Wedvale Properties Limited |
Registered number: |
00985922 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
|
3,599,031 |
|
|
3,599,031 |
|
Current assets |
Debtors |
4 |
|
394,017 |
|
|
355,461 |
Cash at bank and in hand |
|
|
1,559,004 |
|
|
1,427,763 |
|
|
|
1,953,021 |
|
|
1,783,224 |
|
Creditors: amounts falling due within one year |
5 |
|
(106,566) |
|
|
(95,568) |
|
Net current assets |
|
|
|
1,846,455 |
|
|
1,687,656 |
|
Total assets less current liabilities |
|
|
|
5,445,486 |
|
|
5,286,687 |
|
|
Provisions for liabilities |
|
|
|
(192,044) |
|
|
(192,044) |
|
|
Net assets |
|
|
|
5,253,442 |
|
|
5,094,643 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
198 |
|
|
198 |
Share premium |
|
|
|
33,201 |
|
|
33,201 |
Profit and loss account |
|
|
|
5,220,043 |
|
|
5,061,244 |
|
Shareholders' funds |
|
|
|
5,253,442 |
|
|
5,094,643 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
C Moody |
Director |
Approved by the board on 8 November 2023 |
|
Wedvale Properties Limited |
Notes to the Accounts |
for the year ended 31 March 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). |
|
|
Property income |
|
This comprises the value of rent receivable on investment properties in the normal course of business. |
|
|
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: |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Joint arrangement |
|
The company has entered into an agreement with other Moody family companies and investors known as the Moody Joint Venture. In practise this is a joint arrangement designed to pool resources for property investments, and as such is an extension of the company's own trade. The Moody Joint Venture does not constitute a separate trading entity and therefore the company has accounted for its own share of the assets, liabilities and cash flows in the joint arrangement on a direct basis. |
|
|
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. |
|
|
Provisions |
|
Provisions (i.e. 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. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
Investments in |
subsidiary |
Other |
undertakings |
investments |
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2022 |
600,000 |
|
2,999,031 |
|
3,599,031 |
|
|
At 31 March 2023 |
600,000 |
|
2,999,031 |
|
3,599,031 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2022 |
600,000 |
|
1,988,275 |
|
At 31 March 2023 |
600,000 |
|
1,988,275 |
|
|
|
|
|
|
|
|
|
The company has a 4.12% share of the Moody Venture Capital partnership. The directors have a policy of revaluing the investment properties each year, however as a full professional valuation was undertaken on 10/02/2021 by Fenn Wright they have not undertaken a revaluation in the year. |
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
394,017 |
|
355,461 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
576 |
|
14,509 |
|
Taxation and social security costs |
48,989 |
|
29,017 |
|
Other creditors |
57,001 |
|
52,042 |
|
|
|
|
|
|
106,566 |
|
95,568 |
|
|
|
|
|
|
|
|
|
|
6 |
Non-distributable profits |
|
|
The net gain in the profit and loss account as a result of the revaluation of the investment properties and resulting deferred taxation is non distributable. This is summarised below: |
|
|
|
|
|
2023 |
|
|
|
2022 |
£ |
£ |
|
|
Distributable profits |
|
|
4,401,331 |
|
|
|
4,227,883 |
|
|
Non-distributable profits: |
|
Revaluation of investment properties |
1,010,756 |
|
|
|
1,010,756 |
|
Deferred taxation |
(192,044) |
|
|
|
(192,044) |
|
|
|
|
818,712 |
|
|
|
818,712 |
|
|
Profit and loss account |
5,220,043 |
|
|
|
5,061,244 |
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
|
|
The company has a 4.12% share of the Moody Venture Capital LLP, an entity in which S. Moody and C. A. Moody are also partners, as detailed in note 4. Investment income receivable from the entity in the year was £59,936 (2022: £64,523). The company received rental income of £73,192 (2022: £87,290) from Moody Joint Venture, a partnership in which S. Moody and C. A. Moody have an interest. |
|
|
8 |
Controlling party |
|
|
The directors consider the ultimate controlling party to be the trustees of the D A Moody Jersey B Settlement. |
|
9 |
Other information |
|
|
Wedvale Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Moody House |
|
106/108 High Street |
|
Ingatestone |
|
Essex |
|
CM4 0BA |