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REGISTERED NUMBER: 00899198 (England and Wales)











Financial Statements

for the Year Ended 30 September 2023

for

Willingale Limited

Willingale Limited (Registered number: 00899198)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Willingale Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: M A Heard
J A Heard
Mrs J M Heard





SECRETARY: M A Heard





REGISTERED OFFICE: Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ





REGISTERED NUMBER: 00899198 (England and Wales)





ACCOUNTANTS: Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ

Willingale Limited (Registered number: 00899198)

Statement of Financial Position
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,041 3,280
Investment property 5 6,055,000 6,055,000
6,061,041 6,058,280

CURRENT ASSETS
Debtors 6 319,289 283,032
Cash at bank 316,425 362,502
635,714 645,534
CREDITORS
Amounts falling due within one year 7 210,167 202,726
NET CURRENT ASSETS 425,547 442,808
TOTAL ASSETS LESS CURRENT LIABILITIES 6,486,588 6,501,088

CREDITORS
Amounts falling due after more than one
year

8

(3,156

)

(18,441

)

PROVISIONS FOR LIABILITIES 10 (685,030 ) (520,622 )
NET ASSETS 5,798,402 5,962,025

CAPITAL AND RESERVES
Called up share capital 11 100,000 100,000
Fair value reserve 12 4,793,937 4,958,344
Retained earnings 12 904,465 903,681
SHAREHOLDERS' FUNDS 5,798,402 5,962,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

Willingale Limited (Registered number: 00899198)

Statement of Financial Position - continued
30 September 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





M A Heard - Director


Willingale Limited (Registered number: 00899198)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Willingale 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 (£).


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 rents receivable.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Freehold land is not depreciated.


Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank facilities and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Willingale Limited (Registered number: 00899198)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2022 23,086 4,359 8,502 35,947
Additions 1,530 - 2,657 4,187
At 30 September 2023 24,616 4,359 11,159 40,134
DEPRECIATION
At 1 October 2022 21,901 4,359 6,407 32,667
Charge for year 360 - 1,066 1,426
At 30 September 2023 22,261 4,359 7,473 34,093
NET BOOK VALUE
At 30 September 2023 2,355 - 3,686 6,041
At 30 September 2022 1,185 - 2,095 3,280

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 6,055,000
NET BOOK VALUE
At 30 September 2023 6,055,000
At 30 September 2022 6,055,000

Willingale Limited (Registered number: 00899198)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. INVESTMENT PROPERTY - continued

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2001 491,817
Valuation in 2003 150,000
Valuation in 2005 200,000
Valuation in 2007 100,000
Valuation in 2012 (150,000 )
Valuation in 2017 1,764,301
Valuation in 2020 750,000
Valuation in 2022 1,750,000
Cost 998,882
6,055,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 998,882 998,882
Aggregate depreciation (607,278 ) (593,787 )

Investment properties were valued on an open market basis on 30 September 2023 by the directors .

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors - 51,565
Other debtors 251,216 183,650
251,216 235,215

Amounts falling due after more than one year:
Other debtors 68,073 47,817

Aggregate amounts 319,289 283,032

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,714 13,714
Trade creditors 18,256 16,777
Taxation and social security 77,295 73,602
Other creditors 100,902 98,633
210,167 202,726

Willingale Limited (Registered number: 00899198)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 3,156 18,441

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 16,870 32,155

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Investment property gains 685,030 520,622

Deferred
tax
£   
Balance at 1 October 2022 520,622
Charge to Income Statement during year 164,408
Balance at 30 September 2023 685,030

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 October 2022 903,681 4,958,344 5,862,025
Deficit for the year (163,623 ) - (163,623 )
Investment property gains 164,407 (164,407 ) -
At 30 September 2023 904,465 4,793,937 5,698,402

Willingale Limited (Registered number: 00899198)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
M A Heard
Balance outstanding at start of year 158,078 125,800
Amounts advanced 64,849 32,278
Amounts repaid (4,831 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 218,096 158,078