets
Long leasehold property
£
Cost
At 1st February 2021 and 31st January 2022
4,869,236
------------
Depreciation
At 1st February 2021 and 31st January 2022
------------
Carrying amount
At 31st January 2022
4,869,236
------------
At 31st January 2021
4,869,236
------------
The directors have placed an estimate on the market value of the investment property held by the company.
5. Investments
Shares in group undertakings
£
Cost
At 1st February 2021 and 31st January 2022
3,733,633
------------
Impairment
At 1st February 2021 and 31st January 2022
------------
Carrying amount
At 31st January 2022
3,733,633
------------
At 31st January 2021
3,733,633
------------
Subsidiary undertakings
At the Statement of Financial Position date, the company's investment in its subsidiary, Wallace Packaging (N.I.) Limited, represents ownership of 100% of the issued share capital of the company, whose principal activity is as a wholesale distributor of goods, stationery and packaging. Wallace Packaging (N.I.) Limited is a company incorporated in Northern Ireland.
At 31st January 2022, the aggregate of the share capital and reserves of Wallace Packaging (N.I.) Limited amounted to £1,038,018 (2021 - £958,701) and the profit for the year after tax was £113,612 (2021 - £88,165).
At the Statement of Financial Position date, the company's investment in its subsidiary, Walldith Properties Trading Limited, represents ownership of 100% of the issued share capital of the company, whose principal activity is as a building development company. Walldith Properties Trading Limited is a company incorporated in England and Wales.
At 30th September 2021, the aggregate of the share capital and reserves of Walldith Properties Trading Limited amounted to £3,532,954 and the profit for the year after tax was £NIL. Subsidiary undertakings
At the Statement of Financial Position date, the company's investment in its subsidiary, Wallace Packaging (N.I.) Limited, represents ownership of 100% of the issued share capital of the company, whose principal activity is as a wholesale distributor of goods, stationery and packaging. Wallace Packaging (N.I.) Limited is a company incorporated in Northern Ireland.
At 31st January 2022, the aggregate of the share capital and reserves of Wallace Packaging (N.I.) Limited amounted to £1,038,018 (2021 - £958,701) and the profit for the year after tax was £113,612 (2021 - £88,165).
At the Statement of Financial Position date, the company's investment in its subsidiary, Walldith Properties Trading Limited, represents ownership of 100% of the issued share capital of the company, whose principal activity is as a building development company. Walldith Properties Trading Limited is a company incorporated in England and Wales.
At 30th September 2020, the aggregate of the share capital and reserves of Walldith Properties Trading Limited amounted to £3,532,954 and the profit for the year after tax was £56,167.
6. Debtors
2022
2021
£
£
Trade debtors
86,175
91,808
Other debtors
4,382
5,064
--------
--------
90,557
96,872
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,814
Corporation tax
80,472
73,435
Social security and other taxes
7,605
10,545
Other creditors
32,142
34,530
---------
---------
120,219
121,324
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Amounts owed to group undertakings
3,538,182
3,538,182
------------
------------
9. Related party transactions
The company has availed of the exemption under the terms of FRS 102 from disclosing related party transactions with it's subsidiaries, at the Statement of Financial Position Date. No other transactions, such as are required to be disclosed under the provisions of FRS102, occurred during the period.
10. Control
The ultimate holding company is Walldith Holdings Limited, a company incorporated in Northern Ireland. The company regards Mr William Wallace and Mrs Edith Wallace the controlling parties whom together own 100% of the share capital.