Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-31true2022-04-01falseProperty Owners44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00458513 2022-04-01 2023-03-31 00458513 2021-04-01 2022-03-31 00458513 2023-03-31 00458513 2022-03-31 00458513 c:Director2 2022-04-01 2023-03-31 00458513 d:FurnitureFittings 2022-04-01 2023-03-31 00458513 d:FurnitureFittings 2023-03-31 00458513 d:FurnitureFittings 2022-03-31 00458513 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 00458513 d:FreeholdInvestmentProperty 2023-03-31 00458513 d:FreeholdInvestmentProperty 2022-03-31 00458513 d:CurrentFinancialInstruments 2023-03-31 00458513 d:CurrentFinancialInstruments 2022-03-31 00458513 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00458513 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00458513 d:ShareCapital 2023-03-31 00458513 d:ShareCapital 2022-03-31 00458513 d:RevaluationReserve 2023-03-31 00458513 d:RevaluationReserve 2022-03-31 00458513 d:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 00458513 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 00458513 d:OtherMiscellaneousReserve 2023-03-31 00458513 d:OtherMiscellaneousReserve 2022-03-31 00458513 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00458513 d:RetainedEarningsAccumulatedLosses 2023-03-31 00458513 d:RetainedEarningsAccumulatedLosses 2022-03-31 00458513 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 00458513 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 00458513 d:FinancialAssetsAmortisedCost 2023-03-31 00458513 d:FinancialAssetsAmortisedCost 2022-03-31 00458513 d:FinancialLiabilitiesAmortisedCost 2023-03-31 00458513 d:FinancialLiabilitiesAmortisedCost 2022-03-31 00458513 c:FRS102 2022-04-01 2023-03-31 00458513 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00458513 c:FullAccounts 2022-04-01 2023-03-31 00458513 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00458513 2 2022-04-01 2023-03-31 00458513 d:OtherDeferredTax 2023-03-31 00458513 d:OtherDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number:  00458513














WELLESLEY ROAD PROPERTY COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023



 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
Registered number: 00458513

BALANCE SHEET
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
1,886,771
2,041,301

  
1,886,771
2,041,301

Current assets
  

Debtors: amounts falling due within one year
 6 
1,253
19,405

Cash at bank and in hand
 7 
245,222
80,600

  
246,475
100,005

Creditors: amounts falling due within one year
 8 
(31,605)
(8,226)

Net current assets
  
 
 
214,870
 
 
91,779

Total assets less current liabilities
  
2,101,641
2,133,080

Provisions for liabilities
  

Deferred tax
 10 
(164,656)
(154,874)

  
 
 
(164,656)
 
 
(154,874)

Net assets
  
1,936,985
1,978,206

Page 1

 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
Registered number: 00458513
    
BALANCE SHEET (CONTINUED)
As at 31 March 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
 11 
932,655
1,055,653

Other reserves
 11 
902,370
789,154

Profit and loss account
 11 
100,960
132,399

  
1,936,985
1,978,206


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 September 2023.




J.Nixon
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.00458513). The address of the registered office is c/o Langtons, 11th Floor, The Plaza, 100 Old Hall Street, Liverpool, Merseyside L3 9QJ.
These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activity of the company is that of property owners.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 5

 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 April 2022
7,602



At 31 March 2023

7,602



Depreciation


At 1 April 2022
7,602



At 31 March 2023

7,602



Net book value



At 31 March 2023
-



At 31 March 2022
-

Page 6

 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

5.


Investment property


Investment properties

£



Valuation


At 1 April 2022
2,041,301


Additions at cost
1,975


Disposals
(156,505)



At 31 March 2023
1,886,771

The investment properties are freehold and long leasehold properties.

The 2023 valuations were made by Goulding & Slade, Chartered Surveyors,, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
779,029
803,140

779,029
803,140

Page 7

 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

6.


Debtors

2023
2022
£
£


Trade debtors
-
19,405

Other debtors
1,253
-

1,253
19,405



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
245,222
80,600

245,222
80,600



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
344
-

Corporation tax
18,348
2,549

Accruals and deferred income
12,913
5,677

31,605
8,226


Page 8

 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
245,222
80,600

Financial assets that are debt instruments measured at amortised cost
1,253
19,405

246,475
100,005


Financial liabilities


Financial liabilities measured at amortised cost
(13,257)
(5,676)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors.


Financial liabilities measured at amortised cost comprise accruals and deferred income.


10.


Deferred taxation




2023


£






At beginning of year
(154,874)


Charged to profit or loss
(9,782)



At end of year
(164,656)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Corporation tax relating to the unrealised capital surplus on chargeable gains that would become payable if the properties were sold at their stated value
(164,656)
(154,874)

Page 9

 
WELLESLEY ROAD PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

11.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve is used when a revaluation finds the current and probable future value of the asset is higher than the recorded historic cost of the same asset.

Other reserves

Other reserves are amounts that are retained in the business and not distributed to the owners.

Profit & loss account

Retained earnings reflect the entity's accumulated earnings less dividends paid and payable.


12.


Controlling party

The company is controlled by its directors.

 
Page 10