Company registration No. 08695944 (England and Wales) | |
UNAUDITED FINANCIAL STATEMENTS | |
FOR THE YEAR ENDED |
|
PAGES FOR FILING WITH REGISTRAR | |
COMPANY INFORMATION | ||||
Directors | ||||
Company secretary | ||||
Company number | ||||
Registered Office | ||||
Accountants | ||||
Chartered Accountants | ||||
Vantage House | ||||
2700 Kettering Parkway | ||||
Kettering Venture Park | ||||
Kettering | ||||
Northamptonshire | ||||
NN15 6XR | ||||
W. NEEDHAM BUSINESS PROPERTIES LIMITED | ||||
FOR THE YEAR ENDED 31 MARCH 2023 | ||||
CONTENTS | ||||
Index | Page | |||
Accountants' report | 1 | |||
Balance sheet | 2 - 3 | |||
Notes to the financial statements | 4 - 9 | |||
W. NEEDHAM BUSINESS PROPERTIES LIMITED | |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF W. NEEDHAM BUSINESS PROPERTIES LIMITED FOR THE YEAR ENDED 31 MARCH 2023 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W. Needham Business Properties Limited for the year ended 31 March 2023 which comprise the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. | |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulation. | |
It is your duty to ensure that W. Needham Business Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of W. Needham Business Properties Limited. You consider that W. Needham Business Properties Limited is exempt from the statutory audit requirement for the year. | |
We have not been instructed to carry out an audit or a review of the financial statements of W. Needham Business Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. | |
Chartered Accountants | |
Vantage House | |
2700 Kettering Parkway | |
Kettering Venture Park | |
Kettering | |
Northamptonshire | |
NN15 6XR | |
Page 1 | |
BALANCE SHEET | ||||||
AS AT |
||||||
Note | 2023 | 2022 | ||||
£ | £ | £ | £ | |||
Fixed assets | ||||||
Tangible assets | ||||||
Property | 4 | |||||
Equipment | 5 | |||||
Investment property | 6 | 1,500,000 | 1,500,000 | |||
2,282,057 | 2,347,420 | |||||
Current assets | ||||||
Debtors | 7 | |||||
Cash at bank and in hand | ||||||
Creditors: amounts falling due within one year | 8 | |||||
Net current assets | ||||||
Total assets less current liabilities | ||||||
Provisions for liabilities and charges | (62,141) | (62,210) | ||||
Net assets | £ |
£ |
||||
Capital and reserves | ||||||
Called up share capital | ||||||
Fair value reserve | ||||||
Profit and loss account | ||||||
Total equity | £ |
£ |
||||
Page 2 | |
BALANCE SHEET (CONTINUED) |
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. | ||||
The financial statements were approved by the board of directors and authorised for issue on |
||||
................................................................ | ||||
Director | ||||
Company Registered Number: |
Page 3 | |
W. NEEDHAM BUSINESS PROPERTIES LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS | |||
FOR THE YEAR ENDED 31 MARCH 2023 |
1 | Accounting policies |
1a | Company information | |
W. Needham Business Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is given on the company information page. |
1b | Accounting convention | |
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. | ||
1c | Tangible fixed assets | |
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows: | ||
% | ||
Plant & machinery - reducing balance | 15 | |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. | ||
Page 4 | |
W. NEEDHAM BUSINESS PROPERTIES LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 31 MARCH 2023 |
1d | Investment properties | ||
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. |
|||
1e | Impairment of fixed assets | ||
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
|||
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. | |||
Page 5 | |
W. NEEDHAM BUSINESS PROPERTIES LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 31 MARCH 2023 |
1f | Cash and cash equivalents | ||
1g | Taxation | ||
Current tax | |||
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. | |||
Deferred tax | |||
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
|||
Page 6 | |
W. NEEDHAM BUSINESS PROPERTIES LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | Average employees | ||
The average monthly number of persons (including directors) employed by the company during the year was as follows: |
|||
2023 | 2022 | ||
Number | Number | ||
Employees | |||
3. | Dividends | ||
2023 | 2022 | ||
£ | £ | ||
Final paid | |||
4 | Tangible fixed assets - Property | |
Leasehold | ||
property | ||
£ | ||
Cost | ||
At 1 April 2022 | ||
and at 31 March 2023 | 1,300,000 | |
Depreciation and impairment | ||
At 1 April 2022 | 455,000 | |
Provision for the year | 65,000 | |
At 31 March 2023 | 520,000 | |
Carrying amount | ||
At 31 March 2023 | £780,000 | |
Carrying amount | ||
At 31 March 2022 | £845,000 | |
Page 7 | |
W. NEEDHAM BUSINESS PROPERTIES LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 31 MARCH 2023 |
5 | Tangible fixed assets - Equipment | |
Plant & | ||
machinery | ||
£ | ||
Cost | ||
At 1 April 2022 | ||
and at 31 March 2023 | 8,880 | |
Depreciation and impairment | ||
At 1 April 2022 | 6,460 | |
Provision for the year | 363 | |
At 31 March 2023 | 6,823 | |
Carrying amount | ||
At 31 March 2023 | £2,057 | |
Carrying amount | ||
At 31 March 2022 | £2,420 | |
6 | Investment Properties | 2023 | ||
£ | ||||
Fair value | ||||
At 1 April 2022 | 1,500,000 | |||
Revaluations/Additions | - | |||
At 31 March 2023 | 1,500,000 | |||
The investment properties were valued by the directors on 31 March 2018 on an open market value for existing use basis. The directors do not feel that the market value has materially changed since this date. The original cost of the investment property totals £1,175,000. | ||||
Page 8 | |
W. NEEDHAM BUSINESS PROPERTIES LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 31 MARCH 2023 |
7 | Debtors | ||
2023 | 2022 | ||
£ | £ | ||
Amounts falling due within one year: | |||
Trade debtors | |||
Prepayments and accrued income | 1,873 | 1,056 | |
£ |
£ |
||
8 | Creditors | ||
2023 | 2022 | ||
£ | £ | ||
Amounts falling due within one year: | |||
Trade creditors | |||
Corporation tax | |||
Other taxes and social security | |||
Other creditors | |||
Accruals and deferred income | |||
£ |
£ |
||
Page 9 | |