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COMPANY REGISTRATION NUMBER: 05341337
WILBAR DEVELOPMENT COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
WILBAR DEVELOPMENT COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
WILBAR DEVELOPMENT COMPANY LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
528,142
528,142
Current assets
Debtors
5
733
344
Cash at bank and in hand
50,962
78,883
------------
------------
51,695
79,227
Creditors: amounts falling due within one year
6
( 137,383)
( 136,553)
------------
------------
Net current liabilities
( 85,688)
( 57,326)
------------
------------
Total assets less current liabilities
442,454
470,816
Creditors: amounts falling due after more than one year
7
( 293,502)
( 328,123)
------------
------------
Net assets
148,952
142,693
------------
------------
Capital and reserves
Called up share capital
8
4
4
Profit and loss account
148,948
142,689
------------
------------
Shareholders funds
148,952
142,693
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 March 2023 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 .
These financial statements were approved by the board of directors and authorised for issue on 4 October 2023 , and are signed on behalf of the board by:
G J Barrett
Director
Company registration number: 05341337
WILBAR DEVELOPMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 05341337 . The address of the registered office is Unit A Marshall Hall Mills, Elland Lane, Elland, West Yorkshire, HX5 9DU.
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. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
Revenue recognition
Income is measured at the fair value of the consideration received or receivable.
Revenue is recognised at the date of invoicing rent due, and due regard is given to deferring rent received in advance.
Taxation
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. Investment properties are recorded at cost rather than fair value as the directors believe that to include the investment properties at fair value would cause undue cost or effort.
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 instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Freehold investment property
£
Cost
At 1 April 2022 and 31 March 2023
528,142
------------
Depreciation
At 1 April 2022 and 31 March 2023
------------
Carrying amount
At 31 March 2023
528,142
------------
At 31 March 2022
528,142
------------
The company's freehold investment properties were purchased on 9 March 2007 and 17 July 2014 for what was believed to be the market value for existing use. The valuation of the freehold investment property at 31 March 2023 incorporates this amount plus the cost of subsequent improvement works to the properties. The directors are of the opinion that the fair value of the freehold investment property is more than the value stated in the accounts at 31 March 2023, such that no impairment provision is required. The directors consider the requirements to obtain annual valuations of the freehold investment properties would incur undue cost and effort.
5. Debtors
2023
2022
£
£
Prepayments and accrued income
733
344
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
34,280
32,807
Accruals and deferred income
1,700
20,067
Corporation tax
6,159
8,436
Directors' loan accounts (note 11)
95,244
75,243
------------
------------
137,383
136,553
------------
------------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
293,502
328,123
------------
------------
The bank loan is secured by a fixed and floating charge over the company's assets.
Included within creditors: amounts falling due after more than one year is an amount of £142,260 (2022: £178,288) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
'A' ordinary shares of £ 1 each
1
1
1
1
'B' ordinary shares of £ 1 each
1
1
1
1
'C' ordinary shares of £ 1 each
1
1
1
1
'D' ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
4
4
4
4
------------
------------
------------
------------
The various classes of share rank pari passu in all material respects.
9. Directors' advances, credits and guarantees
The directors' loan accounts of £95,244 (2022: £75,243) at note 7 above are unsecured, repayable on demand and currently interest free.
10. Related party transactions
This company has guaranteed the company's bank borrowings and has provided the bank with a debenture over its assets.
11. Controlling party
There is no one controlling party of the company.