Wescro House Ltd
Registered number: 09051931
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,357,256 2,357,585
Current assets
Debtors 4 8,169 11,838
Cash at bank and in hand 93,565 77,059
101,734 88,897
Creditors: amounts falling due within one year 5 (654,331) (696,038)
Net current liabilities (552,597) (607,141)
Total assets less current liabilities 1,804,659 1,750,444
Creditors: amounts falling due after more than one year 6 (1,039,535) (1,056,229)
Provisions for liabilities (72,997) (72,997)
Net assets 692,127 621,218
Capital and reserves
Called up share capital 100 100
Profit and loss account 692,027 621,118
Shareholders' funds 692,127 621,218
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Nathwani
Director
Approved by the board on 12 December 2023
Wescro House Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the rents received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rents and from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Investment Properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The methods and significant assumptions used to acertain the fair value at the balance sheet date and fair value movement included in the profit for the year are as follows:
Properties are valued using open market valuation on freehold basis, conducted by the directors with assistance from local estate agents.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company (including Directors) 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 2,355,391 4,820 2,360,211
At 31 May 2023 2,355,391 4,820 2,360,211
Depreciation
At 1 June 2022 - 2,626 2,626
Charge for the year - 329 329
At 31 May 2023 - 2,955 2,955
Net book value
At 31 May 2023 2,355,391 1,865 2,357,256
At 31 May 2022 2,355,391 2,194 2,357,585
The investment property was revalued during the reporting period, by directors with the assistance of Mr R Pillow BA (Hons) MRICS of Stiles Harold Williams Partnership LLP who carried out a desk top valuation based on market values being achieved on similar properties in the surrounding areas.
4 Debtors 2023 2022
£ £
Other debtors 8,169 11,838
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 28,791 11,484
Other creditors 625,540 684,554
654,331 696,038
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,039,535 1,056,229
Bank loans are secured by a fixed charge over freehold property
7 Other information
Wescro House Ltd is a private company limited by shares and incorporated in England. Its registered office is:
106 Green Lane
Thornton
Surrey
CR7 8BH
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