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COMPANY REGISTRATION NUMBER: 10486257
Winzar Holdings Limited
Filleted Unaudited Financial Statements
30 November 2022
Winzar Holdings Limited
Statement of Financial Position
30 November 2022
2022
2021
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
2,034,030
1,684,500
Investments
6
20
20
------------
------------
2,034,050
1,684,520
Current assets
Debtors
7
53,125
16,000
Cash at bank and in hand
186,667
45,333
---------
--------
239,792
61,333
Creditors: amounts falling due within one year
8
562,532
342,140
---------
---------
Net current liabilities
322,740
280,807
------------
------------
Total assets less current liabilities
1,711,310
1,403,713
Creditors: amounts falling due after more than one year
9
486,157
496,027
Provisions
Taxation including deferred tax
186,044
100,696
------------
------------
Net assets
1,039,109
806,990
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
579,966
464,554
Profit and loss account
459,043
342,336
------------
---------
Shareholder funds
1,039,109
806,990
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Winzar Holdings Limited
Statement of Financial Position (continued)
30 November 2022
These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , and are signed on behalf of the board by:
D Winzar Esq
Director
Company registration number: 10486257
Winzar Holdings Limited
Notes to the Financial Statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Tax on profit
Major components of tax expense
2022
2021
(restated)
£
£
Current tax:
UK current tax expense
15,011
10,938
Deferred tax:
Origination and reversal of timing differences
85,348
56,057
---------
--------
Tax on profit
100,359
66,995
---------
--------
5. Tangible assets
Land and buildings
£
Cost or valuation
At 1 December 2021 (as restated)
1,684,500
Additions
135,271
Revaluations
214,259
------------
At 30 November 2022
2,034,030
------------
Depreciation
At 1 December 2021 and 30 November 2022
------------
Carrying amount
At 30 November 2022
2,034,030
------------
At 30 November 2021
1,684,500
------------
The company holds investment property with a cost price of £1,448,019 (2021: £1,262,751). The properties are reflected in the accounts at their fair value at the balance sheet date. The valuation is carried out annually by D Winzar Esq , the director with reference to the open market.
6. Investments
Shares in participating interests
£
Cost
At 1 December 2021 as restated and 30 November 2022
20
----
Impairment
At 1 December 2021 as restated and 30 November 2022
----
Carrying amount
At 30 November 2022
20
----
At 30 November 2021
20
----
7. Debtors
2022
2021
(restated)
£
£
Other debtors
53,125
16,000
--------
--------
8. Creditors: amounts falling due within one year
2022
2021
(restated)
£
£
Bank loans and overdrafts
9,870
9,626
Trade creditors
2,473
1,306
Corporation tax
26,735
17,486
Other creditors
523,454
313,722
---------
---------
562,532
342,140
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
(restated)
£
£
Bank loans and overdrafts
486,157
496,027
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
D Winzar Esq
( 121,617)
( 40,624)
( 162,241)
---------
--------
---------
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
D Winzar Esq
( 239,239)
117,622
( 121,617)
---------
---------
---------
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2022
2021
2022
2021
£
£
£
£
Winzar Electrical Services Limited
(169,000)
(118,645)
( 359,838)
( 190,938)
Winzar Property Services Limited
(15,000)
15,000
15,000
---------
---------
---------
---------
Winzar Electrical Services Limited is under the control of the director, D Winzar Esq . Winzar Property Services Limited is under the control of Mr and Mrs D Winzar