Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-301731000016800000false2023-07-01falsethe management of its own properties11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03585671 2023-07-01 2024-06-30 03585671 2022-07-01 2023-06-30 03585671 2024-06-30 03585671 2023-06-30 03585671 2 2023-07-01 2024-06-30 03585671 d:Director1 2023-07-01 2024-06-30 03585671 d:RegisteredOffice 2023-07-01 2024-06-30 03585671 e:PlantMachinery 2023-07-01 2024-06-30 03585671 e:PlantMachinery 2024-06-30 03585671 e:PlantMachinery 2023-06-30 03585671 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03585671 e:MotorVehicles 2023-07-01 2024-06-30 03585671 e:MotorVehicles 2024-06-30 03585671 e:MotorVehicles 2023-06-30 03585671 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03585671 e:FurnitureFittings 2023-07-01 2024-06-30 03585671 e:FurnitureFittings 2024-06-30 03585671 e:FurnitureFittings 2023-06-30 03585671 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03585671 e:OfficeEquipment 2023-07-01 2024-06-30 03585671 e:OfficeEquipment 2024-06-30 03585671 e:OfficeEquipment 2023-06-30 03585671 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03585671 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03585671 e:FreeholdInvestmentProperty 2023-07-01 2024-06-30 03585671 e:FreeholdInvestmentProperty 2024-06-30 03585671 e:FreeholdInvestmentProperty 2023-06-30 03585671 e:FreeholdInvestmentProperty 2 2023-07-01 2024-06-30 03585671 e:LeaseholdInvestmentProperty 2023-07-01 2024-06-30 03585671 e:LeaseholdInvestmentProperty 2024-06-30 03585671 e:LeaseholdInvestmentProperty 2023-06-30 03585671 e:LeaseholdInvestmentProperty 2 2023-07-01 2024-06-30 03585671 e:CurrentFinancialInstruments 2024-06-30 03585671 e:CurrentFinancialInstruments 2023-06-30 03585671 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 03585671 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 03585671 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 03585671 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 03585671 e:ShareCapital 2024-06-30 03585671 e:ShareCapital 2023-06-30 03585671 e:RevaluationReserve 2024-06-30 03585671 e:RevaluationReserve 2023-06-30 03585671 e:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 03585671 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03585671 e:RetainedEarningsAccumulatedLosses 2024-06-30 03585671 e:RetainedEarningsAccumulatedLosses 2023-06-30 03585671 d:FRS102 2023-07-01 2024-06-30 03585671 d:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03585671 d:FullAccounts 2023-07-01 2024-06-30 03585671 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03585671 2 2023-07-01 2024-06-30 03585671 4 2023-07-01 2024-06-30 03585671 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 03585671









WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
COMPANY INFORMATION


Director
C R Sapey 




Registered number
03585671



Registered office
9 Conway Road

Sheringham

Norfolk

NR26 8DD




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 9


 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wymondham Property Management Company Limited for the year ended 30 June 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Wymondham Property Management Company Limited in accordance with the terms of our engagement letter dated 15 February 2024Our work has been undertaken solely to prepare for your approval the financial statements of Wymondham Property Management Company Limited and state those matters that we have agreed to state to the director of Wymondham Property Management Company Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wymondham Property Management Company Limited and its director for our work or for this report. 

It is your duty to ensure that Wymondham Property Management Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Wymondham Property Management Company Limited. You consider that Wymondham Property Management Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Wymondham Property Management Company Limited. 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 statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
21 October 2024
Page 1

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER: 03585671

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
29,037
12,593

Investments
 5 
-
3

Investment property
 6 
8,655,000
8,400,000

  
8,684,037
8,412,596

Current assets
  

Debtors
 7 
797,906
784,014

Cash at bank and in hand
  
95,490
65,670

  
893,396
849,684

Creditors: amounts falling due within one year
 8 
(182,197)
(133,948)

Net current assets
  
 
 
711,199
 
 
715,736

Total assets less current liabilities
  
9,395,236
9,128,332

Creditors: amounts falling due after more than one year
  
(308,183)
(133,351)

Provisions for liabilities
  

Deferred tax
  
(1,232,541)
(936,684)

  
 
 
(1,232,541)
 
 
(936,684)

Net assets
  
7,854,512
8,058,297


Capital and reserves
  

Called up share capital 
  
1
1

Revaluation reserve
 9 
4,892,481
5,188,088

Profit and loss account
 9 
2,962,030
2,870,208

  
7,854,512
8,058,297


Page 2

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER: 03585671
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




C R Sapey
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 9 Conway Road, Sheringham, Norfolk, NR26 8DD.
The company's principal activity is the management of its own property. The principal place of business is Norwich, UK.

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, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises income due on investment properties leased by the company under operating leases, accounted for on an accruals basis covering the period for which the rent is due under the terms of the lease. The company is not VAT registered.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 4

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Tools & equipment
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
10%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Investment property

Investment property is carried at fair value determined annually by the director 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. Changes in fair value are recognised in the Profit and loss account. 

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Tools & equipment
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
-
33,751
953
18,505
53,209


Additions
2,986
21,970
73
937
25,966


Disposals
-
(14,525)
-
-
(14,525)



At 30 June 2024

2,986
41,196
1,026
19,442
64,650



Depreciation


At 1 July 2023
-
26,212
181
14,222
40,615


Charge for the year on owned assets
448
7,013
85
522
8,068


Disposals
-
(13,070)
-
-
(13,070)



At 30 June 2024

448
20,155
266
14,744
35,613



Net book value



At 30 June 2024
2,538
21,041
760
4,698
29,037



At 30 June 2023
-
7,538
772
4,283
12,593


5.


Fixed asset investments





Investments in subsidiary companies

£





At 1 July 2023
3


Amounts written off
(3)



At 30 June 2024
-




Page 7

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 July 2023
8,400,000
-
8,400,000


Additions at cost
254,749
-
254,749


Surplus on revaluation
251
-
251



At 30 June 2024
8,655,000
-
8,655,000


Comprising


Cost
2,275,228
-
2,275,228

Annual revaluation surplus/(deficit):
Annual revaluation surplus/(deficit):

2022
5,604,772
-
5,604,772

2023
520,000
-
520,000

2024
255,000
-
255,000

At 30 June 2024
8,655,000
-
8,655,000

The 2024 valuations were made by Mr C R Sapey, on an open market value for existing use basis.




Page 8

 
WYMONDHAM PROPERTY MANAGEMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors


2024
2023
£
£



Other debtors
611,832
598,638

Prepayments and accrued income
3,810
3,218

Tax recoverable
182,264
182,158

797,906
784,014


Included within other debtors within one year is a loan to the director amounting to £611,832 (2023: £598,638).


8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
78,044
43,936

Trade creditors
2,120
2,620

Other creditors
96,505
81,488

Accruals and deferred income
5,528
5,904

182,197
133,948


The director has also given personal guarantees as shown in note 11.


9.


Reserves

Investment property revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of listed investments to fair value, net of deferred tax.  The amounts debited or credited to this reserve are transfers from the profit and loss accounts.  Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.


10.Director's personal guarantees

The director, who is the only shareholder has given personal guarantees for secured borrowings of £386,227 (2023: £177,286).

 
Page 9