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COMPANY REGISTRATION NUMBER: 01154869
WSG PROPERTIES LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2023
WSG PROPERTIES LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
WSG PROPERTIES LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
S K Gilbert
W A Gilbert
Company secretary
S K Gilbert
Registered office
Royal Cottage
Merrycock Lane
Heighington
Lincoln
Lincolnshire
LN4 1QL
Accountants
Streets LLP
Chartered accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
WSG PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,790,967
4,580,243
Investments
6
1
-------------
-------------
4,790,968
4,580,243
Current assets
Debtors
7
58,470
14,443
Cash at bank and in hand
121,087
216,800
----------
----------
179,557
231,243
Creditors: amounts falling due within one year
8
205,338
326,943
----------
----------
Net current liabilities
25,781
95,700
-------------
-------------
Total assets less current liabilities
4,765,187
4,484,543
Creditors: amounts falling due after more than one year
9
1,859,973
1,600,960
Provisions
Taxation including deferred tax
339,112
340,561
-------------
-------------
Net assets
2,566,102
2,543,022
-------------
-------------
WSG PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
202
202
Revaluation reserve
1,255,198
1,255,198
Profit and loss account
1,310,702
1,287,622
-------------
-------------
Shareholders funds
2,566,102
2,543,022
-------------
-------------
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 income and retained earnings has not been delivered.
For the year ending 31 October 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 were approved by the board of directors and authorised for issue on 26 March 2024 , and are signed on behalf of the board by:
S K Gilbert
Director
Company registration number: 01154869
WSG PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Royal Cottage, Merrycock Lane, Heighington, Lincoln, Lincolnshire, LN4 1QL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made or other conditions arise. Significant judgements: No judgements have been made which would have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty: Investment property valuations - investment properties are revalued each year end by the director at open market value.
Revenue recognition
The turnover shown in the profit and loss account represents rental income due for the year, net of any VAT due and recognised on an accruals basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and Fittings
-
33% straight line
Motor Vehicles
-
25% straight line
Computer Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognized only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognized at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognized at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortized cost. Other financial instruments, including derivatives, are recognized at fair value, with any subsequent changes to fair value recognized in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Investment property
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
4,514,317
63,175
63,376
3,934
4,644,802
Additions
228,983
3,100
232,083
Disposals
( 58,262)
( 4,701)
( 62,963)
-------------
---------
---------
-------
-------------
At 31 October 2023
4,743,300
4,913
63,376
2,333
4,813,922
-------------
---------
---------
-------
-------------
Depreciation
At 1 November 2022
60,540
1,606
2,413
64,559
Charge for the year
1,638
15,844
777
18,259
Disposals
( 58,262)
( 1,601)
( 59,863)
-------------
---------
---------
-------
-------------
At 31 October 2023
3,916
17,450
1,589
22,955
-------------
---------
---------
-------
-------------
Carrying amount
At 31 October 2023
4,743,300
997
45,926
744
4,790,967
-------------
---------
---------
-------
-------------
At 31 October 2022
4,514,317
2,635
61,770
1,521
4,580,243
-------------
---------
---------
-------
-------------
Tangible assets held at valuation
Investment property is revalued annually on an open market basis by the directors.
6. Investments
Shares in group undertakings
£
Cost
At 1 November 2022
Additions
1
----
At 31 October 2023
1
----
Impairment
At 1 November 2022 and 31 October 2023
----
Carrying amount
At 31 October 2023
1
----
At 31 October 2022
----
7. Debtors
2023
2022
£
£
Trade debtors
10,076
10,723
Amounts owed by group undertakings and undertakings in which the company has a participating interest
45,186
Other debtors
3,208
3,720
---------
---------
58,470
14,443
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
98,020
Trade creditors
20,413
7,636
Corporation tax
7,364
44,778
Other creditors
177,561
176,509
----------
----------
205,338
326,943
----------
----------
Bank loans and overdrafts are secured against the investment property owned by the company. Included within other creditors are liabilities under Hire Purchase contracts amounting to £10,203 (2022 - £10,203). The liability is secured against the asset financed.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,850,620
1,581,403
Other creditors
9,353
19,557
-------------
-------------
1,859,973
1,600,960
-------------
-------------
Bank loans and overdrafts are secured against the investment property owned by the company. Included within other creditors are liabilities under Hire Purchase contracts amounting to £9,353 (2022 - £19,557). The liability is secured against the asset financed.
10. Related party transactions
During the year property management fees amounting to £43,332 (2022: £43,545) were paid to Cloud Lettings Ltd, a company in which S Gilbert is a director. No amounts were outstanding for payment at the year end (2022: £nil). No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 (Section 1A).
11. Controlling party
The company was under the control of the directors throughout the current and previous year.