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Registration number: 08608124

WBIC Estates Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

WBIC Estates Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

WBIC Estates Ltd

(Registration number: 08608124)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

2,016,332

2,092,966

Investments

101

200

 

2,016,433

2,093,166

Current assets

 

Debtors

5

57,242

45,971

Cash at bank and in hand

 

58,515

160,578

 

115,757

206,549

Creditors: Amounts falling due within one year

6

(120,470)

(20,689)

Net current (liabilities)/assets

 

(4,713)

185,860

Total assets less current liabilities

 

2,011,720

2,279,026

Creditors: Amounts falling due after more than one year

6

(1,167,714)

(1,419,520)

Provisions for liabilities

(155,072)

(174,231)

Net assets

 

688,934

685,275

Capital and reserves

 

Called up share capital

300

300

Other reserves

465,217

522,693

Retained earnings

223,417

162,282

Shareholders' funds

 

688,934

685,275

 

WBIC Estates Ltd

(Registration number: 08608124)
Balance Sheet as at 30 April 2024

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 Profit and Loss Account.

Approved and authorised by the director on 21 October 2024
 

.........................................
Mr R P E Phillips
Director

 

WBIC Estates Ltd

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:
Flat Post Office
Abbotts Ann
Andover
Hampshire
SP11 7AZ

These financial statements were authorised for issue by the director on 21 October 2024.

The presentation currency of the financial statement is the pound sterling (£). The financial statements have been rounded to the nearest pound.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

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

Revenue recognition

Turnover represents rental income from the investment properties owned by the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Investment property

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 income statement.

 

WBIC Estates Ltd

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

Investments

Investments in associate undertakings are recognised at cost.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method. The company had no advanced financial instruments.
 

 

WBIC Estates Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 May

2,092,966

Fair value adjustments

(76,634)

At 30 April

2,016,332

The investment properties are included at their open market value of £2,016,332 and is based on the directors' valuation. The properties initially cost £1,396,043 and have been revalued by £620,290.

There has been no valuation of investment property by an independent valuer.

 

WBIC Estates Ltd

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

5

Debtors

Note

2024
£

2023
£

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

56,842

42,499

Other debtors

 

400

3,472

 

57,242

45,971

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

4,030

4,030

Trade creditors

 

48

48

Taxation and social security

 

21,348

8,838

Other creditors

 

95,044

7,773

 

120,470

20,689

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

1,167,714

1,419,520

Each mortgage is secured against the respective property.

7

Profit and loss account

2024
£

2023
£

Distributable reserves

223,417

162,282

Non-distributable reserves

465,217

522,693

688,634

684,975

8

Parent and ultimate parent undertaking

The ultimate controlling party is R P E Phillips by virtue of their ownership of 100% of the issued share capital in the company.