IRIS Accounts Production v23.4.0.336 03537742 director 1.10.22 30.9.23 30.9.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035377422022-09-30035377422023-09-30035377422022-10-012023-09-30035377422021-09-30035377422021-10-012022-09-30035377422022-09-3003537742ns15:EnglandWales2022-10-012023-09-3003537742ns14:PoundSterling2022-10-012023-09-3003537742ns10:Director12022-10-012023-09-3003537742ns10:PrivateLimitedCompanyLtd2022-10-012023-09-3003537742ns10:SmallEntities2022-10-012023-09-3003537742ns10:AuditExempt-NoAccountantsReport2022-10-012023-09-3003537742ns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3003537742ns10:SmallCompaniesRegimeForAccounts2022-10-012023-09-3003537742ns10:FullAccounts2022-10-012023-09-3003537742ns10:CompanySecretary12022-10-012023-09-3003537742ns10:RegisteredOffice2022-10-012023-09-3003537742ns5:CurrentFinancialInstruments2023-09-3003537742ns5:CurrentFinancialInstruments2022-09-3003537742ns5:Non-currentFinancialInstruments2023-09-3003537742ns5:Non-currentFinancialInstruments2022-09-3003537742ns5:ShareCapital2023-09-3003537742ns5:ShareCapital2022-09-3003537742ns5:RevaluationReserve2023-09-3003537742ns5:RevaluationReserve2022-09-3003537742ns5:RetainedEarningsAccumulatedLosses2023-09-3003537742ns5:RetainedEarningsAccumulatedLosses2022-09-3003537742ns5:FurnitureFittings2022-10-012023-09-3003537742ns5:MotorVehicles2022-10-012023-09-3003537742ns5:ComputerEquipment2022-10-012023-09-3003537742ns5:FurnitureFittings2022-09-3003537742ns5:MotorVehicles2022-09-3003537742ns5:ComputerEquipment2022-09-3003537742ns5:FurnitureFittings2023-09-3003537742ns5:MotorVehicles2023-09-3003537742ns5:ComputerEquipment2023-09-3003537742ns5:FurnitureFittings2022-09-3003537742ns5:MotorVehicles2022-09-3003537742ns5:ComputerEquipment2022-09-3003537742ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3003537742ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3003537742ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-09-3003537742ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-09-3003537742ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-3003537742ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-09-3003537742ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-09-3003537742ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-09-3003537742ns5:RevaluationReserve2022-09-30
REGISTERED NUMBER: 03537742 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

WP PROPERTIES LTD

WP PROPERTIES LTD (REGISTERED NUMBER: 03537742)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WP PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTOR: W Packham





SECRETARY: Ms A Patton





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 03537742 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

WP PROPERTIES LTD (REGISTERED NUMBER: 03537742)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,518 3,002
Investments 5 15,807,803 15,790,303
15,811,321 15,793,305

CURRENT ASSETS
Debtors 6 184,748 179,213
Cash at bank 62,865 170,814
247,613 350,027
CREDITORS
Amounts falling due within one year 7 338,327 150,545
NET CURRENT (LIABILITIES)/ASSETS (90,714 ) 199,482
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,720,607

15,992,787

CREDITORS
Amounts falling due after more than one
year

8

(2,954,548

)

(3,080,456

)

PROVISIONS FOR LIABILITIES (2,173,241 ) (2,168,737 )
NET ASSETS 10,592,818 10,743,594

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 8,671,078 8,675,453
Retained earnings 1,921,640 2,068,041
SHAREHOLDERS' FUNDS 10,592,818 10,743,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WP PROPERTIES LTD (REGISTERED NUMBER: 03537742)

BALANCE SHEET - continued
30 SEPTEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 April 2024 and were signed by:





W Packham - Director


WP PROPERTIES LTD (REGISTERED NUMBER: 03537742)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

WP Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are included in the balance sheet at their cost less accumulated depreciation

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Investment property
Investment properties are stated at their market value at the balance sheet date. No depreciation is provided for in respect of investment properties in accordance with FRS102. Such properties are held for their investment potential and not for consumption in the business.

Turnover
Turnover represents the following types of income
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

WP PROPERTIES LTD (REGISTERED NUMBER: 03537742)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022 7,870 17,763 15,700 41,333
Additions - - 1,120 1,120
Disposals (400 ) - (11,527 ) (11,927 )
At 30 September 2023 7,470 17,763 5,293 30,526
DEPRECIATION
At 1 October 2022 4,868 17,763 15,700 38,331
Charge for year 448 - 144 592
Eliminated on disposal (388 ) - (11,527 ) (11,915 )
At 30 September 2023 4,928 17,763 4,317 27,008
NET BOOK VALUE
At 30 September 2023 2,542 - 976 3,518
At 30 September 2022 3,002 - - 3,002

5. FIXED ASSET INVESTMENTS


VALUATION
Investment
Properties
£
At 1 October 2022 15,790,603
Additions 17,500
Disposals -

At 30 September 2023 15,807,803

NET BOOK VALUE
At 30 September 2023 15,807,803

At 30 September 2022 15,790,303

The latest revaluation by the directors took place at 30 September 2023. The Company valuation of properties of £15,807,803 (2022: £15,790,303) entirely comprises of freehold properties and land. The historical cost of properties was £4,946,863 (2022: £4,946,863).

The company's total investment property portfolio was valued by the company directors' on the basis of open market value, by reference to recent market evidence of transactions for similar properties, in accordance with the Appraisal and Valuation Standards, sixth edition, published by The Royal Institution of Chartered Surveyors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 73,676 16,131
Amounts owed by group undertakings 109,772 84,261
Other debtors 884 3,850
Tax - 53,004
Prepayments 416 21,967
184,748 179,213

WP PROPERTIES LTD (REGISTERED NUMBER: 03537742)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 290,579 76,497
Trade creditors 551 156
Tax (23 ) 24,344
Social security and other taxes 363 (978 )
Other creditors 2,050 3,901
Directors' loan accounts 411 564
Deferred income 39,775 41,860
Accrued expenses 4,621 4,201
338,327 150,545

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 290,579 76,497
Bank loans - 2-5 years 871,738 3,003,959
Bank loans + 5 yrs 1,792,231 -
2,954,548 3,080,456

Amounts falling due in more than five years:

Repayable by instalments
Bank loans + 5 yrs 1,792,231 -

9. RESERVES
Revaluation
reserve
£   
At 1 October 2022 8,675,453
Recognised on disposal (4,375 )

At 30 September 2023 8,671,078









10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, W Packham decreased his loan to the company. As at 30 September 2023, the company owed him £411 (2022: £564). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

WP PROPERTIES LTD (REGISTERED NUMBER: 03537742)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. RELATED PARTY DISCLOSURES

WHWP Properties Limited

A company controlled by the directors.

During the year the company cleared the loan to WHWP Properties Limited. As at 30 September 2023 WHWP Properties Limited owed the Company £Nil (2022; £267).

Porthall Estates Limited

A company controlled by the directors.

During the year the company increased their loan to Porthall Estates Limited. As at 30 September 2023 Porthall Estates Limited owed the Company £109,772 (2022; £83,994).

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W Packham.

This was by virtue of his 75% holding of the issued share capital.