WALLIS HOMES LTD
Registered number: 08307821
Balance Sheet
as at 30 November 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 339,595 339,942
Current assets
Debtors 4 66 16,474
Cash at bank and in hand 1,114 2,271
1,180 18,745
Creditors: amounts falling due within one year 5 (133,964) (152,696)
Net current liabilities (132,784) (133,951)
Total assets less current liabilities 206,811 205,991
Creditors: amounts falling due after more than one year 6 (113,900) (122,465)
Net assets 92,911 83,526
Capital and reserves
Called up share capital 1 1
Profit and loss account 92,910 83,525
Shareholder's funds 92,911 83,526
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Wallis
Director
Approved by the board on 10 October 2023
WALLIS HOMES LTD
Notes to the Accounts
for the year ended 30 November 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 10% reducing balance on one building.
All other land and buildings are appreciating
in value so no depreciation has been charged.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2021 343,470
At 30 November 2022 343,470
Depreciation
At 1 December 2021 3,528
Charge for the year 347
At 30 November 2022 3,875
Net book value
At 30 November 2022 339,595
At 30 November 2021 339,942
4 Debtors 2022 2021
£ £
Other debtors 66 16,474
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 60,901 109,560
Amounts owed to group undertakings and undertakings in which the company has a participating interest 59,512 32,161
Corporation tax 12,548 8,995
Other creditors 1,003 1,980
133,964 152,696
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 113,900 122,465
7 Other information
WALLIS HOMES LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
S75 2RG
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