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Registered number: 09875178
Wolfensohn Investments Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09875178
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 360,000 341,000
360,000 341,000
CURRENT ASSETS
Cash at bank and in hand 5,453 2,737
5,453 2,737
Creditors: Amounts Falling Due Within One Year 5 (254,896 ) (257,199 )
NET CURRENT ASSETS (LIABILITIES) (249,443 ) (254,462 )
TOTAL ASSETS LESS CURRENT LIABILITIES 110,557 86,538
Creditors: Amounts Falling Due After More Than One Year 6 (1,880 ) (3,094 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (26,879 ) (15,634 )
NET ASSETS 81,798 67,810
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 81,698 67,710
SHAREHOLDERS' FUNDS 81,798 67,810
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
K Sanz
Director
16 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Wolfensohn Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09875178 . The registered office is Avaland House, 110 London Road, Hemel Hempstead, Hertfordshire, HP3 9SD.
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.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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.
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: 1 (2022: 1)
1 1
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4. Investment Property
2023
£
Fair Value
As at 1 December 2022 341,000
Fair value adjustments 19,000
As at 30 November 2023 360,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 206,047 206,047
Investment property represents two commercial properties purchased in 2016. The directors have estimated the fair value of one property at £132,000 and the second property at £228,000 as at 30 November 2023 based on comparisons to the market values of similar properties in the local area and insurance valuations obtained.
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 1,214 1,184
Other taxes and social security 335 69
Other creditors 3,000 1,000
Accruals and deferred income 3,875 3,375
Directors' loan accounts 246,472 251,571
254,896 257,199
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 1,880 3,094
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Revaluation of investment properties 38,488 25,641
Tax losses carried forward (11,609 ) (10,007 )
26,879 15,634
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8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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