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Registration number: 13403905

W Residence Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

W Residence Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

W Residence Limited

(Registration number: 13403905)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

15,563,951

9,724,673

Debtors

5

1,369,416

324,695

Cash at bank and in hand

 

1,884

4,630

 

16,935,251

10,053,998

Creditors: Amounts falling due within one year

6

(129,221)

(2,331,970)

Total assets less current liabilities

 

16,806,030

7,722,028

Creditors: Amounts falling due after more than one year

6

(19,620,000)

(8,472,653)

Net liabilities

 

(2,813,970)

(750,625)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(2,814,070)

(750,725)

Shareholders' deficit

 

(2,813,970)

(750,625)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 February 2024
 

.........................................
G Philippou
Director

 

W Residence 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:
1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

These financial statements were authorised for issue by the director on 22 February 2024.

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.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

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.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

 

W Residence Limited

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

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Stocks

2023
£

2022
£

Work in progress

15,563,951

9,724,673

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

134,745

Prepayments

 

877,372

161,250

Other debtors

 

492,044

28,700

 

1,369,416

324,695

 

W Residence Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

-

2,150,000

Trade creditors

 

41,665

170,400

Taxation and social security

 

85,556

-

Accruals and deferred income

 

2,000

2,000

Other creditors

 

-

9,570

 

129,221

2,331,970

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

19,620,000

8,472,653

The company's loans are secured against the company's assets, Barrowell Limited and Southgate London Properties Limited via a fixed and floating charge and director George Philippou has also provided a personal guarantee.