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Registered number: 07258690
WK Properties Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—11
Page 1
Company Information
Directors A J Kerrison
D M Williams
Company Number 07258690
Registered Office Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Accountants Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of property letting and management.
Directors
The directors who held office during the year were as follows:
A J Kerrison
D M Williams
Small Company Rules
This report has 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.
On behalf of the board
A J Kerrison
Director
16/10/2024
Page 2
Page 3
Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report 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 Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 March 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
16/10/2024
Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 372,345 316,149
Cost of sales (96,070 ) (85,789 )
GROSS PROFIT 276,275 230,360
Administrative expenses (209,552 ) (173,933 )
Loss on revaluation of investment property (290,000 ) -
OPERATING (LOSS)/PROFIT (223,277 ) 56,427
Other interest receivable and similar income 63 -
(LOSS)/PROFIT BEFORE TAXATION (223,214 ) 56,427
Tax on (Loss)/profit 39,869 (11,035 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR (183,345 ) 45,392
The notes on pages 8 to 11 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,381 1,025
Investment Properties 6 5,150,000 5,440,000
5,151,381 5,441,025
CURRENT ASSETS
Debtors 7 1,610 1,610
Cash at bank and in hand 41,194 107,227
42,804 108,837
Creditors: Amounts Falling Due Within One Year 8 (31,137 ) (98,160 )
NET CURRENT ASSETS (LIABILITIES) 11,667 10,677
TOTAL ASSETS LESS CURRENT LIABILITIES 5,163,048 5,451,702
Creditors: Amounts Falling Due After More Than One Year 9 (2,156,257 ) (2,155,166 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,752 ) (57,952 )
NET ASSETS 3,003,039 3,238,584
CAPITAL AND RESERVES
Called up share capital 10 2,988,488 2,988,488
Revaluation reserve 11,258 247,058
Profit and Loss Account 3,293 3,038
SHAREHOLDERS' FUNDS 3,003,039 3,238,584
Page 5
Page 6
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
A J Kerrison
Director
16/10/2024
The notes on pages 8 to 11 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2022 2,988,488 247,058 7,706 3,243,252
Profit for the year and total comprehensive income - - 45,392 45,392
Dividends paid - - (50,060) (50,060)
As at 31 March 2023 and 1 April 2023 2,988,488 247,058 3,038 3,238,584
Loss for the year and total comprehensive income - - (183,345 ) (183,345)
Dividends paid - - (52,200) (52,200)
Transfer from revaluation reserve - - 235,800 235,800
Transfer to/from Profit & Loss Account - (235,800 ) - (235,800)
As at 31 March 2024 2,988,488 11,258 3,293 3,003,039
Page 7
Page 8
Notes to the Financial Statements
1. General Information
WK Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07258690 . The registered office is Ground Floor Marlborough House, 298 Regents Park Road, London, N3 2SZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold no depreciation
Computer Equipment 33% on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually and 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. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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Page 9
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Leasehold property improvement
£
Cost
As at 1 April 2023 493,459
As at 31 March 2024 493,459
Amortisation
As at 1 April 2023 493,459
As at 31 March 2024 493,459
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Computer Equipment
£
Cost or Valuation
As at 1 April 2023 8,634
Additions 1,608
As at 31 March 2024 10,242
Depreciation
As at 1 April 2023 7,609
Provided during the period 1,252
As at 31 March 2024 8,861
Net Book Value
As at 31 March 2024 1,381
As at 1 April 2023 1,025
6. Investment Property
2024
£
Fair Value
As at 1 April 2023 5,440,000
Revaluations (290,000)
As at 31 March 2024 5,150,000
In the opinion of the directors, the fair value of the investment properties is considered to be £5,150,000 as at 31 March 2024.
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 36 36
Other taxes and social security 1,574 1,574
1,610 1,610
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,562 6,633
Corporation tax 14,331 11,035
Director loan account 217 60,749
Other creditor 9,798 13,845
Accruals and deferred income 3,229 5,898
31,137 98,160
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans due > 5 years by instalment 2,156,257 2,155,166
2,156,257 2,155,166
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2,988,488 Ordinary Shares of £ 1 each 2,988,488 2,988,488
11. Related Party Transactions
At the balance sheet date, included under creditors due within one year is an amount of £217 (2023 - £60,749) owed to the company directors. This loan is interest free, unsecured, repayable on demand and long term in nature.
The company directors were paid dividends of £52,200 (2023 - £50,060) at the year end.
12. Ultimate Controlling Party
The company is controlled by its directors.
Page 11