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Registered Number: 14181407
England and Wales

 

 

 

WEMTO PROPERTIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 19 June 2022

End date: 30 June 2023
Directors Abidemi James ADIO
Feyisola Olakunbi ADIO
Registered Number 14181407
Registered Office 25 GREAT PEASE PARK
PATCHWAY
BRISTOL
BS34 5ST
Accountants Lagos Accountancy Services UK
Ujima House
97-107 Wilder Street, St Paul's
Bristol
BS2 8QU
1
 
 
Notes
 
2023
£
Fixed assets    
Tangible fixed assets 3 541,337 
541,337 
Current assets    
Cash at bank and in hand 1,219 
Creditors: amount falling due within one year 4 (248,130)
Net current liabilities (246,911)
 
Total assets less current liabilities 294,426 
Creditors: amount falling due after more than one year 5 (299,999)
Net liabilities (5,573)
 

Capital and reserves
   
Called up share capital 5 
Profit and loss account (5,578)
Shareholder's funds (5,573)
 


For the period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 13 March 2024 and were signed on its behalf by:


-------------------------------
Abidemi James ADIO
Director
2
General Information
WEMTO PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 14181407, registration address 25 GREAT PEASE PARK, PATCHWAY, BRISTOL, BS34 5ST.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Average number of employees

Average number of employees during the period was 2.
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 19 June 2022  
Additions 541,337    541,337 
Disposals  
At 30 June 2023 541,337    541,337 
Depreciation
At 19 June 2022  
Charge for period  
On disposals  
At 30 June 2023  
Net book values
Closing balance as at 30 June 2023 541,337    541,337 
Opening balance as at 19 June 2022  

Fair value 30th June 2023

4.

Creditors: amount falling due within one year

2023
£
Other Creditors 248,130 
248,130 

5.

Creditors: amount falling due after more than one year

2023
£
Other Creditors 299,999 
299,999 

6.

Director’s loan

Transactions with Directors

Included in other creditors < 1 year is £247,780 owed to the directors. The amount is unsecured, interest free and has no set repayment date. The company's directors who are also the controlling shareholders continue to make a personal guarantee towards the obligations and liabilities of the company. The director loan is not payable on demand and will not be settled at the detriment of the company.
3