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Registration number: 14425059

Willett Property Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Willett Property Holdings Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Willett Property Holdings Limited

(Registration number: 14425059)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

478,404

-

Investments

5

100

100

 

478,504

100

Current assets

 

Debtors

6

-

351,499

Cash at bank and in hand

 

5,304

-

 

5,304

351,499

Creditors: Amounts falling due within one year

7

(16,591)

(3,887)

Net current (liabilities)/assets

 

(11,287)

347,612

Net assets

 

467,217

347,712

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

467,117

347,612

Shareholders' funds

 

467,217

347,712

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 10 October 2024
 


Mr Nicholas Ian Willett
Director

 

Willett Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Knapp House
Pound Lane
Uplyme
Lyme Regis
Dorset
DT7 3TT
England

Principal activity

The principal activity of the company is Furnished Holiday Letting

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has not prepared group accounts by virtue of the exemptions afforded to it by the small companies regime.
.

Going concern

The financial statements have been prepared on a going concern basis.

 

Willett Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line

Fixtures and Fittings

20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Willett Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Willett Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

Additions

486,371

2,200

488,571

At 30 April 2024

486,371

2,200

488,571

Depreciation

Charge for the year

9,727

440

10,167

At 30 April 2024

9,727

440

10,167

Carrying amount

At 30 April 2024

476,644

1,760

478,404

Included within the net book value of land and buildings above is £476,644 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 May 2023

100

Provision

Carrying amount

At 30 April 2024

100

At 30 April 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Willett Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Willett Food Projects Ltd

Knapp House, Pound Lane, Uplyme, Dorset, UK DT7 3TT

England and Wales

Ordinary A shares

100%

100%

Subsidiary undertakings

Willett Food Projects Ltd

The principal activity of Willett Food Projects Ltd is food factory design consultancy.

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

9

-

351,499

 

-

351,499

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

16,314

2,987

Accruals and deferred income

 

276

900

Other creditors

 

1

-

 

16,591

3,887

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Willett Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Related party transactions

Summary of transactions with subsidiaries

Willett Food Projects Ltd (subsidiary company).
 As at the period end date Willett Property Holdings Limited owed £16,314.69 to its subsidiary.
 The outstanding balance is repayable upon demand.