REGISTERED NUMBER: 00530251 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

FOR

W. FLEET PROPERTY COMPANY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E J L Harvey

Mrs H E Chappell

SECRETARY:

Mrs E J L Harvey

REGISTERED OFFICE:

Argent House

5 Goldington Road

BEDFORD

MK40 3JY

REGISTERED NUMBER:

00530251 (England and Wales)

ACCOUNTANTS:

Rawlinson Pryde Limited

Chartered Accountants

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

FIXED ASSETS

Tangible assets

4

112

216

Investment property

5

445,000

445,000

445,112

445,216

CURRENT ASSETS

Debtors

6

379

141

Prepayments and accrued income

619

591

Cash at bank

29,676

28,716

30,674

29,448

CREDITORS

Amounts falling due within one year

7

5,349

5,166

NET CURRENT ASSETS

25,325

24,282

TOTAL ASSETS LESS CURRENT LIABILITIES

470,437

469,498

PROVISIONS FOR LIABILITIES

(49,835

)

(50,159

)

ACCRUALS AND DEFERRED INCOME

(9,776

)

(9,825

)

NET ASSETS

410,826

409,514

CAPITAL AND RESERVES

Called up share capital

10,764

10,764

Undistributable fair value

reserve

8

341,823

343,119

Retained earnings

58,239

55,631

SHAREHOLDERS' FUNDS

410,826

409,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:

Mrs E J L Harvey - Director

1.	STATUTORY INFORMATION

W. Fleet Property Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is represented by:

Investment income - Rents receivable:

Rents are credited to the profit and loss. Rentals received in advance by the company that are attributable to later periods are deferred and included in creditors, (deferred income), and are credited to the profit and loss account in those later periods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Investment property

Investment property is shown at most recent valuation. Investment property for which fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and at each reporting date is transferred, net of deferred tax, from retained earnings to a non-distributable fair value reserve.

Investment property is subject to valuation by the directors or by external valuers, determined on the fair value basis using the market approach: based on market transactions involving identical or similar assets.

No depreciation is provided for in respect of investment properties in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Such properties are held for their investment potential and for consumption within the business. This is a departure from the Companies Act 2006, which requires all properties to be depreciated. The directors consider that to depreciate them would not enable the financial statements to give a true and fair view.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities.

Basic financial instruments are initially recognised at the transaction price unless the arrangement constitutes a financing transaction. Transaction price should also include transaction costs; transaction costs are those costs that are directly attributable to the acquisition of the debt instrument. The exception to this accounting is where the debt instrument is measured at fair value through profit or loss. In such cases transaction costs are not included in the initial measurement of the financial instrument.

If an arrangement constitutes a financing transaction it is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The present value of a financial asset or financial liability that is repayable on demand is equal to the undiscounted cash amount expected to be paid or received.

On subsequent measurement, basic financial instruments are recognised at amortised cost. Amortised cost is calculated as the undiscounted amount expected to be paid or received for basic financial instruments payable or receivable within one year. Amortised cost is calculated using the effective interest method for basic financial instruments payable or receivable in more than one year.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 6 April 2022

and 5 April 2023

1,649

1,748

3,397

DEPRECIATION

At 6 April 2022

1,433

1,748

3,181

Charge for year

104

-

104

At 5 April 2023

1,537

1,748

3,285

NET BOOK VALUE

At 5 April 2023

112

-

112

At 5 April 2022

216

-

216

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2022

445,000

Additions

1,600

Revaluations

(1,600

)

At 5 April 2023

445,000

NET BOOK VALUE

At 5 April 2023

445,000

At 5 April 2022

445,000

Fair value at 5 April 2023 is represented by:

£

Valuation in 2003

198,687

Valuation in 2004

40,000

Valuation in 2007

85,000

Valuation in 2018

(5,450

)

Valuation in 2020

60,000

Valuation in 2021

15,000

Valuation in 2023

(1,600

)

Cost

53,363

445,000

If investment property had not been revalued it would have been included at the following historical cost:

5.4.23

5.4.22

£

£

Cost

53,363

51,763

Investment Property was valued on an open market basis on 5 April 2023 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.23

5.4.22

£

£

Other debtors

379

141

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.23

5.4.22

£

£

Tax

5,323

5,140

Other creditors

26

26

5,349

5,166

8.

RESERVES

Undistributable

fair

value

reserve

£

At 6 April 2022

343,119

Transfer between reserves

(1,296

)

At 5 April 2023

341,823

The un-distributable fair value reserve relates to investment properties fair value gain of £391,637 net of deferred tax of £49,814.