Registered number
07952848
GCA Wadhams Ltd
Unaudited Filleted Accounts
28 February 2023
Smithfield Accountants LLP
Chartered Accountants
Suite 1, Unit 2, Stansted Courtyard
Parsonage Road, Takeley, Essex, CM22 6PU
GCA Wadhams Ltd
Registered number: 07952848
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Investments: unquoted shares 4 515,000 515,000
515,000 515,000
Current assets
Debtors 5 742,000 742,000
Cash at bank and in hand 48,118 15,640
790,118 757,640
Creditors: amounts falling due within one year 6 (60,359) (38,283)
Net current assets 729,759 719,357
Total assets less current liabilities 1,244,759 1,234,357
Creditors: amounts falling due after more than one year 7 (577,572) (577,572)
Net assets 667,187 656,785
Capital and reserves
Called up share capital 8 99 99
Revaluation reserve 9 515,000 515,000
Profit and loss account 10 152,088 141,686
Shareholders' funds 667,187 656,785
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 and Directors' Report have not been delivered to the Registrar of Companies.
D Wadhams
Director
Approved by the board on 1 November 2023
GCA Wadhams Ltd
Notes to the Accounts
for the year ended 28 February 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).
Turnover
Turnover represents the value of rents receivable.
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:
Investment properties Not provided
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.
Revaluation reserve
This represents the value of the unquoted shares gifted to the company, and any change in the value of the investment property.
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.
2 Taxation
Balance sheet
Corporation tax payable on 01.11.2023 7,715 6,717
Profit and loss account
Prior year (over)/under provisions 337 -
UK corporation tax charge/(refund) @ 19% on profits 6,662 6,717
Transfer/(released) to deferred taxation - -
6,999 6,717
3 Wages and NI 2023 2022
Number Number
Gross wages - -
Employers NI - -
- -
Average number of persons employed by the company - -
4 Investments
Investments in
subsidiary Unlisted
undertakings shares Total
£ £ £
Cost
At 1 March 2022 - 515,000 515,000
Additions - - -
Disposals - - -
At 28 February 2023 - 515,000 515,000
The company owns 36 ordinary £1 shares in D K Property Developments Ltd, which have been valued at £515,000. This shareholding amounts to significant control. The shares were gifted to the company. See note 11.
5 Debtors 2023 2022
£ £
Trade debtors - -
Other debtors (see note 11) 742,000 742,000
742,000 742,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 7,715 6,717
Other creditors 52,644 31,566
60,359 38,283
7 Creditors: amounts falling due after one year 2023 2022
£ £
Shareholder loan (see note 11) 577,572 577,572
577,572 577,572
The loan is interest free and there is no fixed repayment date. The effects of discounting are immaterial to the accounts.
8 Share capital Nominal 2023 2023 2022
value Number £ £
Authorised
Ordinary shares £1 each 99 99 99
Allotted, called up and fully paid:
Ordinary shares £1 each 99 99 99
Each share has the right to vote and participate in the equity.
9 Revaluation reserve 2023 2022
£ £
At 1 March 2022 515,000 515,000
Revaluation released on disposal of land and buildings - -
Deferred taxation arising on the disposal of land and buildings - -
At 28 February 2023 515,000 515,000
10 Profit and loss account 2023 2022
£ £
At 1 March 2022 141,686 133,202
Profit for the year 55,402 53,484
Dividends (45,000) (45,000)
At 28 February 2023 152,088 141,686
11 Related party transactions
AJ Wadhams Ltd
Company under common directorship
The company loaned £742,000 to AJ Wadhams & Co Ltd. The loan is interest free and repayable on demand. The effects of discounting are immaterial to the accounts.
A, G and C Wadhams
Shareholders
The shareholders loaned £577,572 to the company. The loan is interest free and there is no fixed repayment date. The full amount of the loan is outstanding at the current year end and the prior year end.
D K Property Developments Ltd
Equity investment and company under common directorship
The company owns a shareholding in the investment and receives dividends from it 2023 - £27,000 (2022 - £24,850).
12 Controlling party
The company is jointly controlled by its three shareholders. No one shareholder has a controlling stake.
13 Presentation currency
The accounts are presented in British Pounds Sterling.
14 Other information
GCA Wadhams Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1, Unit 2
Stansted Courtyard, Parsonage Road
Takeley
Essex
CM22 6PU
Its principal place of business is:
Lea Hall
Dunmow Road
Hatfield Heath
Bishops Stortford
Herts
CM22 7BL
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