1 January 2023 false No description of principal activity Taxfiler 2023.14 true 13734419business:PrivateLimitedCompanyLtd2023-01-012023-12-31 137344192022-12-31 137344192023-01-012023-12-31 13734419business:AuditExemptWithAccountantsReport2023-01-012023-12-31 13734419business:FilletedAccounts2023-01-012023-12-31 137344192023-12-31 13734419business:Director12023-01-012023-12-31 13734419business:RegisteredOffice2023-01-012023-12-31 137344192022-12-31 13734419core:WithinOneYear2023-12-31 13734419core:WithinOneYear2022-12-31 13734419core:AfterOneYear2023-12-31 13734419core:AfterOneYear2022-12-31 13734419core:ShareCapitalcore:PreviouslyStatedAmount2023-12-31 13734419core:ShareCapitalcore:PreviouslyStatedAmount2022-12-31 13734419core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-12-31 13734419core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-12-31 13734419core:PreviouslyStatedAmount2023-12-31 13734419core:PreviouslyStatedAmount2022-12-31 13734419business:SmallEntities2023-01-012023-12-31 13734419countries:EnglandWales2023-01-012023-12-31 13734419core:LandBuildings2023-01-012023-12-31 13734419business:OrdinaryShareClass12023-01-012023-12-31 13734419business:OrdinaryShareClass12021-11-102022-12-31 137344192021-11-102022-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 13734419 (England and Wales)
WeSpray Properties Limited Unaudited accounts for the year ended 31 December 2023
WeSpray Properties Limited Unaudited accounts Contents
Page
- 2 -
WeSpray Properties Limited Company Information for the year ended 31 December 2023
Director
Laura White
Company Number
13734419 (England and Wales)
Registered Office
136 Hall Street Stockport Greater Manchester SK1 4HE
Accountants
Bee Motion Accounting Limited 136 Hall Street Stockport Greater Manchester SK1 4HE
- 3 -
WeSpray Properties Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Investment property
177,550 
- 
Current assets
Debtors
8,484 
100 
Cash at bank and in hand
1,213 
- 
9,697 
100 
Creditors: amounts falling due within one year
(1,767)
(438)
Net current assets/(liabilities)
7,930 
(338)
Total assets less current liabilities
185,480 
(338)
Creditors: amounts falling due after more than one year
(207,673)
- 
Net liabilities
(22,193)
(338)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(22,293)
(438)
Shareholders' funds
(22,193)
(338)
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 February 2024 and were signed on its behalf by
Laura White Director Company Registration No. 13734419
- 4 -
WeSpray Properties Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
WeSpray Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 13734419. The registered office is 136 Hall Street, Stockport, Greater Manchester, SK1 4HE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Presentation currency
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 £.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible fixed assets and depreciation
Under the revaluation model, revaluations should be carried out regularly, so that the carrying amount of an asset does not differ materially from its fair value at the balance sheet date. No depreciation has been provided on Investment property, contrary to Financial Reporting Standard 102, which require that provision be made for depreciation of fixed assets having finite useful life. The director is of the opinion that the residual values at the end of the estimated useful lives of the buildings are not likely to be materially different from their carrying values. This is because it is the company's policy to maintain buildings in such condition that their value is not diminished by the passage of time and the relevant expenditure is charged to profit before tax in the year which it is incurred. Therefore, any element of depreciation is considered to be immaterial and no provision is made.
Land & buildings
Fair Value
Investment property
Investment property should be recognised as an asset when it is probable that the future economic benefits that are associated with the property will flow to the entity, and the cost of the property can be reliably measured. Investment property is remeasured at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Gains or losses arising from changes in the fair value of investment property must be included in net profit or loss for the period in which it arises. Fair value should reflect the actual market state and circumstances as of the balance sheet date. The best evidence of fair value is normally given by current prices on an active market for similar property in the same location and condition and subject to similar lease and other contracts.
- 5 -
WeSpray Properties Limited Notes to the Accounts for the year ended 31 December 2023
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. 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. In this case tax is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Going concern
The company has considerable financial resources together with contracts with a number of clients. The director believes that the company is well placed to manage its business risks successfully. After making enquiries, the director has reasonable expectations that the company has adequate resources to continue in operational existence for a period of at least twelve months and for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report.
4
Investment property
2023 
£ 
Additions
177,550 
At 31 December 2023
177,550 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
8,383 
- 
Other debtors
101 
100 
8,484 
100 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Amounts owed to group undertakings and other participating interests
- 
180 
Accruals
792 
258 
Deferred income
975 
- 
1,767 
438 
- 6 -
WeSpray Properties Limited Notes to the Accounts for the year ended 31 December 2023
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
124,071 
- 
Amounts owed to group undertakings and other participating interests
83,602 
- 
207,673 
- 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Transactions with related parties
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Controlling party
The company's parent undertaking and ultimate controlling party is WeHoldco Limited, a limited company registered in England and Wales. WeHoldco Limited (13740341) - 136 Hall Street, Offerton, Stockport, SK1 4HE
11
Average number of employees
During the year the average number of employees was 1 (2022: 1).
- 7 -