REGISTERED NUMBER: |
W S INVESTMENT PROPERTY LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
W S INVESTMENT PROPERTY LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
W S INVESTMENT PROPERTY LIMITED (REGISTERED NUMBER: 09982126) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
W S INVESTMENT PROPERTY LIMITED |
Company Information |
for the year ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
W S INVESTMENT PROPERTY LIMITED (REGISTERED NUMBER: 09982126) |
Balance Sheet |
31 March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
W S INVESTMENT PROPERTY LIMITED (REGISTERED NUMBER: 09982126) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
W S Investment Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at 31 March 2023 the company`s balance sheet reflected net current liabilities. However, included within creditors falling due within one year is an amount due to the director in excess of the net current liabilities. The director has given assurances that repayment will not be requested until sufficient funds are available and accordingly the director considers the going concern basis of preparation to be appropriate. |
Significant judgements and estimates |
Investment Properties |
The value of investment properties are assessed by the director at each reporting date using publicly available market evidence comprising primarily values of comparable properties in the area and national market statistics along with the director's experience of rental yields. Whilst this enables to director to ascertain a fair value at the balance sheet date, it is inherently difficult to assess the true market value of the properties without actively marketing the properties for sale. |
Rental income |
Rental income from investment properties is accounted for according to when the rents are receivable. Expenses incurred in collection and management of rental income is treated as an expense and shown as such in the profit and loss account of the period to which it relates. |
Investment property |
The company`s properties are held for long-term investment and depreciation is not provided in respect of such properties. At the balance sheet date the investment properties are included at their fair value. This policy represents a departure from the statutory accounting principles, which require depreciation to be provided on all fixed assets. The director considers that this policy is necessary in order that the financial statements may give a true and fair view. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
W S INVESTMENT PROPERTY LIMITED (REGISTERED NUMBER: 09982126) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Having reviewed the market and current rental yield the Director believes that the fair value at the 2022 balance sheet date remains appropriate. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Taxation and social security |
Other creditors |
The director's loan account included in other creditors is not subject to any formal loan agreement concerning repayment dates and no interest is charged on the balance. Accordingly the loan balance is deemed to be repayable on demand and is treated as a current liability of the company. |