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Company Registration No. 1121213 (England and Wales)
Worth Properties Limited Unaudited accounts for the year ended 31 May 2024
Worth Properties Limited Unaudited accounts Contents
Page
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Worth Properties Limited Company Information for the year ended 31 May 2024
Director
M E Jones
Secretary
A Jarrowson
Company Number
1121213 (England and Wales)
Registered Office
10 Sackville Gardens Hove East Sussex BN3 4GH
Accountants
Maxwell-Gumbleton & Co. 1 West Street Lewes East Sussex BN7 2NZ
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Worth Properties Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
8 
8 
Investment property
844,000 
844,000 
844,008 
844,008 
Current assets
Debtors
1,452 
2,635 
Cash at bank and in hand
131,744 
151,985 
133,196 
154,620 
Creditors: amounts falling due within one year
(7,927)
(8,562)
Net current assets
125,269 
146,058 
Net assets
969,277 
990,066 
Capital and reserves
Called up share capital
26,668 
26,668 
Profit and loss account
942,609 
963,398 
Shareholders' funds
969,277 
990,066 
For the year ending 31 May 2024 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 director acknowledges her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 August 2024 and were signed on its behalf by
M E Jones Director Company Registration No. 1121213
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Worth Properties Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Worth Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 1121213. The registered office is 10 Sackville Gardens, Hove, East Sussex, BN3 4GH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents the total value of rents receivable during the year and derives from the provision of services falling within the company's ordinary activities.
Tangible fixed assets and depreciation
At each balance sheet date the Company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Worth Properties Limited Notes to the Accounts for the year ended 31 May 2024
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 June 2023
2,708 
At 31 May 2024
2,708 
Depreciation
At 1 June 2023
2,700 
At 31 May 2024
2,700 
Net book value
At 31 May 2024
8 
At 31 May 2023
8 
5
Investment property
2024 
£ 
Fair value at 1 June 2023
844,000 
At 31 May 2024
844,000 
The investment properties are included at open market valuation. The most recent valuation was performed by the director, M E Jones, in May 2020. Tangible fixed assets included at fair value would have been included on a historical cost basis of £793,824 (2019: £793,824) with no depreciation charged.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
654 
Accrued income and prepayments
665 
609 
Other debtors
787 
1,372 
1,452 
2,635 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
1,082 
- 
Amounts owed to group undertakings and other participating interests
139 
789 
Taxes and social security
- 
667 
Other creditors
2,500 
2,500 
Accruals
4,206 
4,606 
7,927 
8,562 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
26,668 Ordinary shares of £1 each
26,668 
26,668 
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Worth Properties Limited Notes to the Accounts for the year ended 31 May 2024
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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