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COMPANY REGISTRATION NUMBER: 07541136
Walsingham Estate Properties Limited
Unaudited financial statements
31 December 2023
Walsingham Estate Properties Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
36,814,231
36,811,751
Current assets
Debtors
8
41,869
347,685
Cash at bank and in hand
7,508
9,701
-------
---------
49,377
357,386
Creditors: Amounts falling due within one year
9
( 92,660)
( 92,003)
-------
---------
Net current (liabilities)/assets
( 43,283)
265,383
------------
------------
Total assets less current liabilities
36,770,948
37,077,134
Creditors: Amounts falling due after more than one year
10
( 13,003,062)
( 13,313,062)
Provisions
Taxation including deferred tax
( 3,890,749)
( 2,958,386)
------------
------------
Net assets
19,877,137
20,805,686
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
4,615,928
4,615,928
Revaluation reserve
13,784,423
15,420,134
Profit and loss account
1,466,786
759,624
------------
------------
Shareholders funds
19,877,137
20,805,686
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Walsingham Estate Properties Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
W J C Meath-Baker
Director
Company registration number: 07541136
Walsingham Estate Properties Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Walsingham Abbey, Sunk Road, Walsingham, Norfolk, NR22 6DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The company is a member of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its sub-group. The financial statements are prepared in sterling, which is the functional currency of the entity.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Equipment
-
10% reducing balance on WC unit, no depreciation on remainder
Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 3 (2022: 3 ).
5. Tax on profit/(loss)
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
941
Corporation tax prior year
1,322
----
------
Total current tax
941
1,322
----
------
Deferred tax:
Origination and reversal of timing differences
147
76
Tax relating to components of other comprehensive income
932,216
---------
----
Total deferred tax
932,363
76
---------
------
Tax on profit/(loss)
933,304
1,398
---------
------
6. Tangible assets
Plant and machinery
Investment Property
Total
£
£
£
Cost
At 1 January 2023
5,178
36,812,024
36,817,202
Additions
3,367
3,367
------
------------
------------
At 31 December 2023
5,178
36,815,391
36,820,569
------
------------
------------
Depreciation
At 1 January 2023
4,664
787
5,451
Charge for the year
103
784
887
------
------------
------------
At 31 December 2023
4,767
1,571
6,338
------
------------
------------
Carrying amount
At 31 December 2023
411
36,813,820
36,814,231
------
------------
------------
At 31 December 2022
514
36,811,237
36,811,751
------
------------
------------
7. Investment property
The 2022 freehold investment property valuations were made by the directors, on an open market value for existing use basis.
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured at a historic cost of £18,423,446 (2022: £18,420,863).
8. Debtors
2023
2022
£
£
Trade debtors
31,599
28,592
Amounts owed by group undertakings and undertakings in which the company has a participating interest
313,775
Other debtors
10,270
5,318
-------
---------
41,869
347,685
-------
---------
9. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
12,018
1,825
Amounts owed to group undertakings and undertakings in which the company has a participating interest
64,687
84,091
Social security and other taxes
1,751
8
Other creditors
14,204
6,079
-------
-------
92,660
92,003
-------
-------
10. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
13,003,062
13,313,062
------------
------------