Company Registration No. 10915396 (England and Wales)
WRAY PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
WRAY PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WRAY PROPERTY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
9,203,789
9,892,000
Current assets
Debtors
4
63,048
88,463
Cash at bank and in hand
103,506
200,218
166,554
288,681
Creditors: amounts falling due within one year
5
(6,087,836)
(6,416,754)
Net current liabilities
(5,921,282)
(6,128,073)
Total assets less current liabilities
3,282,507
3,763,927
Creditors: amounts falling due after more than one year
6
(3,400,000)
(3,444,824)
Net (liabilities)/assets
(117,493)
319,103
Capital and reserves
Called up share capital
7
150
150
Profit and loss reserves
(117,643)
318,953
Total equity
(117,493)
319,103

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 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 Companies Act 2006 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 and delivered 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 2 February 2024 and are signed on its behalf by:
Mr A C Wray
Director
Company registration number 10915396 (England and Wales)
WRAY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Wray Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 201 Great Portland Street, Marylebone, London, W1W 5AB.

1.1
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” (“FRS 102”) 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is because each director is also a director for one of the company's equal one third shareholder companies, and therefore the directors are able to commit to the financial support of this company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income receivable during the period.

1.4
Investment properties

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are measured initially at cost (purchase price and directly attributable expenditure) and subsequently are measured using the fair value model and stated at their fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors, these properties are held primarily for their investment potential and so their fair value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of FRS 102 Section 16 "Investment Property" have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation. The amount of depreciation cannot reasonably be quantified and the amount which might otherwise has been shown cannot be separately identified or quantified.

1.5
Cash at bank and in hand

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.

WRAY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.

 

Financial assets, which include debtors and cash and bank balances classified as receivable within one year are not amortised.

 

Financial liabilities, include creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Equity instruments are any contracts that evidence a residual interest in the assets of the company after deducting all of its liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 September 2022
9,892,000
Revaluations
(688,211)
At 31 August 2023
9,203,789

The fair value of investment properties has been arrived at on the basis of the valuation carried out on 16 July 2020 by Strettons Limited, who are chartered surveyors and are not connected with the company. The valuation was made on an open market value basis by reference to recent tenant and lease terms and the material valuation uncertainty due to Covid-19.

 

The directors, having taken into consideration the market conditions, believe that the fair value of the investment properties at 31 August 2023 was not materially different by comparison to the above valuation.

WRAY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
57,964
87,151
Other debtors
5,084
1,312
63,048
88,463
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
70,864
Amounts owed to group undertakings
5,996,142
6,111,642
Corporation tax
79,139
73,008
Other creditors
12,555
161,240
6,087,836
6,416,754
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,400,000
3,444,824

Bank loans are secured by a fixed and floating charge over the present and future assets of the company. Interest is charged on bank loans at commercial rates.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
Ordinary C shares of £1 each
50
50
50
50
150
150
150
150
8
Related party transactions
Amounts owed to/by related parties

The following amounts were outstanding at the reporting end date to companies jointly controlled by the directors and are included in creditors falling due within one year:

WRAY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
8
Related party transactions
(Continued)
- 5 -
Amount owed to
2023
2022
£
£
ALS Investments Limited
1,998,714
2,037,214
Benedictine Limited
1,998,714
2,037,214
EIDA Investments Limited
1,998,714
2,037,214
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