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COMPANY REGISTRATION NUMBER: 07541257
Walsingham Estate Management Limited
Unaudited financial statements
31 December 2023
Walsingham Estate Management Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,394,525
1,369,845
Current assets
Stocks
31,906
25,959
Debtors
7
13,597,398
14,123,392
Cash at bank and in hand
40
226
------------
------------
13,629,344
14,149,577
Creditors: Amounts falling due within one year
8
( 1,092,381)
( 1,737,545)
------------
------------
Net current assets
12,536,963
12,412,032
------------
------------
Total assets less current liabilities
13,931,488
13,781,877
Provisions
Taxation including deferred tax
( 16,116)
( 7,786)
------------
------------
Net assets
13,915,372
13,774,091
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
11,178,908
11,178,908
Profit and loss account
2,726,464
2,585,183
------------
------------
Shareholders funds
13,915,372
13,774,091
------------
------------
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 Management 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: 07541257
Walsingham Estate Management 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 financial statements are prepared in sterling, which is the functional currency of the entity. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies. 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.
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
Freehold property is not depreciated. Depreciation is calculated on other assets 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
Motor vehicles
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 22 (2022: 25 ).
5. Tax on profit/(loss)
Major components of tax expense/(income)
2023
2022
£
£
Current tax:
UK current tax expense
45,027
7,700
Group relief tax expense
( 30,454)
-------
-------
Total current tax
45,027
( 22,754)
-------
-------
Deferred tax:
Origination and reversal of timing differences
8,330
( 1,104)
-------
-------
Tax on profit/(loss)
53,357
( 23,858)
-------
-------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,329,334
78,652
72,885
1,480,871
Additions
2,406
4,891
31,329
38,626
Disposals
( 4,978)
( 4,978)
-----------
-------
-------
-----------
At 31 December 2023
1,331,740
83,543
99,236
1,514,519
-----------
-------
-------
-----------
Depreciation
At 1 January 2023
57,262
53,764
111,026
Charge for the year
4,604
9,009
13,613
Disposals
( 4,645)
( 4,645)
-----------
-------
-------
-----------
At 31 December 2023
61,866
58,128
119,994
-----------
-------
-------
-----------
Carrying amount
At 31 December 2023
1,331,740
21,677
41,108
1,394,525
-----------
-------
-------
-----------
At 31 December 2022
1,329,334
21,390
19,121
1,369,845
-----------
-------
-------
-----------
7. Debtors
2023
2022
£
£
Trade debtors
19,673
9,955
Amounts owed by group undertakings and undertakings in which the company has a participating interest
13,550,791
13,844,898
Other debtors
26,934
268,539
------------
------------
13,597,398
14,123,392
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
13,443,062
13,753,062
------------
------------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,017,711
908,275
Trade creditors
7,860
29,495
Amounts owed to group undertakings and undertakings in which the company has a participating interest
763,399
Social security and other taxes
59,193
28,759
Other creditors
7,617
7,617
-----------
-----------
1,092,381
1,737,545
-----------
-----------
The bank loans and overdrafts are secured .