Registered number
02382687
WEYCROFT PROPERTIES LIMITED
Filleted Accounts
30 June 2023
WEYCROFT PROPERTIES LIMITED
Registered number: 02382687
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Leasehold/Freehold 3 1,550,980 1,551,120
Tangible assets 4 4,339 8,459
1,555,319 1,559,579
Current assets
Debtors 5 18,191 55,694
Cash at bank and in hand 11,616 10,325
29,807 66,019
Creditors: amounts falling due within one year 6 (31,637) (37,583)
Net current (liabilities)/assets (1,830) 28,436
Total assets less current liabilities 1,553,489 1,588,015
Creditors: amounts falling due after more than one year 7 (417,665) (465,491)
Provisions for liabilities (35,520) (35,520)
Net assets 1,100,304 1,087,004
Capital and reserves
Called up share capital 1 1
Revaluation reserve 9 546,502 546,502
Profit and loss account 553,801 540,501
Shareholder's funds 1,100,304 1,087,004
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Director
Mr G Baigey
Approved by the board on 06.03.2024
WEYCROFT PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents the net value of rents received from properties .
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle 25% straight line
Short term Leasehold property over the term of the lease.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Leasehold/ Freehold £
Cost
At 1 July 2022 1,552,100
At 30 June 2023 1,552,100
Amortisation
At 1 July 2022 980
Provided during the year 140
At 30 June 2023 1,120
Net book value
At 30 June 2023 1,550,980
At 30 June 2022 1,551,120
Included here is an investment in Freehold Property which is valued at 850000. The director confirms that the market value is at least at the figure shown.The leasehold is depreciation over the term of the lease.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 42,405 15,600 58,005
At 30 June 2023 42,405 15,600 58,005
Depreciation
At 1 July 2022 41,746 7,800 49,546
Charge for the year 220 3,900 4,120
At 30 June 2023 41,966 11,700 53,666
Net book value
At 30 June 2023 439 3,900 4,339
At 30 June 2022 659 7,800 8,459
5 Debtors 2023 2022
£ £
Other debtors 18,191 55,694
6 Creditors: amounts falling due within one year 2023 2022
£ £
Rent Deposits. 14,000 14,000
Bank Loan-Current - 10,998
Amounts owed to group undertakings and undertakings in which the company has a participating interest 11,604 -
Taxation and social security costs 4,633 11,185
Other creditors 1,400 1,400
31,637 37,583
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 417,665 465,491
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 417,665 418,187
Secured bank loans 417,665 418,187
Loans are secured by a charge over the properties.
9 Revaluation reserve 2023 2022
£ £
At 1 July 2022 546,502 546,502
At 30 June 2023 546,502 546,502
10 Other information
WEYCROFT PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
466 Chiswick High Road
London
W4 5TT
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