Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-301680000016260000the management of its own propertiesThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-07-01falsetrue11 03585671 2022-07-01 2023-06-30 03585671 2021-07-01 2022-06-30 03585671 2023-06-30 03585671 2022-06-30 03585671 2 2022-07-01 2023-06-30 03585671 d:Director1 2022-07-01 2023-06-30 03585671 d:RegisteredOffice 2022-07-01 2023-06-30 03585671 e:MotorVehicles 2022-07-01 2023-06-30 03585671 e:MotorVehicles 2023-06-30 03585671 e:MotorVehicles 2022-06-30 03585671 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03585671 e:FurnitureFittings 2022-07-01 2023-06-30 03585671 e:FurnitureFittings 2023-06-30 03585671 e:FurnitureFittings 2022-06-30 03585671 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03585671 e:OfficeEquipment 2022-07-01 2023-06-30 03585671 e:OfficeEquipment 2023-06-30 03585671 e:OfficeEquipment 2022-06-30 03585671 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03585671 e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03585671 e:FreeholdInvestmentProperty 2022-07-01 2023-06-30 03585671 e:FreeholdInvestmentProperty 2023-06-30 03585671 e:FreeholdInvestmentProperty 2022-06-30 03585671 e:FreeholdInvestmentProperty 2 2022-07-01 2023-06-30 03585671 e:LeaseholdInvestmentProperty 2022-07-01 2023-06-30 03585671 e:LeaseholdInvestmentProperty 2023-06-30 03585671 e:LeaseholdInvestmentProperty 2022-06-30 03585671 e:LeaseholdInvestmentProperty 2 2022-07-01 2023-06-30 03585671 e:CurrentFinancialInstruments 2023-06-30 03585671 e:CurrentFinancialInstruments 2022-06-30 03585671 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 03585671 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 03585671 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 03585671 e:Non-currentFinancialInstruments e:AfterOneYear 2022-06-30 03585671 e:ShareCapital 2023-06-30 03585671 e:ShareCapital 2022-06-30 03585671 e:RevaluationReserve 2023-06-30 03585671 e:RevaluationReserve 2022-06-30 03585671 e:InvestmentPropertiesRevaluationReserve 2022-07-01 2023-06-30 03585671 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03585671 e:RetainedEarningsAccumulatedLosses 2023-06-30 03585671 e:RetainedEarningsAccumulatedLosses 2022-06-30 03585671 d:FRS102 2022-07-01 2023-06-30 03585671 d:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 03585671 d:FullAccounts 2022-07-01 2023-06-30 03585671 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03585671 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-07-01 2023-06-30 03585671 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 03585671 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-30 03585671 2 2022-07-01 2023-06-30 03585671 4 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 03585671









WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
COMPANY INFORMATION


Director
C R Sapey 




Registered number
03585671



Registered office
9 Conway Road

Sheringham

Norfolk

NR26 8DD




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 10


 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
FOR THE YEAR ENDED 30 JUNE 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wymondham Property Management Company Limited for the year ended 30 June 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

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 https://www.icaew.com /regulation.

This report is made solely to the director of Wymondham Property Management Company Limited in accordance with the terms of our engagement letter dated 6 August 2020Our work has been undertaken solely to prepare for your approval the financial statements of Wymondham Property Management Company Limited  and state those matters that we have agreed to state to the director of Wymondham Property Management Company Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wymondham Property Management Company Limited and its director for our work or for this report. 

It is your duty to ensure that Wymondham Property Management Company 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 profit of Wymondham Property Management Company Limited. You consider that Wymondham Property Management Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Wymondham Property Management Company 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.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
16 November 2023
Page 1

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER: 03585671

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,594
15,469

Investments
 5 
3
3

Investment property
 6 
8,400,000
8,130,000

  
8,412,597
8,145,472

Current assets
  

Debtors
 7 
784,014
1,496,381

Cash at bank and in hand
  
65,670
64,947

  
849,684
1,561,328

Creditors: amounts falling due within one year
 8 
(133,952)
(116,177)

Net current assets
  
 
 
715,732
 
 
1,445,151

Total assets less current liabilities
  
9,128,329
9,590,623

Creditors: amounts falling due after more than one year
  
(133,349)
(697,999)

Provisions for liabilities
  

Deferred tax
  
(936,683)
(849,643)

  
 
 
(936,683)
 
 
(849,643)

Net assets
  
8,058,297
8,042,981


Capital and reserves
  

Called up share capital 
  
1
1

Revaluation reserve
 9 
5,188,088
4,875,129

Profit and loss account
 9 
2,870,208
3,167,851

  
8,058,297
8,042,981


Page 2

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER: 03585671
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 November 2023.




C R Sapey
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 9 Conway Road, Sheringham, Norfolk, NR26 8DD.
The company's principal activity is the management of its own property. The principal place of business is Norwich, UK.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises income due on investment properties leased by the company under operating leases, accounted for on an accruals basis covering the period for which the rent is due under the terms of the lease. The company is not VAT registered.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 4

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Office equipment
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account. 

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
 
Page 5

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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 other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
33,751
953
18,306
53,010


Additions
-
-
199
199



At 30 June 2023

33,751
953
18,505
53,209



Depreciation


At 1 July 2022
23,700
95
13,746
37,541


Charge for the year on owned assets
2,512
86
476
3,074



At 30 June 2023

26,212
181
14,222
40,615



Net book value



At 30 June 2023
7,539
772
4,283
12,594



At 30 June 2022
10,051
858
4,560
15,469


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
3



At 30 June 2023
3




Page 7

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 July 2022
7,880,000
250,000
8,130,000


Disposals
-
(250,000)
(250,000)


Surplus on revaluation
520,000
-
520,000



At 30 June 2023
8,400,000
-
8,400,000


Comprising


Cost
2,275,228
130,000
2,405,228

Annual revaluation surplus/(deficit):
Annual revaluation surplus/(deficit):

2021
5,049,772
70,000
5,119,772

2022
555,000
50,000
605,000

2023
520,000
(250,000)
270,000

At 30 June 2023
8,400,000
-
8,400,000

The 2023 valuations were made by Mr C R Sapey, on an open market value for existing use basis.




Page 8

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Debtors


2023
2022
£
£



Other debtors
598,638
1,311,500

Prepayments and accrued income
3,218
2,723

Tax recoverable
182,158
182,158

784,014
1,496,381


Included within other debtors within one year is a loan to the director amounting to £598,542 (2022: £589,519).


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
43,936
49,613

Trade creditors
2,620
3,805

Other creditors
81,490
57,191

Accruals and deferred income
5,906
5,568

133,952
116,177


The director has also given personal guarantees as shown in note 11.


9.


Reserves

Investment property revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of listed investments to fair value, net of deferred tax.  The amounts debited or credited to this reserve are transfers from the profit and loss accounts.  Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.


10.Director's personal guarantees

The director, who is the only shareholder has given personal guarantees for secured borrowings of £177,286 (2022: £747,611).

Page 9

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Related party transactions

As at 30 June 2023, Wymondham Property Development Company Limited, a wholly owned subsidiary, owed £- (2022: £721,983)
On 30 June 2023 a loan of £534,983 was written off.

 
Page 10