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Company No: 12740904 (England and Wales)

WILSON HANNAH PROPERTY LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

WILSON HANNAH PROPERTY LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

WILSON HANNAH PROPERTY LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
WILSON HANNAH PROPERTY LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 145,000 145,000
Investments 4 6,332 9,949
151,332 154,949
Current assets
Debtors 5 2,381 2,194
Cash at bank and in hand 25,245 14,989
27,626 17,183
Creditors: amounts falling due within one year 6 ( 165,270) ( 165,010)
Net current liabilities (137,644) (147,827)
Total assets less current liabilities 13,688 7,122
Net assets 13,688 7,122
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 4,120 4,120
Profit and loss account 9,468 2,902
Total shareholders' funds 13,688 7,122

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wilson Hannah Property Ltd (registered number: 12740904) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

W Hennessy
Director

18 April 2024

WILSON HANNAH PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
WILSON HANNAH PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

Wilson Hannah Property Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

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.

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

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Statement of Financial Position date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 August 2022 145,000
As at 31 July 2023 145,000

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 140,880 140,880

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 August 2022 9,949 9,949
Movement in fair value ( 3,617) ( 3,617)
At 31 July 2023 6,332 6,332
Carrying value at 31 July 2023 6,332 6,332
Carrying value at 31 July 2022 9,949 9,949

5. Debtors

2023 2022
£ £
Other debtors 2,381 2,194

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 1,965 1,855
Other creditors 163,305 163,155
165,270 165,010

7. Related party transactions

Included in other creditors is £161,655 (2022: £161,655) owed to Wilson Hennessy Ltd. Wilson Hannah Property Ltd and Wilson Hennessy Ltd having a common director. This balance is unsecured, interest free and repayable on demand.