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Registration number: 11687781

Wyn Properties Cardiff Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Wyn Properties Cardiff Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wyn Properties Cardiff Limited

Company Information

Directors

Mr P E Parry

Ms S W Roberts

Registered office

76 Plasturton Avenue
Cardiff
CF11 9HJ

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Wyn Properties Cardiff Limited

(Registration number: 11687781)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

952,647

931,245

Current assets

 

Debtors

5

75,809

78,172

Cash at bank and in hand

 

8

528

 

75,817

78,700

Creditors: Amounts falling due within one year

6

(185,807)

(174,148)

Net current liabilities

 

(109,990)

(95,448)

Total assets less current liabilities

 

842,657

835,797

Creditors: Amounts falling due after more than one year

6

(823,089)

(828,921)

Net assets

 

19,568

6,876

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

19,566

6,874

Shareholders' funds

 

19,568

6,876

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:

 

Wyn Properties Cardiff Limited

(Registration number: 11687781)
Balance Sheet as at 30 November 2023

.........................................

Mr P E Parry
Director

 

Wyn Properties Cardiff Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
76 Plasturton Avenue
Cardiff
CF11 9HJ
Wales

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.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wyn Properties Cardiff Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Wyn Properties Cardiff Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the teporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and susequently measured at amortised cost using the effective interest method.

 

Wyn Properties Cardiff Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 the interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlesment 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.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 December

931,245

Additions

21,402

At 30 November

952,647

 

Wyn Properties Cardiff Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

1,844

Other debtors

75,809

76,328

 

75,809

78,172

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,315

5,171

Trade creditors

 

97

91

Taxation and social security

 

2,976

1,499

Accruals and deferred income

 

159,257

137,855

Other creditors

 

18,162

29,532

 

185,807

174,148

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

823,089

828,921

 

Wyn Properties Cardiff Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,922

38,754

Other borrowings

790,167

790,167

823,089

828,921

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,315

5,171

9

Related party transactions

Included in Other Creditors is amounts owed to the directors of £17,732 (2022: £29,532).

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

At 30 November 2023
£

Mr P E Parry

Amounts owed to/(from) the Director

14,766

(5,900)

8,866

       
     

Ms S W Roberts

Amounts owed to/(from) the Director

14,766

(5,900)

8,866

       
     

 

 

Wyn Properties Cardiff Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2022

At 1 December 2021
£

Advances to director
£

At 30 November 2022
£

Mr P E Parry

Amounts owed to/(from) the Director

233,691

(218,925)

14,766

       
     

Ms S W Roberts

Amounts owed to/(from) the Director

233,691

(218,925)

14,766