WJH Property & Investment Ltd
Registered number: 08407344
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 6,250 12,500
Tangible assets 4 752,500 705,000
758,750 717,500
Current assets
Debtors 5 7,791 5,757
Investments held as current assets 15 163,483
Cash at bank and in hand 9,796 2,997
17,602 172,237
Creditors: amounts falling due within one year 6 (331,860) (485,977)
Net current liabilities (314,258) (313,740)
Total assets less current liabilities 444,492 403,760
Creditors: amounts falling due after more than one year 7 (147,127) (192,753)
Net assets 297,365 211,007
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 186,331 138,831
Profit and loss account 110,934 72,076
Shareholders' funds 297,365 211,007
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
W Hickinbotham
Director
Approved by the board on 16 October 2023
WJH Property & Investment Ltd
Notes to the Accounts
for the year ended 31 January 2023
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
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.
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 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 25,000
At 31 January 2023 25,000
Amortisation
At 1 February 2022 12,500
Provided during the year 6,250
At 31 January 2023 18,750
Net book value
At 31 January 2023 6,250
At 31 January 2022 12,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2022 705,000
Surplus on revaluation 47,500
At 31 January 2023 752,500
Depreciation
At 31 January 2023 -
Net book value
At 31 January 2023 752,500
At 31 January 2022 705,000
The assets were re-valued in the year by the director in the year using conservative estimates of similar properties in the area. It prudent revaluation was included across all properties owned in the portfolio.
5 Debtors 2023 2022
£ £
Rent Deposit Held 2,470 865
Other debtors 5,321 4,892
7,791 5,757
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 17,073 37,183
Directors Loan Account 297,959 439,557
Corporation tax 7,828 3,237
Other creditors 9,000 6,000
331,860 485,977
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 147,127 192,753
8 Revaluation reserve 2023 2022
£ £
At 1 February 2022 138,831 71,831
Gain on revaluation of land and buildings 47,500 67,000
At 31 January 2023 186,331 138,831
9 Other information
WJH Property & Investment Ltd is a private company limited by shares and incorporated in England. Its registered office is:
13a Pelham Street
Ilkeston
Derbyshire
DE7 8AR
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