Registered number
10035404
Walton Hall Properties Ltd
Unaudited Filleted Accounts
29 February 2024
Walton Hall Properties Ltd
Registered number: 10035404
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,106,152 1,275,672
Current assets
Cash at bank and in hand 691 1,166
Creditors: amounts falling due within one year 4 (14,611) (13,345)
Net current liabilities (13,920) (12,179)
Total assets less current liabilities 1,092,232 1,263,493
Creditors: amounts falling due after more than one year 5 (673,928) (842,428)
Provisions for liabilities - deferred tax (64,030) (73,530)
Net assets 354,274 347,535
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 6 208,795 258,795
Profit and loss account 144,479 87,740
Shareholders' funds 354,274 347,535
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A L Hall
Director
Approved by the board on 14 October 2024
Walton Hall Properties Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Investments in Land and buildings are measured at fair value. Changes in fair value are included in the profit and loss account. The revaluation has been undertaken by the directors based on comparative properties in the same area.
Other tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Deferred tax has been applied to the gain on the revaluation of the investment properties in the year.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 1,255,000 - 33,807 1,288,807
Additions - 2,576 - 2,576
Disposals (165,000) - - (165,000)
At 29 February 2024 1,090,000 2,576 33,807 1,126,383
Depreciation
At 1 March 2023 - - 13,135 13,135
Charge for the year - 617 6,479 7,096
At 29 February 2024 - 617 19,614 20,231
Net book value
At 29 February 2024 1,090,000 1,959 14,193 1,106,152
At 28 February 2023 1,255,000 - 20,672 1,275,672
Freehold land and buildings: 2024 2023
£ £
Historical cost 690,500 805,500
Cumulative depreciation based on historical cost - -
690,500 805,500
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,950 4,950
Trade creditors - 6,924
Director's loan account 61 50
Taxation and social security costs 9,600 1,421
14,611 13,345
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 222,800 222,800
Other loan - Directors 451,128 619,628
673,928 842,428
6 Revaluation reserve 2024 2023
£ £
At 1 March 2023 258,795 258,795
Deferred taxation arising on the revaluation of land and buildings (50,000) -
At 29 February 2024 208,795 258,795
7 Related party transactions
Within interest payable £2,000 related to interest due to the Directors.
8 Controlling party
The shareholding of the company is held jointly by Mr DC Walton and Ms AL Hall.
9 Other information
Walton Hall Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7 Charter Close
Sale
M33 5YG
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