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REGISTERED NUMBER: 00105920 (England and Wales)












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 66,755 70,292
Investment property 5 7,231,000 6,208,000
7,297,755 6,278,292

CURRENT ASSETS
Debtors 6 190,349 270,678
Cash at bank 2,070,149 1,770,524
2,260,498 2,041,202
CREDITORS
Amounts falling due within one year 7 171,804 151,345
NET CURRENT ASSETS 2,088,694 1,889,857
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,386,449

8,168,149

PROVISIONS FOR LIABILITIES 536,468 353,000
NET ASSETS 8,849,981 7,815,149

CAPITAL AND RESERVES
Called up share capital 8 22,000 22,000
Capital redemption reserve 1,479,989 1,479,989
Fair value reserve 9 4,122,605 3,280,625
Retained earnings 3,225,387 3,032,535
SHAREHOLDERS' FUNDS 8,849,981 7,815,149

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

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 17 August 2022 and were signed on its behalf by:





Miss S L Howell - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00105920

Registered office: Excelsior Buildings
61 Bridge Street
Walsall
West Midlands
WS1 1JQ

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 (2020 - 4 ) .

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 6,208,000
Revaluations 1,023,000
At 31 December 2021 7,231,000
NET BOOK VALUE
At 31 December 2021 7,231,000
At 31 December 2020 6,208,000

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 185,876 255,656
Other debtors 4,473 15,022
190,349 270,678

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Taxation and social security 75,028 55,177
Other creditors 96,776 96,168
171,804 151,345

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: £    £   
22,000 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 3,280,625
Fair value transfers 1,025,448
Fair value tax adjustment (183,468 )

At 31 December 2021 4,122,605

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Jones (Senior Statutory Auditor)
for and on behalf of Wallace Crooke

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.