Company No:
Contents
DIRECTOR | Mrs A C White |
SECRETARY | Mrs A C White |
REGISTERED OFFICE | Centenary House Peninsula Park |
Rydon Lane | |
Exeter | |
EX2 7XE | |
United Kingdom |
BUSINESS ADDRESS | Willett Farm, Lydeard St Lawrence, Taunton, Somerset, TA4 3QB |
COMPANY NUMBER | 05629741 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Willett Farm Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Willett Farm Properties Limited. You consider that Willett Farm Properties Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Willett Farm Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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400,000 | 400,000 | |||
Current assets | ||||
Debtors | 4 |
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2,582 | 4,800 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 1,465 | 3,937 | ||
Total assets less current liabilities | 401,465 | 403,937 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Willett Farm Properties Limited (registered number:
Mrs A C White
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Willett Farm Properties Limited (the Company) is a private company, limited by shares, incorporated in the England and Wales under the Companies Act 2006. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Willett Farm, Lydeard St Lawrence, Taunton, Somerset, TA4 3QB.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The director believes it is appropriate to prepare the financial statements on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The company will continue to meet its financial commitments through funding from the director. The director confirmed she will not withdraw her support for the foreseeable future.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Investment property | not depreciated |
The company holds the following financial instruments:
•Short term trade creditors;
•Short term trade debtors;
All financial instruments are classified as basic.
Recognition and Measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
As at 30 November 2023, the profit and loss account included £177,675 of non-distributable reserves. This relates to the unrealised gains on investment property.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investment property | Total | ||
£ | £ | ||
Cost | |||
At 01 December 2022 |
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Fair value adjustments |
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At 30 November 2023 |
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Accumulated depreciation | |||
At 01 December 2022 |
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At 30 November 2023 |
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Net book value | |||
At 30 November 2023 |
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At 30 November 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Accruals |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to director |
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Deferred tax liability |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Newman & White Partnership ("the partnership") | 1,760 | 4,800 |
The shareholders of Willet Farm Properties Limited are also partners in the above partnership. The partnership uses company property as storage for which commercial rent is charged. The partnership pays expenses on behalf of the company. The above balance represents the amount due to the company from the partnership after off set of company expenses.