Wilson Brothers Properties Limited 02616488 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property letting. The company also made loans and receives interest as well as capital repayments. Digita Accounts Production Advanced 6.30.9574.0 true true 02616488 2023-04-01 2024-03-31 02616488 2024-03-31 02616488 core:CurrentFinancialInstruments 2024-03-31 02616488 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02616488 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 02616488 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 02616488 core:OfficeEquipment 2024-03-31 02616488 bus:SmallEntities 2023-04-01 2024-03-31 02616488 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02616488 bus:FilletedAccounts 2023-04-01 2024-03-31 02616488 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02616488 bus:RegisteredOffice 2023-04-01 2024-03-31 02616488 bus:Director4 2023-04-01 2024-03-31 02616488 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02616488 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02616488 core:OfficeEquipment 2023-04-01 2024-03-31 02616488 countries:England 2023-04-01 2024-03-31 02616488 2023-03-31 02616488 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02616488 core:OfficeEquipment 2023-03-31 02616488 2022-04-01 2023-03-31 02616488 2023-03-31 02616488 core:CurrentFinancialInstruments 2023-03-31 02616488 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02616488 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02616488 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02616488 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 02616488

Wilson Brothers Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Wilson Brothers Properties Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Wilson Brothers Properties Limited

(Registration number: 02616488)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,010,262

2,979,589

Current assets

 

Debtors

5

64,604

26,689

Cash at bank and in hand

 

179,739

228,209

 

244,343

254,898

Creditors: Amounts falling due within one year

6

(134,073)

(58,086)

Net current assets

 

110,270

196,812

Total assets less current liabilities

 

3,120,532

3,176,401

Provisions for liabilities

(155,490)

(112,141)

Net assets

 

2,965,042

3,064,260

Capital and reserves

 

Called up share capital

9,000

9,000

Share premium reserve

276,262

276,262

Profit and loss account

2,679,780

2,778,998

Shareholders' funds

 

2,965,042

3,064,260

For the financial year ending 31 March 2024 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 

 

Wilson Brothers Properties Limited

(Registration number: 02616488)
Statement of Financial Position as at 31 March 2024 (continued)


Mrs R Taylor
Director

 

Wilson Brothers Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Long Ridge
Bishopdale
Leyburn
N Yorks
DL8 3TG

Principal activity

The principal activity of the company is that of property letting. The company also made loans and receives interest as well as capital repayments.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Wilson Brothers Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Impairment

 

Wilson Brothers Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Wilson Brothers Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

2,979,040

1,461

2,980,501

Revaluations

30,943

-

30,943

At 31 March 2024

3,009,983

1,461

3,011,444

Depreciation

At 1 April 2023

-

912

912

Charge for the year

-

270

270

At 31 March 2024

-

1,182

1,182

Carrying amount

At 31 March 2024

3,009,983

279

3,010,262

At 31 March 2023

2,979,040

549

2,979,589

Included within the net book value of land and buildings above is £3,009,983 (2023 - £2,979,040) in respect of freehold land and buildings.

All freehold properties are investment properties and are shown at fair value. The valuations have been undertaken by the directors based on market conditions and information provided by qualified estate agents.
 

5

Debtors

2024
£

2023
£

Trade debtors

27,271

26,309

Other debtors

37,333

380

 

64,604

26,689

Less non-current portion

(27,333)

-

37,271

26,689

Details of non-current trade and other debtors

£27,333 (2023 -£Nil) of Other loans is classified as non current.

 

Wilson Brothers Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

66,000

-

Taxation and social security

37,071

26,296

Accruals and deferred income

14,491

15,279

Other creditors

16,511

16,511

134,073

58,086

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. Included in the profit and loss account is an undistributable amount of £1,168,070 (2022: £1,179,298) relating to revaluation of investment properties £1,323,491 (2022: £1,291,302) less deferred tax on revaluation £155,421 (2022: £112,004).