Registered number
13503779
Willigby Property Limited
Unaudited Filleted Accounts For The Year Ended
31 July 2023
Willigby Property Limited
Registered number: 13503779
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,601 3,156
Investment properties 4 670,000 442,643
671,601 445,799
Current assets
Debtors 5 1,152 10,891
Cash at bank and in hand 1,822 152,208
2,974 163,099
Creditors: amounts falling due within one year 6 (236,648) (241,877)
Net current liabilities (233,674) (78,778)
Total assets less current liabilities 437,927 367,021
Creditors: amounts falling due after more than one year 7 (369,993) (374,993)
Provisions for liabilities (13,451) -
Net assets/(liabilities) 54,483 (7,972)
Capital and reserves
Called up share capital 10 10
Profit and loss account 54,473 (7,982)
Shareholders' funds 54,483 (7,972)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
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.
P P Rigby
Director
Approved by the board on 14 April 2024
Willigby Property Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention modified to include investment property at fair value 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 represents the rent received from lettings of residential properties.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 33% straight line.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognized at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are included in the profit and loss account.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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). 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. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
(including directors)
3 Tangible fixed assets
Plant and machinery etc Total
£ £
Cost
At 1 August 2022 4,710 4,710
At 31 July 2023 4,710 4,710
Depreciation
At 1 August 2022 1,554 1,554
Charge for the year 1,555 1,555
At 31 July 2023 3,109 3,109
Net book value
At 31 July 2023 1,601 1,601
4 Investment property
Investment
property Total
£ £
Fair value
At 1 August 2022 442,643 442,643
Additions 156,564 156,564
Revaluation 70,793 70,793
At 31 July 2023 670,000 670,000
Investment property comprises freehold property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2023 by the director.
5 Debtors 2023 2022
£ £
Other debtors 1,152 10,891
1,152 10,891
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 72 -
Other creditors 236,576 241,877
236,648 241,877
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 369,993 374,993
369,993 374,993
Other creditors includes loans from shareholders amounting to £369,993. No interest was paid on these loans during the reporting period.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
P P Rigby
Directors loan (240,577) - 5,299 (235,278)
(240,577) - 5,299 (235,278)
9 Other information
Willigby Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
c/o Office 0.02
Baltimore House
Baltic Business Quarter
Gateshead
NE8 3DF
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