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REGISTERED NUMBER: 03610734 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE WATFORD PROPERTY COMPANY LIMITED

THE WATFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03610734)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


THE WATFORD PROPERTY COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D C Woods
S Byerley





SECRETARY: D C Woods





REGISTERED OFFICE: Nagler Simmons
5 Beaumont Gate
Shenley Hill
Radlett
Hertfordshire
WD7 7AR





REGISTERED NUMBER: 03610734 (England and Wales)





ACCOUNTANTS: Nagler Simmons
Chartered Accountants
5 Beaumont Gate
Shenley Hill
Radlett
WD7 7AR

THE WATFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03610734)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,741,965 3,359,402

CURRENT ASSETS
Debtors 130,907 155,913
Cash at bank 123,313 198,281
254,220 354,194
CREDITORS
Amounts falling due within one year 35,756 102,902
NET CURRENT ASSETS 218,464 251,292
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,960,429

3,610,694

CREDITORS
Amounts falling due after more than
one year

5

(1,861,928

)

(2,417,598

)

PROVISIONS FOR LIABILITIES (446,358 ) (513,588 )
NET ASSETS 652,143 679,508

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 7 1,339,071 1,540,762
Retained earnings 7 (687,928 ) (862,254 )
SHAREHOLDERS' FUNDS 652,143 679,508

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

THE WATFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03610734)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 5 September 2024 and were signed on its behalf by:




S Byerley - Director



D C Woods - Director


THE WATFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03610734)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

The Watford Property Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents rental income from properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Investment Properties - not provided
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

THE WATFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03610734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

Investment property
Investment property is included at fair value, with any gain or loss recognised in the income statement. Deferred taxation is provided on the gains at the rate expected to apply when the property is sold.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2023 3,416,127
Disposals (723,048 )
Revaluations 106,179
At 31 December 2023 2,799,258
DEPRECIATION
At 1 January 2023 56,725
Charge for year 568
At 31 December 2023 57,293
NET BOOK VALUE
At 31 December 2023 2,741,965
At 31 December 2022 3,359,402

Cost or valuation at 31 December 2023 is represented by:

Totals
£   
Valuation in 2023 1,785,430
Cost 1,013,828
2,799,258

THE WATFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03610734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

If investment properties had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 954,070 1,302,017

Investment properties were valued on a fair value basis on 31 December 2023 by the director, D C Woods .

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Repayable otherwise than by instalments
Bank and building society
loans- >5 years non-instalment 1,833,852 2,373,189
1,833,852 2,373,189

Repayable by instalments
Bank and building society
loans - > 5 years instalment - 8,963
- 8,963

6. SECURED DEBTS

The mortgages and loans are secured by way of fixed and floating charges over the properties and assets of the company.

7. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 (862,254 ) 1,540,762 678,508
Deficit for the year (27,366 ) - (27,366 )
Surplus on revaluation
of fixed assets 375,101 (375,100 ) 1
Transfer deferred tax (67,230 ) 67,230 -
Transfer between reserves (106,179 ) 106,179 -
At 31 December 2023 (687,928 ) 1,339,071 651,143

THE WATFORD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03610734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
D C Woods
Balance outstanding at start of year 99,157 113,356
Amounts advanced 2,166 -
Amounts repaid (10,000 ) (14,199 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 91,323 99,157

S Byerley
Balance outstanding at start of year (76,082 ) 53,107
Amounts advanced 80,000 -
Amounts repaid (197 ) (129,189 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,721 (76,082 )