Company registration number 05063904 (England and Wales)
FRENCH WEIR PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FRENCH WEIR PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FRENCH WEIR PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
3
475,036
475,036
Current assets
Debtors
4
-
0
20,000
Cash at bank and in hand
34,839
16,726
34,839
36,726
Creditors: amounts falling due within one year
5
(14,527)
(14,064)
Net current assets
20,312
22,662
Total assets less current liabilities
495,348
497,698
Provisions for liabilities
(74,089)
(74,089)
Net assets
421,259
423,609
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
7
280,947
280,947
Distributable profit and loss reserves
140,311
142,661
Total equity
421,259
423,609

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FRENCH WEIR PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Dr R Bache
Dr S J Baker
Director
Director
Dr S L Carnell
Director
Company registration number 05063904 (England and Wales)
FRENCH WEIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

French Weir Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is French Weir Health Centre, French Weir Avenue, Taunton, Somerset, TA1 1NW.

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, modified to include investment properties at fair value. 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 goods and 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Rental income is recognised within the accounts when it is receivable.

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
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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FRENCH WEIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
475,036

Investment property comprises one property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at November 2022 by Andrew Forbes Chartered Surveyors, who are not connected with the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. The fair value of the property has been assessed by the directors at the year end and remains appropriate.

 

The property serves as security for a loan held by French Weir Health Centre.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
20,000
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
327
3,452
Taxation and social security
8,830
8,702
Other creditors
5,370
1,910
14,527
14,064
FRENCH WEIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
74,089
74,089
There were no deferred tax movements in the year.
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
280,947
-
Non distributable profits in the year
-
280,947
At the end of the year
280,947
280,947

The non distributable profit reserve represents a net of tax adjustment for the increase in the value of investment properties.

FRENCH WEIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Revaluation of investment property
-
355,036
Deferred tax on investment property revaluation
-
(74,089)
Total adjustments
-
280,947
Equity as previously reported
145,557
142,662
Equity as adjusted
145,557
423,609
Analysis of the effect upon equity
Non-distributable reserves
-
280,947
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Revaluation of investment property
355,036
Deferred tax on investment property revaluation
(74,089)
Total adjustments
280,947
Profit as previously reported
29,105
Profit as adjusted
310,052
Notes to reconciliation

An adjustment has been made to the prior year to reflect the revaluation gain on the portion of the property owned by the company which was previously omitted. The property was revalued by an independent chartered surveyor on 1 November 2022.

 

The revaluation gain, related deferred tax liability and corresponding non-distributable reserves adjustment have been restated within the comparative figures to these accounts.

 

The adjustment has had no impact on the company's profit for corporation tax.

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