Willow Property Management Limited |
Registered number: |
10171408 |
Statement of Financial Position |
as at 31 December 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
|
669,322 |
|
|
669,322 |
|
Current assets |
Debtors |
4 |
|
850 |
|
|
1,200 |
Cash at bank and in hand |
|
|
2,485 |
|
|
3,586 |
|
|
|
3,335 |
|
|
4,786 |
|
Creditors: amounts falling due within one year |
5 |
|
(290,284) |
|
|
(291,724) |
|
Net current liabilities |
|
|
|
(286,949) |
|
|
(286,938) |
|
Total assets less current liabilities |
|
|
|
382,373 |
|
|
382,384 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(433,290) |
|
|
(433,290) |
|
|
|
Net liabilities |
|
|
|
(50,917) |
|
|
(50,906) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
Profit and loss account |
|
|
|
(51,917) |
|
|
(51,906) |
|
Shareholder's funds |
|
|
|
(50,917) |
|
|
(50,906) |
|
|
|
|
|
|
|
|
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 financial statements. |
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The director's report and statement of income and retained earnings have not been delivered to the Registrar of Companies. |
|
|
|
N Page |
Director |
Approved by the board on 20 February 2024 |
|
Willow Property Management Limited |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The financial statements 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 includes revenue earned from the rendering of residential letting services of investment properties and is recognised in the period in which the services are provided. |
|
|
Investment property |
|
The investment property is initially recognised at cost and subsequently measured using the fair value revaluation method. Changes in fair value are included in the statement of income and retained earnings. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). |
|
|
Taxation |
|
The company reports a loss for the current and past periods that has been carried forward to recover against future profits. Unrelieved tax losses are only to the extent that it is probable that they will be recovered against future taxable profits. Deferred tax is not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as it is considered immaterial to the true and fair view of the financial statements. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
Investment |
property |
|
£ |
|
Cost |
|
At 1 January 2023 |
669,322 |
|
|
At 31 December 2023 |
669,322 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
850 |
|
1,200 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Loan |
287,300 |
|
288,950 |
|
Rent deposit |
|
1,904 |
|
1,904 |
|
Other creditors |
1,080 |
|
870 |
|
|
|
|
|
|
290,284 |
|
291,724 |
|
|
|
|
|
|
|
|
|
|
The loan represents amounts due to the director in relation to costs incurred for the purchase of the investment property and other related costs. This balance also includes £12,109 due to a related company Willow Investment Holdings Limited.The loan is repayable the earlier of the date upon which the investment property is sold by the company or the date on which the director and related party demands repayment. |
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Mortgage |
433,290 |
|
433,290 |
|
|
|
|
|
|
|
|
|
|
7 |
Going concern |
|
|
The director has considered the company's financial position and is confident that with his continued support the company will be able to meet its financial obligations in the foreseeable future. The going concern basis is therefore adopted for the preparation of these financial statements. |
|
8 |
Other information |
|
|
Willow Property Management Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Central House |
|
124 High Street |
|
Hampton Hill |
|
Middlesex |
|
TW12 1NS |