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REGISTERED NUMBER: 04110210 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

WPI Homes Limited

WPI Homes Limited (Registered number: 04110210)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WPI Homes Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: W P Igoe
Mrs A I Igoe





REGISTERED OFFICE: WPI House
King Street Trading Estate
Middlewich
Cheshire
CW10 9LF





REGISTERED NUMBER: 04110210 (England and Wales)





ACCOUNTANTS: Pareto Tax & Wealth LLP
Level 7, Tower 12,
18-22 Bridge Street,
Spinningfields,
Manchester
M3 3BZ

WPI Homes Limited (Registered number: 04110210)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,380 26,328
Investment property 5 2,129,313 2,129,313
2,151,693 2,155,641

CURRENT ASSETS
Stocks 1,425,261 1,425,261
Debtors 6 20,254 19,088
Cash at bank and in hand 59,481 59,198
1,504,996 1,503,547
CREDITORS
Amounts falling due within one year 7 2,784,078 2,953,678
NET CURRENT LIABILITIES (1,279,082 ) (1,450,131 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

872,611

705,510

PROVISIONS FOR LIABILITIES 6,582 6,582
NET ASSETS 866,029 698,928

CAPITAL AND RESERVES
Called up share capital 100 100
Non distributable reserves 20,000 20,000
Retained earnings 845,929 678,828
SHAREHOLDERS' FUNDS 866,029 698,928

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

WPI Homes Limited (Registered number: 04110210)

Balance Sheet - continued
31 October 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





Mrs A I Igoe - Director


WPI Homes Limited (Registered number: 04110210)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

WPI Homes 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents income receivable from property conversions and sales, excluding value added tax, and is recognised on hand over of legal title to the purchaser. Rental income is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

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 of 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.

Where fair value cannot be achieved without undue effort or cost, investment property is accounted for as tangible fixed assets.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

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

WPI Homes Limited (Registered number: 04110210)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 November 2022
and 31 October 2023 54,008
DEPRECIATION
At 1 November 2022 27,680
Charge for year 3,948
At 31 October 2023 31,628
NET BOOK VALUE
At 31 October 2023 22,380
At 31 October 2022 26,328

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 2,129,313
NET BOOK VALUE
At 31 October 2023 2,129,313
At 31 October 2022 2,129,313

Included in investment properties is £1,850,000 relating to Hightown apartments, Flag Lane, Crewe. The fair value of this investment property has been arrived at on the basis of a valuation carried out in June 2017 by Keppie Massie, independent RICS valuers.

The remaining properties were valued by the directors who consider they are included at current market value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other debtors 20,254 19,088

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 87,834 130,513
Amounts owed to group undertakings 1,415 1,415
Taxation and social security 40,663 28,686
Other creditors 2,654,166 2,793,064
2,784,078 2,953,678

8. SECURED DEBTS

Bank loans and overdrafts are secured by way of a fixed charge over the company's investment properties.

WPI Homes Limited (Registered number: 04110210)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 October 2023, the company owed £2,648,578 (2022: £2,779,102) to W P Igoe.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W P Igoe.