01 April 2022 31 March 2023 No principle activity is included 08695944 2022-04-01 08695944 2023-03-31 08695944 2022-04-01 2023-03-31 08695944 uk-bus:Director1 2022-04-01 2023-03-31 08695944 uk-bus:Director2 2022-04-01 2023-03-31 08695944 uk-bus:Director3 2022-04-01 2023-03-31 08695944 uk-bus:CompanySecretary1 2022-04-01 2023-03-31 08695944 uk-core:LandBuildings 2023-03-31 08695944 2022-03-31 08695944 2021-04-01 2022-03-31 08695944 uk-core:LandBuildings 2022-03-31 08695944 uk-core:PlantMachinery 2023-03-31 08695944 uk-core:PlantMachinery 2022-03-31 08695944 uk-core:CurrentFinancialInstruments uk-core:ContinuingOperations 2023-03-31 08695944 uk-core:CurrentFinancialInstruments uk-core:ContinuingOperations 2022-03-31 08695944 uk-core:ContinuingOperations 2023-03-31 08695944 uk-core:ContinuingOperations 2022-03-31 08695944 uk-core:ShareCapital uk-core:ContinuingOperations 2023-03-31 08695944 uk-core:ShareCapital uk-core:ContinuingOperations 2022-03-31 08695944 uk-core:RetainedEarningsAccumulatedLosses uk-core:ContinuingOperations 2023-03-31 08695944 uk-core:RetainedEarningsAccumulatedLosses uk-core:ContinuingOperations 2022-03-31 08695944 uk-core:PlantMachinery 2022-04-01 2023-03-31 08695944 uk-bus:AllOrdinaryShares 2022-04-01 2023-03-31 08695944 uk-bus:AllOrdinaryShares 2021-04-01 2022-03-31 08695944 uk-core:CurrentFinancialInstruments 2023-03-31 08695944 uk-core:CurrentFinancialInstruments 2022-03-31 08695944 uk-bus:FRS102 2022-04-01 2023-03-31 08695944 uk-bus:FullAccounts 2022-04-01 2023-03-31 08695944 uk-bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08695944 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
  Company registration No. 08695944 (England and Wales)
   
   
   
   
   
   
   
   
   
   
   
   
   
  W. NEEDHAM BUSINESS PROPERTIES LIMITED
   
  UNAUDITED FINANCIAL STATEMENTS
   
  FOR THE YEAR ENDED 31 March 2023
   
  PAGES FOR FILING WITH REGISTRAR
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
         
         
         
         
         
  W. NEEDHAM BUSINESS PROPERTIES LIMITED
         
  COMPANY INFORMATION
         
         
  Directors Mr W K Needham    
    Mr W J Needham    
    Mrs C Needham    
         
  Company secretary Mrs C Needham    
         
  Company number 08695944    
         
  Registered Office Petsoe Manor Farm    
    Emberton    
    Olney    
    MK46 5JN    
         
         
  Accountants Ellacotts LLP    
    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.
   
  This report is made solely to the board of directors of W. Needham Business Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of W. Needham Business Properties Limited and state those matters that we have agreed to state to the board of directors of W. Needham Business Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W. Needham Business Properties Limited and its board of directors as a body, for our work or for this report.
   
  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.
   
   
   
   
   
  Ellacotts LLP
  Chartered Accountants
   
  Vantage House
  2700 Kettering Parkway
  Kettering Venture Park
  Kettering
  Northamptonshire
  NN15 6XR
   
  09 November 2023
   
  Page 1
   
             
             
             
             
             
  W. NEEDHAM BUSINESS PROPERTIES LIMITED
             
  BALANCE SHEET
  AS AT 31 March 2023
    Note 2023 2022
      £ £ £ £
  Fixed assets
  Tangible assets
  Property 4 780,000 845,000
  Equipment 5 2,057 2,420
  Investment property 6 1,500,000 1,500,000
      2,282,057 2,347,420
             
  Current assets
  Debtors 7 19,388 68,438
  Cash at bank and in hand   200,288 133,412
      219,676 201,850
  Creditors: amounts falling due within one year 8 83,284 68,241
  Net current assets   136,392 133,609
  Total assets less current liabilities   2,418,449 2,481,029
             
  Provisions for liabilities and charges   (62,141) (62,210)
  Net assets   £2,356,308 £2,418,819
         
  Capital and reserves
  Called up share capital   250 250
  Fair value reserve   325,000 325,000
  Profit and loss account   2,031,058 2,093,569
  Total equity   £2,356,308 £2,418,819
         
   
  Page 2
   
             
             
             
             
             
  W. NEEDHAM BUSINESS PROPERTIES LIMITED
             
  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.
         
  For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
         
  The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
  The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
         
  These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
         
  The financial statements were approved by the board of directors and authorised for issue on 08 November 2023 and are signed on its behalf by:
 
         
  ................................................................
  Mr W K Needham
  Director
         
  Company Registered Number: 08695944
   
  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
     
  These financial statements have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
       
  Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
       
       
1g Taxation
       
  The tax expense represents the sum of the tax currently payable and deferred tax.
       
  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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
       
  Deferred tax
  Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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 4 4
   
       
3. Dividends
       
    2023 2022
    £ £
       
  Final paid 20,000 20,000
   
 
     
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 17,515 67,382
  Prepayments and accrued income 1,873 1,056
    £19,388 £68,438
   
       
       
8 Creditors
    2023 2022
    £ £
  Amounts falling due within one year:
       
  Trade creditors 929 -
  Corporation tax 5,344 23,084
  Other taxes and social security 30,429 -
  Other creditors 29,259 29,343
  Accruals and deferred income 17,323 15,814
    £83,284 £68,241
   
       
   
  Page 9