Registered number
12231679
What If? Property Holdings Ltd
Filleted Accounts
31 August 2023
What If? Property Holdings Ltd
Registered number: 12231679
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 1,327,082 675,106
Current assets
Debtors 4 3,976 853
Cash at bank and in hand 73,267 76,518
77,243 77,371
Creditors: amounts falling due within one year 5 (529,452) (508,885)
Net current liabilities (452,209) (431,514)
Total assets less current liabilities 874,873 243,592
Creditors: amounts falling due after more than one year 6 (979,898) (288,488)
Net liabilities (105,025) (44,896)
Capital and reserves
Called up share capital 100 100
Profit and loss account (105,125) (44,996)
Shareholder's funds (105,025) (44,896)
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 accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Elphick
Director
Approved by the board on 27 March 2024
What If? Property Holdings Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
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 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments
Other
investments
£
Cost
At 1 September 2022 675,106
Additions 651,976
At 31 August 2023 1,327,082
At 31 August 2023 the valuation of the investment properties was reviewed by Mr G Elphick, the director of the company. Following the review he is satisfied that the current valuation represents the fair value of the investment properties.
4 Debtors 2023 2022
£ £
Other debtors 3,976 853
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,972 9,687
Director's loan account 517,929 498,448
Accruals 1,551 750
529,452 508,885
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 979,898 288,488
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 958,333 257,004
Secured bank loans 958,333 257,004
The bank loans are secured on the investment properties owned by the company.
8 Other information
What If? Property Holdings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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