Company registration number 00613129 (England and Wales)
WIDMOOR FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
WIDMOOR FINANCE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
WIDMOOR FINANCE LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3
4
Investment property
4
700,000
700,000
700,003
700,004
Current assets
Debtors
5
847
778
Cash at bank and in hand
54,030
61,601
54,877
62,379
Creditors: amounts falling due within one year
6
(19,674)
(20,397)
Net current assets
35,203
41,982
Total assets less current liabilities
735,206
741,986
Provisions for liabilities
(153,300)
(119,000)
Net assets
581,906
622,986
Capital and reserves
Called up share capital
67
67
Fair value reserve
7
428,297
581,597
Capital redemption reserve
133
133
Profit and loss reserves
153,409
41,189
Total equity
581,906
622,986

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WIDMOOR FINANCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
A L Johnson
Director
Company Registration No. 00613129
WIDMOOR FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Widmoor Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Burnham Yard, London End, Beaconsfield, Bucks, United Kingdom, HP9 2JH.

1.1
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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable for the year.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33% on cost and 15% on reducing balance.
1.4
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 at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

WIDMOOR FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2023 and 29 February 2024
1,329
Depreciation and impairment
At 1 March 2023
1,325
Depreciation charged in the year
1
At 29 February 2024
1,326
Carrying amount
At 29 February 2024
3
At 28 February 2023
4
4
Investment property
2024
£
Fair value
At 1 March 2023 and 29 February 2024
700,000
WIDMOOR FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
4
Investment property
(Continued)
- 5 -

Investment property was valued on a fair value basis on 29 February 2024 by Mr A L Johnson, a director of the company.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
21,940
21,940
Accumulated depreciation
-
-
Carrying amount
21,940
21,940
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
847
778
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
10,478
11,244
Other creditors
9,196
9,153
19,674
20,397
7
Fair value reserve
2024
2023
£
£
At the beginning of the year
581,597
581,597
Deferred tax on revaluation of investment property
(153,300)
-
At the end of the year
428,297
581,597
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