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 |