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Company No: 05629741 (England and Wales)

WILLETT FARM PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

WILLETT FARM PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

WILLETT FARM PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
WILLETT FARM PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTOR Mrs A C White
SECRETARY Mrs A C White
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
BUSINESS ADDRESS Willett Farm, Lydeard St Lawrence, Taunton, Somerset, TA4 3QB
COMPANY NUMBER 05629741 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WILLETT FARM PROPERTIES LIMITED

For the financial year ended 30 November 2023

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WILLETT FARM PROPERTIES LIMITED (continued)

For the financial year ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Willett Farm Properties Limited for the financial year ended 30 November 2023 which comprise the Balance Sheet and the related notes 1 to 8 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Willett Farm Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Willett Farm Properties Limited. You consider that Willett Farm Properties Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Willett Farm Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Director of Willett Farm Properties Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Willett Farm Properties Limited and state those matters that we have agreed to state to the director of Willett Farm Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willett Farm Properties Limited and its Director as a body for our work or for this report.

Francis Clark LLP
Chartered Accountants

Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE

04 April 2024

WILLETT FARM PROPERTIES LIMITED

BALANCE SHEET

As at 30 November 2023
WILLETT FARM PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 400,000 400,000
400,000 400,000
Current assets
Debtors 4 2,582 4,800
2,582 4,800
Creditors: amounts falling due within one year 5 ( 1,117) ( 863)
Net current assets 1,465 3,937
Total assets less current liabilities 401,465 403,937
Creditors: amounts falling due after more than one year 6 ( 224,428) ( 226,585)
Net assets 177,037 177,352
Capital and reserves
Called-up share capital 7 5,000 5,000
Profit and loss account 172,037 172,352
Total shareholders' funds 177,037 177,352

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Willett Farm Properties Limited (registered number: 05629741) were approved and authorised for issue by the Director on 04 April 2024. They were signed on its behalf by:

Mrs A C White
Director
WILLETT FARM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
WILLETT FARM PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Willett Farm Properties Limited (the Company) is a private company, limited by shares, incorporated in the England and Wales under the Companies Act 2006. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Willett Farm, Lydeard St Lawrence, Taunton, Somerset, TA4 3QB.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director believes it is appropriate to prepare the financial statements on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The company will continue to meet its financial commitments through funding from the director. The director confirmed she will not withdraw her support for the foreseeable future.

Turnover

Turnover represents rental income received in the ordinary course of company's business and is recognised evenly over the rental period.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

Investment property not depreciated

Investment property is measured at fair value with any change recognised in the profit and loss account.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The company holds the following financial instruments:

•Short term trade creditors;
•Short term trade debtors;

All financial instruments are classified as basic.

Recognition and Measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Reserves

As at 30 November 2023, the profit and loss account included £177,675 of non-distributable reserves. This relates to the unrealised gains on investment property.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Investment property Total
£ £
Cost
At 01 December 2022 400,000 400,000
Fair value adjustments 0 0
At 30 November 2023 400,000 400,000
Accumulated depreciation
At 01 December 2022 0 0
At 30 November 2023 0 0
Net book value
At 30 November 2023 400,000 400,000
At 30 November 2022 400,000 400,000

Investment property is stated at fair value at 30 November 2023, as estimated by the independent valuer by Symonds and Sampson on 23 December 2021. Value of property as per report is £400,000. The investment property has a historical cost of £181,163.

4. Debtors

2023 2022
£ £
Trade debtors 1,760 4,800
Other debtors 822 0
2,582 4,800

5. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 1,117 863

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to director 185,146 187,198
Deferred tax liability 39,282 39,387
224,428 226,585

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
5,000 Ordinary shares of £ 1.00 each 5,000 5,000

8. Related party transactions

Other related party transactions

2023 2022
£ £
Newman & White Partnership ("the partnership") 1,760 4,800

The shareholders of Willet Farm Properties Limited are also partners in the above partnership. The partnership uses company property as storage for which commercial rent is charged. The partnership pays expenses on behalf of the company. The above balance represents the amount due to the company from the partnership after off set of company expenses.