REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Wincle Properties Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Wincle Properties Limited |
Wincle Properties Limited (Registered number: 10811320) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Wincle Properties Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accounting and Tax Solutions |
Hillgate Place |
77 Middle Hillgate |
Stockport |
Cheshire |
SK1 3EH |
Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Wincle Properties Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wincle Properties Limited for the period ended 31 December 2023 which comprises the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the Board of Directors of Wincle Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wincle Properties Limited and state those matters that we have agreed to state to the Board of Directors of Wincle Properties Limited, as a body, and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Wincle Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position of profit or loss of Wincle Properties Limited. You consider that Wincle Properties Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Wincle Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given us and we do not, therefore, express any opinion on the statutory financial statements. |
Accounting and Tax Solutions |
Hillgate Place |
77 Middle Hillgate |
Stockport |
Cheshire |
SK1 3EH |
Wincle Properties Limited (Registered number: 10811320) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Distributable reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Wincle Properties Limited (Registered number: 10811320) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the director and authorised for issue on |
Wincle Properties Limited (Registered number: 10811320) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Wincle Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Wincle Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes. |
Turnover is attributable to the principle activities of the company which is carried out entirely within the United Kingdom. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Wincle Properties Limited (Registered number: 10811320) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is carried at fair value determined annually by the director and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account. |
Depreciation is not provided in respect of freehold investment properties, or in respect of leasehold investment properties where the unexpired term of the lease is more than 20 years. |
This accounting policy represents a departure from the Companies Act 2006, which requires that all properties be depreciated. The director considers that this departure from the requirements of the Act is necessary to give a true and fair view, because these properties are not held for consumption, but for their investment potential and to depreciate them would not give a true and fair view. |
If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
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. |
Investments |
Fixed asset investments are shown at cost less provision for impairment. Current asset investments are stated at the lower of cost and net realisable value. |
Going concern |
The company and its subsidiaries meets there day-to-day working capital requirements from cash at bank. The level of cash held is sufficient to fund expected requirements based on forecast and projections taking account of reasonable possible changes in trading performance. |
After making enquiries, the director has a reasonable expectation that the company and its subsidiaries have adequate resources to continue in operational existence for a period of at least twelve months and for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the annual report. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Wincle Properties Limited (Registered number: 10811320) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Wincle Properties Limited (Registered number: 10811320) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | INVESTMENT PROPERTY - continued |
The director has made key assumptions in the determination of the fair value of investment properties in respect of the state of the relevant property market where the properties are located and in respect of the range of reasonable fair value estimates of the properties. The valuation method is described below together with the valuation of the property at the reporting date. |
A valuation of the investment properties was undertaken on 25 February 2019. The director is of the opinion that, given the current economic climate, there has been no significant change in current market values compared with that valuation. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Unlisted investments | 256,707 | 100,000 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 96,930 | 99,036 |
Taxation and social security |
Other creditors |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |