Company registration number 00105920 (England and Wales)
The Walsall and District Property and Investment Company Ltd
financial statements
For the year ended 31 December 2022
The Walsall and District Property and Investment Company Ltd
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
The Walsall and District Property and Investment Company Ltd
Statement of financial position
As at 31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Investment property
3
4,100,000
7,681,000
Investments
4
55,146
66,755
4,155,146
7,747,755
Current assets
Debtors
5
1,806,409
190,349
Cash at bank and in hand
5,482,715
2,070,149
7,289,124
2,260,498
Creditors: amounts falling due within one year
6
(746,826)
(171,804)
Net current assets
6,542,298
2,088,694
Total assets less current liabilities
10,697,444
9,836,449
Provisions for liabilities
(251,914)
(621,968)
Net assets
10,445,530
9,214,481
Capital and reserves
Called up share capital
22,000
22,000
Capital redemption reserve
1,479,989
1,479,989
Non-distributable profits reserve
7
1,918,787
4,487,105
Distributable profit and loss reserves
7,024,754
3,225,387
Total equity
10,445,530
9,214,481

The directors of the company have elected not to include a copy of the income statement 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 29 September 2023 and are signed on its behalf by:
S L Howell
Director
Company Registration No. 00105920
The Walsall And District Property And Investment Company Ltd
The Walsall and District Property and Investment Company Ltd
Statement of changes in equity
For the year ended 31 December 2022
- 2 -
Share capital
Capital redemption reserve
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2021:
Balance at 1 January 2021
22,000
1,479,989
3,280,625
3,032,535
7,815,149
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
1,206,480
236,852
1,443,332
Dividends
-
-
-
(44,000)
(44,000)
Balance at 31 December 2021
22,000
1,479,989
4,487,105
3,225,387
9,214,481
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
(2,568,318)
3,843,367
1,275,049
Dividends
-
-
-
(44,000)
(44,000)
Balance at 31 December 2022
22,000
1,479,989
1,918,787
7,024,754
10,445,530
The Walsall and District Property and Investment Company Ltd
Notes to the financial statements
For the year ended 31 December 2022
- 3 -
1
Accounting policies
Company information

The Walsall and District Property and Investment Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is , Excelsior Buildings, 61 Bridge Street, Walsall, WS1 1JQ.

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. 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 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 rate method and dividend income is recognises as the company's right to receive payment is established.

1.3
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. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

The Walsall and District Property and Investment Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.

1.7
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
4
4
3
Investment property
2022
£
Fair value
At 1 January 2022
7,681,000
Disposals
(3,761,000)
Revaluations
180,000
At 31 December 2022
4,100,000
The Walsall and District Property and Investment Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
3
Investment property
(Continued)
- 5 -

Investment property comprises of multiple properties which are let out by the company. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
55,146
66,755
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2022
66,755
Valuation changes
(11,609)
At 31 December 2022
55,146
Carrying amount
At 31 December 2022
55,146
At 31 December 2021
66,755
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
212,828
185,876
Other debtors
1,593,581
4,473
1,806,409
190,349
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
650,494
54,166
Other taxation and social security
3,482
20,862
Other creditors
92,850
96,776
746,826
171,804
The Walsall and District Property and Investment Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
- 6 -
7
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
4,487,105
3,280,625
Non distributable profits in the year
(2,568,318)
1,206,480
At the end of the year
1,918,787
4,487,105
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:
John Davis
Statutory Auditor:
DJH Mitten Clarke Walsall Limited
10
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2021
2021
£
£
Adjustments to prior year
Investment property fair value reserve
-
450,000
Deferred tax
-
(85,500)
Total adjustments
-
364,500
Equity as previously reported
7,815,149
8,849,981
Equity as adjusted
7,815,149
9,214,481
Analysis of the effect upon equity
Profit and loss reserves
-
364,500
The Walsall and District Property and Investment Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
10
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in profit for the previous financial period
2021
£
Adjustments to prior year
Investment property fair value reserve
450,000
Deferred tax
(85,500)
Total adjustments
364,500
Profit as previously reported
1,078,832
Profit as adjusted
1,443,332
Notes to reconciliation

Prior period adjustment in respect of director's valuation of investment properties and deferred taxation provision thereon.

2022-12-312022-01-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMiss J M C HicktonMr M S J HowellMiss S L HowellMrs F A SharlandS L Howell001059202022-01-012022-12-31001059202022-12-31001059202021-12-3100105920core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3100105920core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3100105920core:CurrentFinancialInstruments2022-12-3100105920core:CurrentFinancialInstruments2021-12-3100105920core:ShareCapital2022-12-3100105920core:ShareCapital2021-12-3100105920core:CapitalRedemptionReserve2022-12-3100105920core:CapitalRedemptionReserve2021-12-3100105920core:FurtherSpecificReserve1ComponentTotalEquity2022-12-3100105920core:FurtherSpecificReserve1ComponentTotalEquity2021-12-3100105920core:RetainedEarningsAccumulatedLosses2022-12-3100105920core:RetainedEarningsAccumulatedLosses2021-12-3100105920core:ShareCapital2020-12-3100105920core:CapitalRedemptionReserve2020-12-3100105920core:FurtherSpecificReserve1ComponentTotalEquity2020-12-3100105920core:RetainedEarningsAccumulatedLosses2020-12-3100105920bus:CompanySecretaryDirector12022-01-012022-12-3100105920core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31001059202021-01-012021-12-3100105920core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31001059202021-12-3100105920core:WithinOneYear2022-12-3100105920core:WithinOneYear2021-12-3100105920bus:PrivateLimitedCompanyLtd2022-01-012022-12-3100105920bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3100105920bus:FRS1022022-01-012022-12-3100105920bus:Audited2022-01-012022-12-3100105920bus:Director12022-01-012022-12-3100105920bus:Director22022-01-012022-12-3100105920bus:Director32022-01-012022-12-3100105920bus:Director42022-01-012022-12-3100105920bus:CompanySecretary12022-01-012022-12-3100105920bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP