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Registered number: 10240295
Wymondham Abbey Project Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2023
GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Director Mr B Smith
Secretary Mr B Smith
Company Number 10240295
Registered Office 86-90 Paul Street
London
EC2A 4NE
Accountants GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Page 1
Page 2
Balance Sheet
Registered number: 10240295
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,603,014 2,343,969
2,603,014 2,343,969
CURRENT ASSETS
Debtors 5 127,447 61,373
Cash at bank and in hand 4,645 81,567
132,092 142,940
Creditors: Amounts Falling Due Within One Year 6 (84,202 ) (33,116 )
NET CURRENT ASSETS (LIABILITIES) 47,890 109,824
TOTAL ASSETS LESS CURRENT LIABILITIES 2,650,904 2,453,793
Creditors: Amounts Falling Due After More Than One Year 7 (1,453,000 ) (1,222,815 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (291,145 ) -
NET ASSETS 906,759 1,230,978
CAPITAL AND RESERVES
Called up share capital 9 100 25,100
Revaluation reserve 11 870,422 1,161,567
Profit and Loss Account 36,237 44,311
SHAREHOLDERS' FUNDS 906,759 1,230,978
Page 2
Page 3
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr B Smith
Director
09/08/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Wymondham Abbey Project Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10240295 . The registered office is 86-90 Paul Street, London, EC2A 4NE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Plant & Machinery 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.4. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 2)
3 2
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2022 2,340,000 300 692 11,132 2,352,124
Additions 260,000 - - - 260,000
As at 30 June 2023 2,600,000 300 692 11,132 2,612,124
Depreciation
As at 1 July 2022 - 108 138 7,909 8,155
Provided during the period - 38 111 806 955
As at 30 June 2023 - 146 249 8,715 9,110
Net Book Value
As at 30 June 2023 2,600,000 154 443 2,417 2,603,014
As at 1 July 2022 2,340,000 192 554 3,223 2,343,969
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 15 30
Amounts owed by group undertakings 88,112 -
Other debtors 39,320 61,343
127,447 61,373
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 23,383 5,114
Other creditors 41,427 3,487
Taxation and social security 19,392 24,515
84,202 33,116
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 1,453,000 1,222,815
8. Secured Creditors
Included within creditors due after one year is a bank loan of £1,453,000 (2022: £1,222,815) which is secured against the property.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 25,100
10. Directors Advances, Credits and Guarantees
Included within debtors is a loan of £27,336 (2022: Nil) to the director.
The above loan is unsecured, interest free and repayable on demand.
Page 6
Page 7
11. Reserves
Revaluation Reserve
£
As at 1 July 2022 1,161,567
Deferred tax on revaluation (291,145)
As at 30 June 2023 870,422
12. Related Party Transactions
Included within debtors are amounts totalling £88,112 (2022: £61,343) owed by companies under the common control of the director.
These amounts are interest free, unsecured and repayable upon demand.
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