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Registration number: 06926493

Charles Warner (Properties) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 December 2023

 

Charles Warner (Properties) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Charles Warner (Properties) Limited

Company Information

Directors

Mr M R Seward

Mr T E Warner

Company secretary

Mr M R Seward

Registered office

Outer Circle Road
Lincoln
LN2 4LD

Solicitors

Sills & Betteridge
46 Silver Street
Lincoln
LN2 1ED

Bankers

Barclays Bank PLC
City Office Park
Tritton Road
Lincoln
LN6 7YY

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

Charles Warner (Properties) Limited

(Registration number: 06926493)
Balance Sheet as at 30 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

22,046

23,144

Investment property

6

2,504,835

2,504,835

 

2,526,881

2,527,979

Current assets

 

Debtors

81

-

Cash at bank and in hand

 

129,364

62,936

 

129,445

62,936

Creditors: Amounts falling due within one year

7

(575)

(38,831)

Net current assets

 

128,870

24,105

Total assets less current liabilities

 

2,655,751

2,552,084

Provisions for liabilities

(4,412)

(4,444)

Net assets

 

2,651,339

2,547,640

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

2,651,239

2,547,540

Shareholders' funds

 

2,651,339

2,547,640

For the financial year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................

Mr M R Seward
Director

 

Charles Warner (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Outer Circle Road
Lincoln
LN2 4LD

These financial statements were authorised for issue by the Board on 3 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the letting of the company's investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Charles Warner (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

4% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Charles Warner (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,098

1,098

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 December 2022

27,440

27,440

At 30 December 2023

27,440

27,440

Depreciation

At 31 December 2022

4,296

4,296

Charge for the year

1,098

1,098

At 30 December 2023

5,394

5,394

Carrying amount

At 30 December 2023

22,046

22,046

At 30 December 2022

23,144

23,144

 

Charles Warner (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

6

Investment properties

2023
£

At 31 December

2,504,835

At 30 December

2,504,835


The investment property was revalued in September 2017 by Banks Long and Co at open market value

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

38,281

Accruals and deferred income

575

550

575

38,831

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100