Company registration number 13772609 (England and Wales)
WARWICK DAVIS (PROPERTY AND INVESTMENTS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WARWICK DAVIS (PROPERTY AND INVESTMENTS) LTD
CONTENTS
Page
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
WARWICK DAVIS (PROPERTY AND INVESTMENTS) LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WARWICK DAVIS (PROPERTY AND INVESTMENTS) LTD FOR THE YEAR ENDED 31 DECEMBER 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Warwick Davis (Property and Investments) Ltd for the year ended 31 December 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Warwick Davis (Property and Investments) Ltd, as a body, in accordance with the terms of our engagement letter dated 13 December 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Warwick Davis (Property and Investments) Ltd and state those matters that we have agreed to state to the board of directors of Warwick Davis (Property and Investments) Ltd, 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 Warwick Davis (Property and Investments) Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Warwick Davis (Property and Investments) Ltd 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 profit of Warwick Davis (Property and Investments) Ltd. You consider that Warwick Davis (Property and Investments) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Warwick Davis (Property and Investments) Ltd. 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.
Carpenter Box
17 April 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
WARWICK DAVIS (PROPERTY AND INVESTMENTS) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
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2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
424,912
424,912
Current assets
Cash at bank and in hand
7,086
2,827
Creditors: amounts falling due within one year
4
(151,534)
(150,119)
Net current liabilities
(144,448)
(147,292)
Total assets less current liabilities
280,464
277,620
Creditors: amounts falling due after more than one year
5
(277,732)
(277,732)
Net assets/(liabilities)
2,732
(112)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
2,730
(114)
Total equity
2,732
(112)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 April 2024
Mr N P Kerkhove
Director
Company registration number 13772609 (England and Wales)
WARWICK DAVIS (PROPERTY AND INVESTMENTS) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 November 2021
-
Period ended 31 December 2022:
Loss and total comprehensive income
-
(114)
(114)
Issue of share capital
6
2
-
2
Balance at 31 December 2022
2
(114)
(112)
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,844
2,844
Balance at 31 December 2023
2
2,730
2,732
WARWICK DAVIS (PROPERTY AND INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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1
Accounting policies
Company information
Warwick Davis (Property and Investments) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Reporting period
The previous period was for a total of 13 months and was also the company's first accounting period. As a result, the results in the current year may not be entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue, and the impact of subsequent events in making their assessment.
The company is reliant on the support of its director and has been meeting their liabilities as they arise. The financial statements do not include any adjustments that would result from a withdrawal of their support.
Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent in the normal course of business, and is shown net of sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised 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 recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
WARWICK DAVIS (PROPERTY AND INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
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Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0).
WARWICK DAVIS (PROPERTY AND INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
424,912
The investment property was acquired on 31 May 2022. The director believes that the initial cost of the property is still deemed fair value of the property.
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
795
100
Other creditors
150,739
150,019
151,534
150,119
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
277,732
277,732
The bank loan is secured against the investment property owned by the company.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
During the period, 2 ordinary shares were issued with a par value of £1.