Wey Hill Estates Limited 09346130 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is 68209 - Other letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true 09346130 2023-01-01 2023-12-31 09346130 2023-12-31 09346130 core:RetainedEarningsAccumulatedLosses 2023-12-31 09346130 core:RevaluationReserve 2023-12-31 09346130 core:ShareCapital 2023-12-31 09346130 core:CurrentFinancialInstruments 2023-12-31 09346130 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09346130 core:Non-currentFinancialInstruments 2023-12-31 09346130 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 09346130 bus:SmallEntities 2023-01-01 2023-12-31 09346130 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09346130 bus:FullAccounts 2023-01-01 2023-12-31 09346130 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09346130 bus:RegisteredOffice 2023-01-01 2023-12-31 09346130 bus:Director1 2023-01-01 2023-12-31 09346130 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09346130 countries:EnglandWales 2023-01-01 2023-12-31 09346130 2022-12-31 09346130 2022-01-01 2022-12-31 09346130 2022-12-31 09346130 core:RetainedEarningsAccumulatedLosses 2022-12-31 09346130 core:RevaluationReserve 2022-12-31 09346130 core:ShareCapital 2022-12-31 09346130 core:CurrentFinancialInstruments 2022-12-31 09346130 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09346130 core:Non-currentFinancialInstruments 2022-12-31 09346130 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 09346130

Wey Hill Estates Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

Wey Hill Estates Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Wey Hill Estates Limited

(Registration number: 09346130)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

482,000

533,743

Current assets

 

Debtors

5

10,850

6,344

Cash at bank and in hand

 

51,010

41,011

 

61,860

47,355

Creditors: Amounts falling due within one year

6

(129,473)

(129,191)

Net current liabilities

 

(67,613)

(81,836)

Total assets less current liabilities

 

414,387

451,907

Creditors: Amounts falling due after more than one year

6

(238,703)

(243,118)

Provisions for liabilities

(10,875)

(23,811)

Net assets

 

164,809

184,978

Capital and reserves

 

Called up share capital

105

105

Fair value reserve

39,051

77,858

Profit and loss account

125,653

107,015

Shareholders' funds

 

164,809

184,978

For the financial year ending 31 December 2023 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement has been taken.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

 

Wey Hill Estates Limited

(Registration number: 09346130)
Statement of Financial Position as at 31 December 2023

.........................................
Mr L Partner
Director

 

Wey Hill Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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: 1 Priory Court, Tuscam Way, Camberley, Surrey, GU15 3YX.

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 prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the rent received or receivable for the lease of rental properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Wey Hill Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments 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 and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Wey Hill Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investment properties

2023
£

At 1 January 2023

533,743

Fair value adjustments

(51,743)

At 31 December 2023

482,000

The investment properties are valued on an open market basis by the directors.

5

Debtors

2023
£

2022
£

Trade debtors

10,850

6,344

10,850

6,344

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

4,412

4,182

Taxation and social security

 

6,861

7,034

Accruals and deferred income

 

1,200

975

Other creditors

 

117,000

117,000

 

129,473

129,191

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

238,703

243,118


Creditors include bank loans due after more than five years of £218,501 (2022 - £223,967).


The bank loan is secured by a legal charge against the land and buildings.

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

238,703

243,118

 

Wey Hill Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,412

4,182