REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
WAINWRIGHT PROPERTIES LIMITED |
REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
WAINWRIGHT PROPERTIES LIMITED |
WAINWRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 09435895) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WAINWRIGHT PROPERTIES LIMITED |
COMPANY INFORMATION |
for the year ended 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
WAINWRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 09435895) |
ABRIDGED BALANCE SHEET |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
WAINWRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 09435895) |
ABRIDGED BALANCE SHEET - continued |
31 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WAINWRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 09435895) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Wainwright Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year. |
Turnover |
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of rental contracts in the period to which it relates. |
Investment property |
Investment properties are included at valuation or, where in the opinion of the directors the open market value and original cost of the properties are not significantly different, at cost. No depreciation is provided on these properties as the estimated residual value of the properties approximates to the carrying value and any depreciation would be immaterial. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
WAINWRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 09435895) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
Revaluations | 225,000 |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2016 | 15,000 |
Valuation in 2017 | 15,000 |
Valuation in 2019 | 130,000 |
Valuation in 2022 | 620,000 |
Valuation in 2023 | 225,000 |
Cost | 1,174,898 |
2,179,898 |
The director has revalued the Investment property and valuation is based on knowledge of similar local property values. |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable by instalments |
Bank loans - more than 5 years | 487,395 | 591,063 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
7. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 June 2022 |
Revaluation of property | 122,860 |
At 31 May 2023 |
WAINWRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 09435895) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
8. | SECURED BORROWINGS |
The borrowings of Wainwright Properties Ltd have been secured by way of a charge over the asset in favour of National Westminster Bank plc. |
At 31 May 2023 the borrowings of Wainwright Properties Ltd amounted to £622,895 (2022 - £753,563). |