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T & E WILSON PROPERTY LIMITED

Registered Number
08153349
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

T & E WILSON PROPERTY LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

WILSON, Elizabeth Ann
WILSON, Timothy John Ratcliffe

Company Secretary

WILSON, Elizabeth Ann

Registered Address

Larch Barn Low Sober Farm
Warlaby
Northallerton
DL7 9JT

Registered Number

08153349 (England and Wales)
T & E WILSON PROPERTY LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets327,29433,527
27,29433,527
Current assets
Stocks-4,500
Debtors41,259,1311,181,943
1,259,1311,186,443
Creditors amounts falling due within one year5(1,086,141)(1,036,901)
Net current assets (liabilities)172,990149,542
Total assets less current liabilities200,284183,069
Provisions for liabilities6(6,800)(8,300)
Net assets193,484174,769
Capital and reserves
Called up share capital22
Profit and loss account193,482174,767
Shareholders' funds193,484174,769
The financial statements were approved and authorised for issue by the Board of Directors on 1 August 2024, and are signed on its behalf by:
WILSON, Timothy John Ratcliffe
Director
Registered Company No. 08153349
T & E WILSON PROPERTY LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Vehicles25
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term. Where the company is a lessor rental income from operating leases is credited to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument 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 related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 2395,21195,211
Additions525525
At 31 December 2395,73695,736
Depreciation and impairment
At 01 January 2361,68461,684
Charge for year6,7586,758
At 31 December 2368,44268,442
Net book value
At 31 December 2327,29427,294
At 31 December 2233,52733,527
4.Debtors: amounts due within one year

2023

2022

££
Other debtors1,247,1411,169,622
Prepayments and accrued income11,99012,321
Total1,259,1311,181,943
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables30,06416,758
Bank borrowings and overdrafts288,028131,686
Taxation and social security23,0158,528
Other creditors739,560874,764
Accrued liabilities and deferred income5,4745,165
Total1,086,1411,036,901
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
6.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)6,8008,300
Total6,8008,300
7.Related party transactions
Included in other creditors is a loan from the directors. The loan is interest free with no set terms for repayment.
8.Further information regarding the company's financial position
We have now completed the work involved in converting 7 South Parade, Northallerton into 5 quality apartments. Unfortunately, this work took longer than we expected mainly due to issues with the new water supply installation by Yorkshire Water. This delay caused the project to overrun by some 5 months. Looking to the future we are concerned about the cost of building materials, wages, and the slow process of getting projects through planning. As I am coming up to my 76th birthday I have decided to retire and will in due course close the business.