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REGISTERED NUMBER: 13773462 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

WHARTON PROPERTIES SCARBOROUGH LIMITED

WHARTON PROPERTIES SCARBOROUGH LIMITED (REGISTERED NUMBER: 13773462)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WHARTON PROPERTIES SCARBOROUGH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr Robert Wharton
Mrs Bilyana Kirilova Wharton





REGISTERED OFFICE: Long Lane Gatehouse
Meads Lane
Seamer
Scarborough
North Yorkshire
YO12 4QE





REGISTERED NUMBER: 13773462 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

WHARTON PROPERTIES SCARBOROUGH LIMITED (REGISTERED NUMBER: 13773462)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,401 6,036
Investment property 5 995,000 995,000
1,002,401 1,001,036

CURRENT ASSETS
Debtors 6 380,691 381,159
Cash at bank and in hand 12,562 8,874
393,253 390,033
CREDITORS
Amounts falling due within one year 7 23,624 16,443
NET CURRENT ASSETS 369,629 373,590
TOTAL ASSETS LESS CURRENT LIABILITIES 1,372,030 1,374,626

CREDITORS
Amounts falling due after more than one
year

8

(669,425

)

(669,425

)

PROVISIONS FOR LIABILITIES (1,655 ) (624 )
NET ASSETS 700,950 704,577

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 701,500 701,500
Fair value reserve 10 5,100 5,508
Retained earnings (6,650 ) (3,431 )
700,950 704,577

WHARTON PROPERTIES SCARBOROUGH LIMITED (REGISTERED NUMBER: 13773462)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2024 and were signed on its behalf by:





Mr Robert Wharton - Director


WHARTON PROPERTIES SCARBOROUGH LIMITED (REGISTERED NUMBER: 13773462)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Wharton Properties Scarborough 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 (£).


The level of rounding used in the financial statements is to the nearest £1.

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 represents rental income arising from investment properties and is recognised on a straight line basis over the lease term, net of VAT if applicable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Investment property
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

WHARTON PROPERTIES SCARBOROUGH LIMITED (REGISTERED NUMBER: 13773462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Going concern - basis of preparation
In assessing the appropriateness of the application of the going concern basis, the directors have
considered the uncertainties around the general economic environment, the current and future
trading performance of the company and available cash. The directors have a reasonable
expectation that the company has adequate resources to continue in operational existence for the
foreseeable future, accordingly they continue to adopt the going concern basis in preparing the
financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023 6,512
Additions 3,024
At 31 March 2024 9,536
DEPRECIATION
At 1 April 2023 476
Charge for year 1,659
At 31 March 2024 2,135
NET BOOK VALUE
At 31 March 2024 7,401
At 31 March 2023 6,036

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 995,000
NET BOOK VALUE
At 31 March 2024 995,000
At 31 March 2023 995,000

WHARTON PROPERTIES SCARBOROUGH LIMITED (REGISTERED NUMBER: 13773462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INVESTMENT PROPERTY - continued

Investment properties included at fair value would have been included on a historical cost basis at:

2024 2023
£ £

Cost 988,200 988,200

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties were valued by the directors in the previous year at fair value taking into account existing tenancy arrangements.

During the year an increase in the fair value of investment properties of NIL (2023- £6,800) has been included directly in the profit and loss account.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 100
Amounts owed by associates 356,850 318,000
Other debtors 23,841 63,059
380,691 381,159

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,306 4,321
Taxation and social security 6,780 -
Other creditors 12,538 12,122
23,624 16,443

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 669,425 669,425

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 669,425 669,425

WHARTON PROPERTIES SCARBOROUGH LIMITED (REGISTERED NUMBER: 13773462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 669,425 669,425

The bank borrowings are secured by a first legal mortgage over freehold property owned by the
company and a debenture comprising a fixed and floating charge over all assets and undertakings
of the company.

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023 5,508
Revaluation of investment
properties (408 )

At 31 March 2024 5,100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 March 2024 and the period ended 31 March 2023:

2024 2023
£    £   
Mr Robert Wharton and Mrs Bilyana Kirilova Wharton
Balance outstanding at start of year 37,193 -
Amounts advanced 42 60,149
Amounts repaid (37,674 ) (22,956 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (439 ) 37,193

The loan is unsecured and repayable on demand. Interest has been charged at a rate of 2.25% from 6 April 2023 on any outstanding advances granted to the Director.

12. RELATED PARTY DISCLOSURES

The directors of the company provide a personal guarantee in relation to the bank borrowings of
the company.

Other related party transactions

Included within debtors due within one year is £356,850 owed from R & B Wharton Limited, a connected company. The loan is deemed to be repayable on demand and interest has been charged at 7.50% by the company on the amount outstanding.