Registered number
09053288
Wharton Investments Limited
Filleted Accounts
31 March 2023
Wharton Investments Limited
Registered number: 09053288
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 2 172,643 112,883
Tangible assets 3 345,389 53,055
Investments 4 6,000,890 5,502,635
6,518,922 5,668,573
Current assets
Debtors 5 2,865,307 2,075,877
Cash at bank and in hand 90,656 189,345
2,955,963 2,265,222
Creditors: amounts falling due within one year 6 (2,108,213) (557,273)
Net current assets 847,750 1,707,949
Total assets less current liabilities 7,366,672 7,376,522
Creditors: amounts falling due after more than one year 7 (4,850,526) (5,163,436)
Provisions for liabilities (249,143) (154,474)
Net assets 2,267,003 2,058,612
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,266,903 2,058,512
Shareholders' funds 2,267,003 2,058,612
- -
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 has not been delivered to the Registrar of Companies.
Naveen Bhandari Suresh Kumar Aggarwal
Director Director
Approved by the board on 20 October 2023 Approved by the board on 20 October 2023
Wharton Investments Limited
Notes to the Accounts
for the year ended 31 March 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Furniture & Fixtures 25% straight line
Revenue Expenditure Capitalized 20% straight line
Investment Property
Investment property is measured at fair value. Changes in value are recognised in profit or loss.
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 Intangible fixed assets £
Capitalised Projects & Interest Cap costs:
Cost
At 1 April 2022 174,996
Additions 88,322
At 31 March 2023 263,318
Amortisation
At 1 April 2022 62,113
Provided during the year 28,562
At 31 March 2023 90,675
Net book value
At 31 March 2023 172,643
At 31 March 2022 112,883
Capitalised Projects are being written off over the lease period.
Interest Cap cost of £23,739 which arose on 18 February 2020 is being written off over 7 years.
Arrangement fees of £59,560 which arose on 31 January 2021 is being written off over 5 years.
3 Tangible fixed assets
Furniture & Fixtures Revenue Expenditure Total
£ £ £
Cost
At 1 April 2022 153,438 - 153,438
Additions 226,183 128,228 354,411
At 31 March 2023 379,621 128,228 507,849
Depreciation
At 1 April 2022 100,383 - 100,383
Charge for the year 36,431 25,646 62,077
At 31 March 2023 136,814 25,646 162,460
Net book value
At 31 March 2023 242,807 102,582 345,389
At 31 March 2022 53,055 - 53,055
4 Investment Properties
Other
investments
£
Cost
At 1 April 2022 5,502,635
Revaluation 498,255
At 31 March 2023 6,000,890
Historical cost
At 1 April 2022 4,641,624
At 31 March 2023 4,641,624
The directors have revalued the freehold property at the Balance Sheet date based on the purchase price, acquisition costs and the enhancement costs to date. An independent professional valuation was not instructed during the year. The total value of the properties portfolio is £6,000,890 at 31 March 2023.
5 Debtors 2023 2022
£ £
Trade debtors 90,831 83,765
Other debtors 2,774,476 1,992,112
2,865,307 2,075,877
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 396,200 396,200
Trade creditors 266,723 42,303
Taxation and social security costs - 958
Other creditors 1,445,290 117,812
2,108,213 557,273
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 4,767,236 5,163,436
Other creditors 83,290 -
4,850,526 5,163,436
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 3,022,134
Secured bank loans 5,163,436 5,559,636
A legal charge over all investment properties. Contains fixed charge and negative pledge.
9 Profit and loss account 2023 2022
£ £
At 1 April 2022 2,058,512 2,256,409
Profit / (loss) for the financial year (165,195) (197,897)
Dividends (30,000) -
Gain on revaluation of land and buildings 498,255 -
Deferred taxation arising on the revaluation of land and buildings (94,669) -
At 31 March 2023 2,266,903 2,058,512
Distributable 1,235,469 1,430,664
Non-distributable 1,031,434 627,848
10 Transaction with directors
At the year end the directors owed the company £250,000 [2022 - £250,000]. During the year, the directors claimed mileage of £Nil [2022 - £2,170] .
11 Controlling party
The company is controlled by Mr Naveen Bhandari by virtue of the majority shareholding in the issued share capital of the company.
12 Other information
Wharton Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Boundary House
Boston Road
London
W7 2QE
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