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REGISTERED NUMBER: 02867553 (England and Wales)





















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: W R J Dowling





REGISTERED OFFICE: Felstead Manor
Long Lane
Stanwell
Staines-Upon-Thames
Middlesex
TW19 7AN





REGISTERED NUMBER: 02867553 (England and Wales)





ACCOUNTANTS: John A Hyde & Co
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 4 213,178 245,389
Investments 5 20,000 20,000
Investment property 6 18,470,000 18,470,000
18,703,178 18,735,389

CURRENT ASSETS
Debtors 5,960,115 5,432,946
Cash at bank 116 128,428
5,960,231 5,561,374
CREDITORS
Amounts falling due within one year 990,376 5,547,934
NET CURRENT ASSETS 4,969,855 13,440
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,673,033

18,748,829

CREDITORS
Amounts falling due after more than one
year

7

(6,889,667

)

(2,027,544

)

PROVISIONS FOR LIABILITIES 9 (2,889,346 ) (2,896,565 )
NET ASSETS 13,894,020 13,824,720

CAPITAL AND RESERVES
Called up share capital 10 2 2
Non-distributable reserve 11 10,256,658 10,256,658
Retained earnings 3,637,360 3,568,060
SHAREHOLDERS' FUNDS 13,894,020 13,824,720

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 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


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 Statement of Financial Position 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 director and authorised for issue on 16 September 2024 and were signed by:





W R J Dowling - Director


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 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 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Straight line on cost
Plant and machinery etc - 10% on cost

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 377,666
DEPRECIATION
At 1 January 2023 132,277
Charge for year 32,211
At 31 December 2023 164,488
NET BOOK VALUE
At 31 December 2023 213,178
At 31 December 2022 245,389

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 18,470,000
NET BOOK VALUE
At 31 December 2023 18,470,000
At 31 December 2022 18,470,000

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 7,047,192 7,109,960

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 2,896,565
Accelerated capital allowances (7,219 )
Balance at 31 December 2023 2,889,346

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
2 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
£    £   
W R J Dowling
Balance outstanding at start of year 341,624 652,304
Amounts advanced - 341,624
Amounts repaid (341,624 ) (652,304 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 341,624

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.