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 |