Registered number
10035404
Walton Hall Properties Ltd
Unaudited Filleted Accounts
28 February 2023
Walton Hall Properties Ltd
Registered number: 10035404
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,275,672 1,280,915
Current assets
Cash at bank and in hand 1,166 5,314
Creditors: amounts falling due within one year 4 (13,345) (32,445)
Net current liabilities (12,179) (27,131)
Total assets less current liabilities 1,263,493 1,253,784
Creditors: amounts falling due after more than one year 5 (842,428) (846,965)
Provisions for liabilities - deferred tax (73,530) (73,530)
Net assets 347,535 333,289
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 6 258,795 258,795
Profit and loss account 87,740 73,494
Shareholders' funds 347,535 333,289
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.
A L Hall
Director
Approved by the board on 9 October 2023
Walton Hall Properties Ltd
Notes to the Accounts
for the year ended 28 February 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 (as applied to small entities by section 1A of the standard).
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
Investments in Land and buildings are measured at fair value. Changes in fair value are included in the profit and loss account. The revaluation has been undertaken by the directors based on comparative properties in the same area.
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. Deferred tax has been applied to the gain on the revaluation of the investment properties in the year.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost
At 1 March 2022 1,255,000 32,394 1,287,394
Additions - 1,413 1,413
At 28 February 2023 1,255,000 33,807 1,288,807
Depreciation
At 1 March 2022 - 6,479 6,479
Charge for the year - 6,656 6,656
At 28 February 2023 - 13,135 13,135
Net book value
At 28 February 2023 1,255,000 20,672 1,275,672
At 28 February 2022 1,255,000 25,915 1,280,915
Freehold land and buildings: 2023 2022
£ £
Historical cost 805,500 805,500
Cumulative depreciation based on historical cost - -
805,500 805,500
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,950 4,950
Trade creditors 6,924 4,320
Director's loan account 50 22,417
Taxation and social security costs 1,421 758
13,345 32,445
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 222,800 222,800
Other loan - Directors 619,628 624,165
842,428 846,965
6 Revaluation reserve 2023 2022
£ £
At 1 March 2022 258,795 -
Gain on revaluation of land and buildings - 319,500
Deferred taxation arising on the revaluation of land and buildings - (60,705)
At 28 February 2023 258,795 258,795
7 Related party transactions
Within interest payable £2,000 related to interest due to the Directors.
8 Controlling party
The shareholding of the company is held jointly by Mr DC Walton and Ms AL Hall.
9 Other information
Walton Hall Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7 Charter Close
Sale
M33 5YG
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