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Registration number: 04395975

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Williams Properties (Brecon) Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2024

 

Williams Properties (Brecon) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Williams Properties (Brecon) Limited

Company Information

Directors

Mr W A Williams

Mrs V E A Williams

Company secretary

Mr W A Williams

Registered office

4 Camden Crescent
Brecon
Powys
LD3 7BY

 

Bankers

Santander UK plc
PO Box 382
Prescot Street
London

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Williams Properties (Brecon) Limited

(Registration number: 04395975)

Balance Sheet
as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

300,000

300,334

Current assets

 

Debtors

5

398

447

Cash at bank and in hand

 

10,242

21,005

 

10,640

21,452

Creditors: Amounts falling due within one year

6

(64,718)

(80,730)

Net current liabilities

 

(54,078)

(59,278)

Net assets

 

245,922

241,056

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

5,700

5,700

Profit and loss account

240,122

235,256

Total equity

 

245,922

241,056

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Williams Properties (Brecon) Limited

(Registration number: 04395975)

Balance Sheet
as at 31 March 2024

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

.........................................

Mr W A Williams

Company secretary and director

.........................................

Mrs V E A Williams

Director

 

Williams Properties (Brecon) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 Camden Crescent
Brecon
Powys
LD3 7BY

These financial statements were authorised for issue by the Board on 15 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rents charged for the company's properties.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Williams Properties (Brecon) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Investment property

Investment properties are carried at fair value. Gains or losses are recognised in the income statement, and deferred taxation is provided on any such gains at the rate expected to be applied when the properties are sold.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Williams Properties (Brecon) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

300,000

1,667

301,667

At 31 March 2024

300,000

1,667

301,667

Depreciation

At 1 April 2023

-

1,333

1,333

Charge for the year

-

334

334

At 31 March 2024

-

1,667

1,667

Carrying amount

At 31 March 2024

300,000

-

300,000

At 31 March 2023

300,000

334

300,334

Included within the net book value of land and buildings above is £300,000 (2023 - £300,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's investment properties was revalued on 31 March 2024. An independent valuer was not involved.

The investment properties were revalued by the directors using an open market valuation
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £294,300 (2023 - £294,300).

5

Debtors

2024
£

2023
£

Prepayments

398

447

398

447

 

Williams Properties (Brecon) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,015

990

Accruals and deferred income

1,991

5,000

Other creditors

61,712

74,740

64,718

80,730