Walford Cross Limited 06278669 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true 06278669 2022-04-01 2023-03-31 06278669 2023-03-31 06278669 bus:OrdinaryShareClass1 2023-03-31 06278669 core:CurrentFinancialInstruments 2023-03-31 06278669 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06278669 core:Non-currentFinancialInstruments 2023-03-31 06278669 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06278669 bus:SmallEntities 2022-04-01 2023-03-31 06278669 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06278669 bus:FullAccounts 2022-04-01 2023-03-31 06278669 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06278669 bus:RegisteredOffice 2022-04-01 2023-03-31 06278669 bus:Director3 2022-04-01 2023-03-31 06278669 bus:Director4 2022-04-01 2023-03-31 06278669 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06278669 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06278669 countries:AllCountries 2022-04-01 2023-03-31 06278669 2021-04-01 2022-03-31 06278669 2022-03-31 06278669 bus:OrdinaryShareClass1 2022-03-31 06278669 core:CurrentFinancialInstruments 2022-03-31 06278669 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06278669 core:Non-currentFinancialInstruments 2022-03-31 06278669 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06278669

Walford Cross Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Walford Cross Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Walford Cross Limited

Company Information

Directors

Mr Michael C Hobden

Mr David Francis Hobden

Registered office

166 Old Brompton Road
London
SW5 0BA

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Walford Cross Limited

(Registration number: 06278669)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

6,008,672

5,069,178

Debtors

5

111,091

141,788

Cash at bank and in hand

 

314,466

299,924

 

6,434,229

5,510,890

Creditors: Amounts falling due within one year

6

(167,558)

(164,602)

Total assets less current liabilities

 

6,266,671

5,346,288

Creditors: Amounts falling due after more than one year

6

(3,632,859)

(2,719,485)

Net assets

 

2,633,812

2,626,803

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

2,632,812

2,625,803

Shareholders' funds

 

2,633,812

2,626,803

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 October 2023 and signed on its behalf by:
 

.........................................
Mr David Francis Hobden
Director

 

Walford Cross Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
166 Old Brompton Road
London
SW5 0BA
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received on rental income. Turnover is shown net of VAT.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Walford Cross Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Walford Cross Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Stocks

2023
£

2022
£

Other inventories

6,008,672

5,069,178

An independant valuation of the properties held as stock has been carried out in January 2021 by Savills.

5

Debtors

2023
£

2022
£

Trade debtors

83,004

81,363

Other debtors

-

27,598

Prepayments

28,087

32,827

111,091

141,788

 

Walford Cross Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

39,282

66,801

Accruals and deferred income

77,209

68,694

Other creditors

51,067

29,107

167,558

164,602

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

3,632,859

2,719,485

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

3,632,859

2,719,485