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Registration number: 11106382

Worthington Real Estate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Worthington Real Estate Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Worthington Real Estate Limited

(Registration number: 11106382)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

7,972

-

Investment property

5

965,000

1,115,875

 

972,972

1,115,875

Creditors: Amounts falling due within one year

7

(278,058)

(384,817)

Total assets less current liabilities

 

694,914

731,058

Creditors: Amounts falling due after more than one year

7

(162,622)

(23,128)

Net assets

 

532,292

707,930

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

532,290

707,928

Shareholders' funds

 

532,292

707,930

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 November 2023
 

Mr J Worthington
Director

 

Worthington Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Fao Quay Accountants
Station House
Stamford New Road
Altrincham
Cheshire
WA14 1EP
England

These financial statements were authorised for issue by the director on 24 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Worthington Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Worthington Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

15,000

15,000

At 31 December 2022

15,000

15,000

Depreciation

Charge for the year

7,028

7,028

At 31 December 2022

7,028

7,028

Carrying amount

At 31 December 2022

7,972

7,972

5

Investment properties

2022
£

At 1 January

1,115,875

Fair value adjustments

(150,875)

At 31 December

965,000

The company carries it's investment property at fair value, with changes in fair value being recognised in profit or loss. The valuation of the company's portfolio is inherently subjective due to, among other factors, the individual nature of each property, it's location and the expected future rental revenues from that particular property. As a result, the valuations the company places on it's property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.

There has been no valuation of investment property by an independent valuer.

 

Worthington Real Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Debtors

Current

2022
£

2021
£

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

3,254

87,345

Other creditors

 

274,804

297,472

 

278,058

384,817

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

162,622

23,128

Included in loans and borrowings in the mortgage of the investment property in the accounts. Security of this mortgage has been given against the property.

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Parent and ultimate parent undertaking

The ultimate controlling party is the director.