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REGISTERED NUMBER: 03772636 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

WG PROPERTIES LONDON LIMITED
T/A
WG PROPERTIES LIMITED

WG PROPERTIES LONDON LIMITED (REGISTERED NUMBER: 03772636)
T/A WG PROPERTIES LIMITED

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WG PROPERTIES LONDON LIMITED
T/A WG PROPERTIES LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: H A Atashroo
A F Atashroo
N Rohani-Najafabadi





REGISTERED OFFICE: Cleeve House
Ledborough Gate
Beaconsfield
HP9 2DQ





REGISTERED NUMBER: 03772636 (England and Wales)





ACCOUNTANTS: Owadally & King
Chartered Certified Accountants
73 Park Lane
Croydon
Surrey
CR0 1JG

WG PROPERTIES LONDON LIMITED (REGISTERED NUMBER: 03772636)
T/A WG PROPERTIES LIMITED

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,400,000 2,400,000

CURRENT ASSETS
Debtors 5 60,481 60,481
Prepayments and accrued income 241,448 -
Cash at bank 67,672 58,528
369,601 119,009
CREDITORS
Amounts falling due within one year 6 116,273 48,194
NET CURRENT ASSETS 253,328 70,815
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,653,328

2,470,815

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 7 1,730,000 1,730,000
Retained earnings 7 922,328 739,815
SHAREHOLDERS' FUNDS 2,653,328 2,470,815

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

WG PROPERTIES LONDON LIMITED (REGISTERED NUMBER: 03772636)
T/A WG PROPERTIES LIMITED

Balance Sheet - continued
31 MARCH 2024


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 16 August 2024 and were signed on its behalf by:





H A Atashroo - Director


WG PROPERTIES LONDON LIMITED (REGISTERED NUMBER: 03772636)
T/A WG PROPERTIES LIMITED

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

WG Properties London 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

WG PROPERTIES LONDON LIMITED (REGISTERED NUMBER: 03772636)
T/A WG PROPERTIES LIMITED

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial Instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

WG PROPERTIES LONDON LIMITED (REGISTERED NUMBER: 03772636)
T/A WG PROPERTIES LIMITED

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 2,400,000
NET BOOK VALUE
At 31 March 2024 2,400,000
At 31 March 2023 2,400,000

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2009 524,302 - 524,302
Valuation in 2010 220,000 - 220,000
Valuation in 2011 149,695 - 149,695
Valuation in 2013 440,000 - 440,000
Valuation in 2015 285,000 - 285,000
Valuation in 2016 (1,109,597 ) - (1,109,597 )
Valuation in 2017 1,415,600 - 1,415,600
Valuation in 2018 (325,000 ) - (325,000 )
Valuation in 2019 800,000 - 800,000
2,400,000 - 2,400,000

WG PROPERTIES LONDON LIMITED (REGISTERED NUMBER: 03772636)
T/A WG PROPERTIES LIMITED

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 60,481 60,481

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 92,346 18,158
Other creditors 23,927 30,036
116,273 48,194

7. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 739,815 1,730,000 2,469,815
Profit for the year 276,263 276,263
Dividends (93,750 ) (93,750 )
At 31 March 2024 922,328 1,730,000 2,652,328

8. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous year by Mr H A and Mr A F Atashroo by virtue of their shareholding.