Registered number
00985922
Wedvale Properties Limited
Unaudited Filleted Accounts
31 March 2023
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
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