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REGISTERED NUMBER: 11834154 (England and Wales)






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: Mr A M Cousins
Mrs N A Cousins





REGISTERED OFFICE: 20/22 Little Westgate
Wakefield
West Yorkshire
WF1 1LB





REGISTERED NUMBER: 11834154 (England and Wales)





ACCOUNTANTS: SMH Jolliffe Cork Ltd
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 1,445,395 1,439,700

CURRENT ASSETS
Debtors 5 21,304 16,553
Cash at bank 5,697 59,563
27,001 76,116
CREDITORS
Amounts falling due within one year 6 478,347 535,376
NET CURRENT LIABILITIES (451,346 ) (459,260 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

994,049

980,440

CREDITORS
Amounts falling due after more than one
year

7

33,819

37,500
NET ASSETS 960,230 942,940

Wakefield Development Co Ltd (Registered number: 11834154)

Balance Sheet - continued
27 February 2023

2023 2022
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 10 25,000 25,000
Retained earnings 935,230 917,940
SHAREHOLDERS' FUNDS 960,230 942,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 27 November 2023 and were signed on its behalf by:





Mr A M Cousins - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 1,439,700
Additions 5,695
At 27 February 2023 1,445,395
NET BOOK VALUE
At 27 February 2023 1,445,395
At 27 February 2022 1,439,700

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 1 1
Prepayments and accrued income 21,303 16,552
21,304 16,553

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 418,173 448,687
Amounts owed to related undertakings 9,283 70,280
Tax 11,924 7,868
Accruals and deferred income 38,967 8,541
478,347 535,376

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 23,819 27,500
33,819 37,500

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: £ £
25,000 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.