Company registration number 14096645 (England and Wales)
Wenham Rentals Ltd
Unaudited financial statements
For the year ended 5 April 2024
Wenham Rentals Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Wenham Rentals Ltd
Statement of financial position
As at 5 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
260,000
120,000
Current assets
Debtors
4
3,780
Cash at bank and in hand
13,808
1,864
17,588
1,864
Creditors: amounts falling due within one year
5
(121,427)
(118,402)
Net current liabilities
(103,839)
(116,538)
Total assets less current liabilities
156,161
3,462
Creditors: amounts falling due after more than one year
6
(131,904)
Net assets
24,257
3,462
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
24,157
3,362
Total equity
24,257
3,462
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Wenham Rentals Ltd
Statement of financial position (continued)
As at 5 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
Mr C P Wenham
Director
Company registration number 14096645 (England and Wales)
Wenham Rentals Ltd
Notes to the financial statements
For the year ended 5 April 2024
- 3 -
1
Accounting policies
Company information
Wenham Rentals Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Victoria Court, Bank Square, Morley, Leeds, LS27 9SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Wenham Rentals Ltd
Notes to the financial statements (continued)
For the year ended 5 April 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
Wenham Rentals Ltd
Notes to the financial statements (continued)
For the year ended 5 April 2024
- 5 -
3
Investment property
2024
£
Fair value
At 6 April 2023
120,000
Additions
117,647
Revaluations
22,353
At 5 April 2024
260,000
The historical cost of the investment properties above total £234,836. The investment properties have been valued on an open market basis by the director.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,780
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
121,427
118,402
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
131,904
The loans included in note 6 and 7 are secured against the investment properties included in note 4.