REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
WALDON PROPERTIES LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
WALDON PROPERTIES LIMITED |
WALDON PROPERTIES LIMITED (REGISTERED NUMBER: 03206394) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
WALDON PROPERTIES LIMITED |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Global House |
1 Ashley Avenue |
Epsom |
Surrey |
KT18 5AD |
BANKERS: |
Waterloo House |
40 Baker Street |
Weybridge |
Surrey |
KT13 8AR |
WALDON PROPERTIES LIMITED (REGISTERED NUMBER: 03206394) |
Statement of Financial Position |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
WALDON PROPERTIES LIMITED (REGISTERED NUMBER: 03206394) |
Statement of Financial Position - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WALDON PROPERTIES LIMITED (REGISTERED NUMBER: 03206394) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Waldon Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents sales of developed properties and rental income. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
WALDON PROPERTIES LIMITED (REGISTERED NUMBER: 03206394) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2019 | (718,511 | ) |
Cost | 918,947 |
200,436 |
The holdings of £1 ordinary and £1 B preference shares in Octagon Group Holdings Ltd were converted during the year ended 30/06/2019 to penny shares and revalued to reflect the true value of these investments. |
WALDON PROPERTIES LIMITED (REGISTERED NUMBER: 03206394) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | STOCKS |
30.6.24 | 30.6.23 |
£ | £ |
Property stock |
Development Projects |
The development site at 2 Beauchamp Road, East Molesey was purchased and following refusals and failed |
appeals an application for a new single block of 4 apartments and the refurbishment of the existing house has been submitted. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Other creditors |
Deferred income | 20,240 | 22,393 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Loan D J James and E J James | 445,149 | 432,249 |
Directors' Loan P J James | 903,000 | - |
Directors' Loan C L Moloney | 903,000 | - |
WALDON PROPERTIES LIMITED (REGISTERED NUMBER: 03206394) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |
The company had a LIBOR term loan facility in the amount of £3,750,000 that matured on 17 March 2022 with an outstanding balance of £2,950,000. |
It was refinanced with Handelsbanken with a LIBOR 5 year term loan facility in the amount of £2,950,000 with equal quarterly repayments of £40,000 plus interest charged at 4.35% above LIBOR from 5 August 2022. |
At the year end, the outstanding loan amount was £2,630,000 (2023 - £2,790,000). |
These loans are secured by way of a first legal charge over the following properties : Cedarwood, Crossfield Place, Weybridge; 11 Lime Tree Walk, Virginia Park, Virginia Water; 14 Fox Wood, Burwood Road, Walton-on-Thames; Warwick House, 20 Broadwater Close, Walton-on-Thames; Beaumont House, 66 Onslow Road, Burwood Park, Walton-on-Thames; 47 Broadoaks Park, Parvis Road, West Byfleet. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 2,176 | 2,176 |