REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 29 February 2024 |
for |
Wallsend Estates Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 29 February 2024 |
for |
Wallsend Estates Limited |
Wallsend Estates Limited (Registered number: 00739136) |
Contents of the Financial Statements |
For The Year Ended 29 February 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Wallsend Estates Limited (Registered number: 00739136) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wallsend Estates Limited (Registered number: 00739136) |
Notes to the Financial Statements |
For The Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Wallsend Estates Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover primarily represents the amount receivable from Mother Ivey's Bay and Martha's Orchard holiday park operations net of any associated value added tax. |
Revenue recognition on the sale of caravans |
Caravan sales are included in turnover at the date at which they are invoiced. |
Goodwill |
Goodwill was fully amortised in the accounts for the year ended 28 February 2015. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the depreciable amount of each asset over its estimated useful economic life. The depreciable amount of each asset is calculated on a straight line basis as follows: |
Freehold land | - nil |
Freehold buildings | - nil |
Plant and machinery | - 4 years |
Fixtures and fittings | - 4 years |
Lodges and decking | - 10 years up to 75% of the value of the asset |
The lodges and attached decking are depreciated over 10 years up to 75% of the value of the asset, with the remaining 25% being the residual value. |
The directors consider that, given the nature of the properties held and the policy of maintaining them to their original condition, the economic lives of these properties and their residual values are such that any depreciation charge would not be material. Residual values are regularly reviewed in order to identify any impairment in value that could lead to changes in the depreciable amount. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
Investments in listed ordinary shares which are measured at fair value, with changes recognised in profit or loss. Investments in subsidiary undertakings are recognised at cost. |
Deferred taxation |
Provision is made at current rates for taxation deferred or accelerated in respect of all material differences except to the extent that, in the opinion of the directors, there is a reasonable probability that a net liability will not arise in the foreseeable future. |
Wallsend Estates Limited (Registered number: 00739136) |
Notes to the Financial Statements - continued |
For The Year Ended 29 February 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 March 2023 |
Revaluations | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Wallsend Estates Limited (Registered number: 00739136) |
Notes to the Financial Statements - continued |
For The Year Ended 29 February 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 29 February 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2017 | (6,973 | ) |
Valuation in 2018 | 13,531 |
Valuation in 2019 | (5,361 | ) |
Valuation in 2020 | (8,040 | ) |
Valuation in 2021 | (6,700 | ) |
Valuation in 2022 | 13,400 |
Valuation in 2023 | (6,700 | ) |
Valuation in 2024 | (32,160 | ) |
Cost | 70,306 |
31,303 |
Unlisted shares of £4,503 are held at historical cost. Listed shares of £26,800 are held at market value, the historical cost of these shares is £65,803. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Within one year |
Between one and five years |