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REGISTERED NUMBER: 12732346 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

Wilfred Developments Limited

Wilfred Developments Limited (Registered number: 12732346)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


Wilfred Developments Limited

COMPANY INFORMATION
for the year ended 31 July 2023







Directors: N P Eadie
Mrs J A Eadie





Registered office: Park House
Grenofen
Tavistock
Devon
PL19 9EW





Registered number: 12732346 (England and Wales)





Accountants: Nigel Webster & Co
129 North Hill
Plymouth
Devon
PL4 8JY

Wilfred Developments Limited (Registered number: 12732346)

BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 6,995 -
Investment property 5 860,000 460,169
866,995 460,169

Current assets
Debtors 6 1,345 -
Cash at bank 5,194 46,955
6,539 46,955
Creditors
Amounts falling due within one year 7 389,420 258,457
Net current liabilities (382,881 ) (211,502 )
Total assets less current liabilities 484,114 248,667

Creditors
Amounts falling due after more than
one year

8

520,843

266,081
Net liabilities (36,729 ) (17,414 )

Capital and reserves
Called up share capital 9 50 50
Revaluation reserve 10 49,946 -
Retained earnings (86,725 ) (17,464 )
Shareholders' funds (36,729 ) (17,414 )

Wilfred Developments Limited (Registered number: 12732346)

BALANCE SHEET - continued
31 July 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:





Mrs J A Eadie - Director


Wilfred Developments Limited (Registered number: 12732346)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2023

1. STATUTORY INFORMATION

Wilfred Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of FInancial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of fixed assets.

Going concern
The financial statements have been prepared on the going concern basis. This basis assumes that the company will have sufficient funding to enable it to continue to operate for the foreseeable future with the support of the directors, who believe that the going concern basis of preparation remains appropriate in the company's circumstances.

Turnover
Turnover represents revenue earned from rents receivable for the year.

Rents receivable represents amounts received in the year adjusted for any amounts in advance/arrears at the balance sheet date.

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:

FurnishingsStraight line over 5 years
Computer equipmentStraight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Wilfred Developments Limited (Registered number: 12732346)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Wilfred Developments Limited (Registered number: 12732346)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Computer
Furnishings equipment Totals
£    £    £   
Cost
Additions 7,204 1,110 8,314
At 31 July 2023 7,204 1,110 8,314
Depreciation
Charge for year 1,022 297 1,319
At 31 July 2023 1,022 297 1,319
Net book value
At 31 July 2023 6,182 813 6,995

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 August 2022 460,169
Additions 349,885
Revaluations 49,946
At 31 July 2023 860,000
Net book value
At 31 July 2023 860,000
At 31 July 2022 460,169

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2023 49,946
Cost 810,054
860,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,345 -

Wilfred Developments Limited (Registered number: 12732346)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 389,420 258,457

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 520,843 266,081

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary £1 50 50

10. RESERVES
Revaluation
reserve
£   
Transfer to revaluation
reserve 49,946

At 31 July 2023 49,946

11. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed the following amounts to related parties:

N Eadie Director and shareholder £ 188,765
Mrs J Eadie Director and shareholder £ 188,764

12. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by the directors.