IRIS Accounts Production v23.3.1.45 10129464 director 1.4.22 31.3.23 31.3.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh101294642022-03-31101294642023-03-31101294642022-04-012023-03-31101294642021-03-31101294642021-04-012022-03-31101294642022-03-3110129464ns10:Originalns15:EnglandWales2022-04-012023-03-3110129464ns14:PoundSterlingns10:Original2022-04-012023-03-3110129464ns10:Originalns10:Director12022-04-012023-03-3110129464ns10:Original2022-04-012023-03-3110129464ns10:Original2023-03-3110129464ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3110129464ns10:Originalns10:SmallEntities2022-04-012023-03-3110129464ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3110129464ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3110129464ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3110129464ns10:Originalns10:FullAccounts2022-04-012023-03-3110129464ns10:Originalns10:RegisteredOffice2022-04-012023-03-3110129464ns10:Original2022-03-3110129464ns10:Originalns5:CurrentFinancialInstruments2023-03-3110129464ns10:Originalns5:CurrentFinancialInstruments2022-03-3110129464ns10:Originalns5:Non-currentFinancialInstruments2023-03-3110129464ns10:Originalns5:Non-currentFinancialInstruments2022-03-3110129464ns5:ShareCapitalns10:Original2023-03-3110129464ns5:ShareCapitalns10:Original2022-03-3110129464ns10:Originalns5:RevaluationReserve2023-03-3110129464ns10:Originalns5:RevaluationReserve2022-03-3110129464ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3110129464ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3110129464ns10:Original2021-04-012022-03-3110129464ns10:Original2022-03-3110129464ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3110129464ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3110129464ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3110129464ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-3110129464ns10:Originalns5:Non-currentFinancialInstruments2022-04-012023-03-31
REGISTERED NUMBER: 10129464 (England and Wales)










Waypoint Properties Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023






Waypoint Properties Limited (Registered number: 10129464)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Waypoint Properties Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mrs A C Beloe





REGISTERED OFFICE: 7 Lynwood Court
Priestlands Place
Lymington
Hampshire
SO41 9GA





REGISTERED NUMBER: 10129464 (England and Wales)

Waypoint Properties Limited (Registered number: 10129464)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 4,035,000 4,035,000

CURRENT ASSETS
Debtors 5 9,585 12,487
Cash at bank 84,434 204,645
94,019 217,132
CREDITORS
Amounts falling due within one year 6 (1,879,058 ) (2,075,024 )
NET CURRENT LIABILITIES (1,785,039 ) (1,857,892 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,249,961

2,177,108

CREDITORS
Amounts falling due after more than one year 7 (360,000 ) (360,000 )

PROVISIONS FOR LIABILITIES (375,635 ) (375,635 )
NET ASSETS 1,514,326 1,441,473

CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 1,126,906 1,126,906
Retained earnings 387,320 314,467
SHAREHOLDERS' FUNDS 1,514,326 1,441,473

Waypoint Properties Limited (Registered number: 10129464)

Statement of Financial Position - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 22 December 2023 and were signed by:





Mrs A C Beloe - Director


Waypoint Properties Limited (Registered number: 10129464)

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

1. COMPANY INFORMATION

Waypoint Properties Limited is a private company limited by shares incorporated in England and Wales.
The registered office is 7 Lynwood Court, Priestlands Place, Lymington, Hampshire, SO41 9GA.

2. ACCOUNTING POLICIES

ACCOUNTING CONVENTION
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company.
Monetary a mounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

INVESTMENT PROPERTIES
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 '‘Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Waypoint Properties Limited (Registered number: 10129464)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

CLASSIFICATION OF FINANCIAL LIABILITIES
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BASIC FINANCIAL LIABILITIES
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangements constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

TAXATION
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 4,035,000
NET BOOK VALUE
At 31 March 2023 4,035,000
At 31 March 2022 4,035,000

Waypoint Properties Limited (Registered number: 10129464)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INVESTMENT PROPERTY - continued

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,055 5,316
Other debtors 258 4,635
Prepayments 2,272 2,536
9,585 12,487

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation tax 17,951 26,159
Other creditors - 4,635
Directors' current accounts 1,858,167 2,036,742
Accruals 2,040 3,745
Deferred income 900 3,743
1,879,058 2,075,024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 360,000 360,000

The company has taken out two interest only loans. The first loan matures on 31 August 2022 and the second loan matures on 30 September 2023, they hold a first legal charge over the company's investment properties. The loan incurs an interest rate of 2% above LIBOR.

8. CALLED UP SHARE CAPITAL

2021 2020
£    £   
Ordinary share capital
Issued and fully paid
A ordinary shares of £1 each 80 80
B ordinary shares of £1 each 10 10
C ordinary shares of £1 each 10 10
100 100