REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WVC LAND & DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WVC LAND & DEVELOPMENTS LIMITED |
WVC LAND & DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02867553) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
WVC LAND & DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Lyndale House |
24A High Street |
Addlestone |
Surrey |
KT15 1TN |
WVC LAND & DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02867553) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Non-distributable reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
WVC LAND & DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02867553) |
ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WVC LAND & DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02867553) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
WVC Land & Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises rental income receivable as well as property management income and income from costs recharged to tenants, on an accruals basis and net of VAT where applicable. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Investment property |
The company owns a number of freehold properties. These investment properties are rented out on an arms length, commercial basis. Investment properties are held in the balance sheet at director's determination of market value. Other fixed asset investments are held at the director's determination of market value. In contrast with the requirements of the Companies Act, fixed asset investments have not been depreciated. This alternative treatment ensures that the accounts comply with the overriding requirement to present a true and fair view of the position at the year end. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Other investments |
Other investments comprise the company's investment in cherished number plates.The cherished number plates are valued by the director, Mr William R J Dowling, annually by reference to recognised vehicle licencing agency valuations. |
WVC LAND & DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02867553) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 20,000 |
NET BOOK VALUE |
At 31 December 2023 | 20,000 |
At 31 December 2022 | 20,000 |
The other investments shown above comprise the company's investment in cherished number plates. The cherished number plates are valued by the director, Mr William R J Dowling, annually by reference to recognised vehicle licencing agency valuations. Such valuations led the director to the opinion that the value of the number plates was £20,000 as compared to the historic cost of £17,336. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
WVC LAND & DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02867553) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | INVESTMENT PROPERTY - continued |
The freehold investment properties are held at market value, as determined by the director Mr William R J Dowling. His valuation is influenced by the most recent professional valuations of the properties, an assessment of the effect of market conditions prevailing in the area and the effect of any changes during the year in the rental income generated by each property. |
Compared to the market value of the freehold investment properties shown above, the historic cost of the properties was £5,354,364 at the balance sheet date (2022: £5,354,364). A potential tax liability of approximately £2,861,641 (2022: £2,861,641) would have arisen if the properties had been sold for their market value at the balance sheet date. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.12.23 | 31.12.22 |
£ | £ |
Repayable by instalments |
Bank loans due after 5 years | 660,960 | 660,960 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Bank loans above are secured against a first legal charge over the company's freehold properties and a fixed and floating charge over the company's assets. |
9. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 2,889,346 | 2,896,565 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | (7,219 | ) |
Balance at 31 December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
WVC LAND & DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02867553) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | RESERVES |
Retained earnings is a distributable profit reserve, comprising of cumulative profits and losses, net of dividends. |
The non-distributable reserve is the investment property revaluation reserve, comprising of non-distributable profits on gains and losses on the revaluation of investment properties, net of deferred taxation. |
12. | DIRECTORS ADVANCES |
The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
31.12.23 | 31.12.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
13. | RELATED PARTY DISCLOSURES |
The Director has provided a personal guarantee of £100,000 in respect of one of the company bank loans. |
WVC Vehicle Solutions Limited, a company controlled by William R J Dowling, is a tenant at one or more of the freehold investment properties owned by the company. The rent is negotiated on an arms length, commercial basis. During the year the company invoiced WVC Vehicle Solutions Limited for £360,000 (2022: £290,000) of rent and recharged services. At the balance sheet date WVC Vehicle Solutions Limited owed the company £36,000 (2022: £319,000) in respect of rent and recharged services inclusive of VAT. This balance is included within trade debtors on the balance sheet. |
During the year the company made payments to and received funds from WVC Vehicle Solutions Limited. At the balance sheet date an amount of £269,056 was owed to WVC Vehicle Solutions Limited (2022: £694,895 owed by WVC Vehicle Solutions Limited) in connection with these transactions. This balance is included within other creditors (2022: other debtors) on the balance sheet. |
Ashford Corporation Limited, a company part-owned by William R J Dowling, has been granted a loan by the company. At the balance sheet date the amount due from Ashford Corporation Limited was £100,000 (2022: £100,000). This balance is included within other debtors on the balance sheet. The loan is interest free and repayable on demand. |
WVC Park Homes Limited, a company under common control, has been granted a loan by the company. The loan is repayable on demand and no interest was charged during the year. At the balance sheet date an amount of £5,565,000 was due from WVC Park Homes Limited (2022: £3,215,000). The company reserves the right to charge interest on this loan in the future. |
14. | ULTIMATE CONTROLLING PARTY |
The company was under the control of Mr William R J Dowling throughout the current and previous year. Mr William R J Dowling is the managing director and majority shareholder. |