Company registration number 02745568 (England and Wales)
Willow Grove Properties Ltd
Unaudited
Financial Statements
for the year ended 31 January 2023
PAGES FOR FILING WITH REGISTRAR
Willow Grove Properties Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Willow Grove Properties Ltd
Balance sheet
as at 31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,088
25,403
Investment properties
4
6,326,000
6,326,000
6,390,088
6,351,403
Current assets
Debtors
5
104,659
80,307
Cash at bank and in hand
186,510
30,312
291,169
110,619
Creditors: amounts falling due within one year
6
(278,942)
(132,301)
Net current assets/(liabilities)
12,227
(21,682)
Total assets less current liabilities
6,402,315
6,329,721
Creditors: amounts falling due after more than one year
7
(1,644,942)
(1,522,833)
Provisions for liabilities
(457,936)
(370,229)
Net assets
4,299,437
4,436,659
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
9
3,866,455
3,866,455
Profit and loss reserves
10
432,882
570,104
Total equity
4,299,437
4,436,659
Willow Grove Properties Ltd
Balance sheet (continued)
as at 31 January 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2023 and are signed on its behalf by:
Miss E L Reynolds
Director
Company Registration No. 02745568
Willow Grove Properties Ltd
Notes to the financial statements
for the year ended 31 January 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% on cost
Computer equipment
33.3% on cost
Motor vehicles
25% reducing balance
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Willow Grove Properties Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2023
1
Accounting policies
(continued)
- 4 -
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
8,139
4,365
53,793
66,297
Additions
82,384
82,384
Disposals
(53,793)
(53,793)
At 31 January 2023
8,139
4,365
82,384
94,888
Depreciation and impairment
At 1 February 2022
5,072
4,365
31,456
40,893
Depreciation charged in the year
767
20,596
21,363
Eliminated in respect of disposals
(31,456)
(31,456)
At 31 January 2023
5,839
4,365
20,596
30,800
Carrying amount
At 31 January 2023
2,300
61,788
64,088
At 31 January 2022
3,067
22,336
25,403
Willow Grove Properties Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 February 2022 and 31 January 2023
6,326,000
Investment property comprises various rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
14,900
14,900
Other debtors
89,759
65,407
104,659
80,307
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
230,080
69,213
Corporation tax
14,900
14,900
Other taxation and social security
16,903
12,185
Other creditors
17,059
36,003
278,942
132,301
The bank loan is secured by fixed and floating charges over the property and undertaking of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,591,233
1,522,833
Other creditors
53,709
1,644,942
1,522,833
The bank loan is secured by fixed and floating charges over the property and undertaking of the company.
Willow Grove Properties Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2023
- 6 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
9
Revaluation reserve
2023
2022
£
£
At beginning of year
3,866,455
2,871,455
Transfer to retained earnings
995,000
At end of year
3,866,455
3,866,455
10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
570,104
886,937
(Loss)/profit for the year
(80,222)
734,167
Dividends declared and paid in the year
(57,000)
(56,000)
Transfer to reserves
(995,000)
At the end of the year
432,882
570,104
11
Company information
Willow Grove Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Sandmoor Green, Leeds, West Yorkshire, LS17 7SB.