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Company registration number: 10404955
Welland Valley Property Management Ltd
Unaudited filleted financial statements
31 December 2023
Coulter & Co (Accountants) Ltd
Chartered Certified Accountants
Welland Valley Property Management Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Welland Valley Property Management Ltd
Directors and other information
Directors Mr J Warke
Ms C Hostead Appointed 6 September 2022
Company number 10404955
Registered office Pera Business Park
Nottingham Road
Melton Mowbray
LE13 0PB
Accountants Coulter & Co (Accountants) Ltd
Pera Business Park
M03 Tower Building
Nottingham Road
Melton Mowbray
LE13 0PB
Welland Valley Property Management Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Welland Valley Property Management Ltd
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Coulter & Co (Accountants) Ltd
Chartered Certified Accountants
Pera Business Park
M03 Tower Building
Nottingham Road
Melton Mowbray
LE13 0PB
26 February 2024
Welland Valley Property Management Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 17,363 22,995
Tangible assets 6 19,833 24,963
_______ _______
37,196 47,958
Current assets
Debtors 7 1,628 6,363
Cash at bank and in hand 11,856 9,044
_______ _______
13,484 15,407
Creditors: amounts falling due
within one year 8 ( 62,060) ( 90,491)
_______ _______
Net current liabilities ( 48,576) ( 75,084)
_______ _______
Total assets less current liabilities ( 11,380) ( 27,126)
Provisions for liabilities ( 161) ( 236)
_______ _______
Net liabilities ( 11,541) ( 27,362)
_______ _______
Capital and reserves
Called up share capital 80 100
Profit and loss account ( 11,621) ( 27,462)
_______ _______
Shareholders deficit ( 11,541) ( 27,362)
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 February 2024 , and are signed on behalf of the board by:
Mr J Warke
Director
Company registration number: 10404955
Welland Valley Property Management Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Pera Business Park, Nottingham Road, Melton Mowbray, LE13 0PB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the 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.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment 20/33 % Reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries - 3,876
Social security costs - 255
Other pension costs - 69
_______ _______
- 4,200
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 56,315 56,315
_______ _______
Amortisation
At 1 January 2023 33,320 33,320
Charge for the year 5,632 5,632
_______ _______
At 31 December 2023 38,952 38,952
_______ _______
Carrying amount
At 31 December 2023 17,363 17,363
_______ _______
At 31 December 2022 22,995 22,995
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2023 and 31 December 2023 47,403 6,579 53,982
_______ _______ _______
Depreciation
At 1 January 2023 23,682 5,337 29,019
Charge for the year 4,740 390 5,130
_______ _______ _______
At 31 December 2023 28,422 5,727 34,149
_______ _______ _______
Carrying amount
At 31 December 2023 18,981 852 19,833
_______ _______ _______
At 31 December 2022 23,721 1,242 24,963
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors - 3,159
Other debtors 1,628 3,204
_______ _______
1,628 6,363
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 2,828 8,322
Amounts owed to group undertakings and undertakings in which the company has a participating interest 48,217 77,757
Corporation tax 7,655 245
Social security and other taxes 1,785 2,667
Other creditors 1,575 1,500
_______ _______
62,060 90,491
_______ _______
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
9. Ultimate controlling party
The company's immediate and ultimate controlling parent company is Warke Estate Holding Company Limited, a company incorporated in England and Wales, and holding 93.75% of the issued ordinary shares in this company. The registered office of Warke Estate Holding Company Limited is Pera Business Park, Nottingham Road, Melton Mowbray, LE13 0PB.