REGISTERED NUMBER: |
Wakefield Development Co Ltd |
Financial Statements |
for the Year Ended 27 February 2023 |
REGISTERED NUMBER: |
Wakefield Development Co Ltd |
Financial Statements |
for the Year Ended 27 February 2023 |
Wakefield Development Co Ltd (Registered number: 11834154) |
Contents of the Financial Statements |
for the year ended 27 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Wakefield Development Co Ltd |
Company Information |
for the year ended 27 February 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
Wakefield Development Co Ltd (Registered number: 11834154) |
Balance Sheet |
27 February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
Wakefield Development Co Ltd (Registered number: 11834154) |
Balance Sheet - continued |
27 February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wakefield Development Co Ltd (Registered number: 11834154) |
Notes to the Financial Statements |
for the year ended 27 February 2023 |
1. | STATUTORY INFORMATION |
Wakefield Development Co Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover solely comprises rents receivable which is recognised on an accruals basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are only offset in the balance sheet when and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Financial assets are derecognised when and only when; a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or, c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Wakefield Development Co Ltd (Registered number: 11834154) |
Notes to the Financial Statements - continued |
for the year ended 27 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Operating lease agreements |
Where the company retains substantially all the risks and rewards of ownership of the asset subject to the lease, as lessor, the asset is shown within fixed assets. Rental income from these operating leases is recognised on a straight line basis over the period of the lease. Operating lease incentives offered by the company are accounted for as a reduction of the rental income and are allocated over the lease term. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 28 February 2022 |
Additions |
At 27 February 2023 |
NET BOOK VALUE |
At 27 February 2023 |
At 27 February 2022 |
The directors consider the fair value of the investment properties to be appropriate as at 27 February 2023. |
Wakefield Development Co Ltd (Registered number: 11834154) |
Notes to the Financial Statements - continued |
for the year ended 27 February 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Called up share capital not paid |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to related undertakings | 9,283 | 70,280 |
Tax |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
8. | LEASING AGREEMENTS |
Company as lessor |
The company is party to a lease dated 3 January 2020 in respect of one of its investment properties. The contractual term is ten years with a review date at the fifth anniversary of the lease. |
At 28 February 2023, the minimum rental income receivable under non-cancellable operating lease fall due as follows: |
£ |
Within one year | 75,000 |
Between one and five years | 300,000 |
Over five years | 137,500 |
512,500 |
Wakefield Development Co Ltd (Registered number: 11834154) |
Notes to the Financial Statements - continued |
for the year ended 27 February 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans | 408,173 | 438,640 |
Bank loans, excluding that facilitated through the coronavirus Bounce Back Loan Scheme, and other loans are secured by way of first and second legal charge's over one of the company's investment properties |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 25,000 | 25,000 |
11. | CONTINGENCIES |
The company is party to a Debenture and Cross-guarantee given on 27 February 2019 to Barclays Bank PLC by Wakefield Development Co Ltd (formerly Peter Jones (Property) Ltd), The Yorkshire Gift Company (formerly Peter Jones (Holdings) Ltd) and Peter Jones (China) Limited (Dissolved 13 October 2022). |
12. | RELATED PARTY DISCLOSURES |
During the year monies were received, and expenditure incurred, on behalf of PJY Limited, a company with common directors. In addition, one of the company's investment properties is occupied by PJY Limited rent free. At the balance sheet date £9,283 (2022: £70,280) was owed to PJY Limited. |