Silverfin false 31/08/2022 01/09/2021 31/08/2022 Y F Turpin X Wang 21 November 2023 The principal activity of the company is that of property investment. 11857646 2022-08-31 11857646 2021-08-31 11857646 core:CurrentFinancialInstruments 2022-08-31 11857646 core:CurrentFinancialInstruments 2021-08-31 11857646 core:Non-currentFinancialInstruments 2022-08-31 11857646 core:Non-currentFinancialInstruments 2021-08-31 11857646 core:ShareCapital 2022-08-31 11857646 core:ShareCapital 2021-08-31 11857646 core:RetainedEarningsAccumulatedLosses 2022-08-31 11857646 core:RetainedEarningsAccumulatedLosses 2021-08-31 11857646 core:MoreThanFiveYears 2022-08-31 11857646 core:MoreThanFiveYears 2021-08-31 11857646 2020-08-31 11857646 core:TaxLossesCarry-forwardsDeferredTax 2022-08-31 11857646 core:TaxLossesCarry-forwardsDeferredTax 2021-08-31 11857646 bus:OrdinaryShareClass1 2022-08-31 11857646 2021-09-01 2022-08-31 11857646 bus:FullAccounts 2021-09-01 2022-08-31 11857646 bus:SmallEntities 2021-09-01 2022-08-31 11857646 bus:AuditExemptWithAccountantsReport 2021-09-01 2022-08-31 11857646 bus:PrivateLimitedCompanyLtd 2021-09-01 2022-08-31 11857646 bus:Director1 2021-09-01 2022-08-31 11857646 bus:Director2 2021-09-01 2022-08-31 11857646 2020-09-01 2021-08-31 11857646 core:Non-currentFinancialInstruments 2021-09-01 2022-08-31 11857646 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 11857646 bus:OrdinaryShareClass1 2020-09-01 2021-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11857646 (England and Wales)

WAAT PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2022
Pages for filing with the registrar

WAAT PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2022

Contents

WAAT PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2022
WAAT PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2022
Note 2022 2021
£ £
Fixed assets
Investment property 3 415,000 480,252
415,000 480,252
Current assets
Debtors 4 800 1,807
Cash at bank and in hand 6,921 14,503
7,721 16,310
Creditors: amounts falling due within one year 5 ( 167,989) ( 184,309)
Net current liabilities (160,268) (167,999)
Total assets less current liabilities 254,732 312,253
Creditors: amounts falling due after more than one year 6 ( 315,175) ( 315,175)
Net liabilities ( 60,443) ( 2,922)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 60,543 ) ( 3,022 )
Total shareholders' deficit ( 60,443) ( 2,922)

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

Directors' responsibilities:

The financial statements of WAAT Properties Limited (registered number: 11857646) were approved and authorised for issue by the Director. They were signed on its behalf by:

Y F Turpin
Director
X Wang
Director

21 November 2023

WAAT PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2022
WAAT PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WAAT Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 13 Ecclesbourne Road, London, N1 3RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue its activities for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The Company made a profit for the period and had current liabilities of £160,268 and net liabilities of £60,443 at the Statement of Financial Position date. Included within creditors due within one are director loan balances of £160,391 and the directors have confirmed that these will not be repaid until such time that the Company can afford to do so. The directors are confident that the Company has sufficient access to working capital and future profit generation for the foreseeable future, and on this basis they consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover comprises of rental income receivable for the Company generated from its investment property. Revenue is recognised in the period to which it relates.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 September 2021 480,252
Fair value movement (65,252)
As at 31 August 2022 415,000

4. Debtors

2022 2021
£ £
Deferred tax asset 0 1,007
Other debtors 800 800
800 1,807

5. Creditors: amounts falling due within one year

2022 2021
£ £
Amounts owed to directors 160,391 174,344
Accruals and deferred income 4,860 7,715
Taxation and social security 1,263 0
Other creditors 1,475 2,250
167,989 184,309

6. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 315,175 315,175

The bank loans are secured on the Company's investment property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2022 2021
£ £
Bank loans 315,175 315,175

7. Deferred tax

2022 2021
£ £
At the beginning of financial year 1,007 0
(Charged)/credited to the Statement of Income and Retained Earnings ( 1,007) 1,007
At the end of financial year 0 1,007

The deferred taxation balance is made up as follows:

2022 2021
£ £
Tax losses carry forward 0 1,007

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Included within other creditors due within one year are balances of £160,391 (2021: £174,344) owed to directors of the Company. These balances are unsecured and interest free, with no fixed repayment terms.