REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
WG PROPERTIES LONDON LIMITED |
T/A |
WG PROPERTIES LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
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 |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
7. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 739,815 | 1,730,000 | 2,469,815 |
Profit for the year |
Dividends | ( |
) | ( |
) |
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. |