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REGISTERED NUMBER: 13760627 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

Wight Property Company Ltd

Wight Property Company Ltd (Registered number: 13760627)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wight Property Company Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: I Schaff
L Rayner
B Wakefield





REGISTERED OFFICE: 22 Grange Road
Shanklin
Isle of Wight
PO37 6NN





REGISTERED NUMBER: 13760627 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Suite 4, 10/12 The Grove,
Ilkley
West Yorkshire
LS29 9EG

Wight Property Company Ltd (Registered number: 13760627)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 405,569 -

CURRENT ASSETS
Debtors 5 17,487 -
Cash at bank and in hand 3,620 4
21,107 4
CREDITORS
Amounts falling due within one year 6 (150,135 ) -
NET CURRENT (LIABILITIES)/ASSETS (129,028 ) 4
TOTAL ASSETS LESS CURRENT
LIABILITIES

276,541

4

CREDITORS
Amounts falling due after more than one year 7 (265,725 ) -
NET ASSETS 10,816 4

CAPITAL AND RESERVES
Called up share capital 8 4 4
Retained earnings 9 10,812 -
SHAREHOLDERS' FUNDS 10,816 4

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Wight Property Company Ltd (Registered number: 13760627)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by:





I Schaff - Director


Wight Property Company Ltd (Registered number: 13760627)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Wight Property Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Wight Property Company Ltd (Registered number: 13760627)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Improvements
Long to
leasehold property Totals
£    £    £   
COST
Additions 378,868 33,015 411,883
At 31 March 2024 378,868 33,015 411,883
DEPRECIATION
Charge for year 6,314 - 6,314
At 31 March 2024 6,314 - 6,314
NET BOOK VALUE
At 31 March 2024 372,554 33,015 405,569

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts 17,487 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 769 -
Other creditors 148,862 -
Accrued expenses 504 -
150,135 -

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Mortgage 265,725 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
6 Ordinary 0.67 4 4

Wight Property Company Ltd (Registered number: 13760627)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. RESERVES
Retained
earnings
£   

Profit for the year 10,812
At 31 March 2024 10,812

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The amount owed by the directors to the company at 31st March 2024 is £17,487 (2023 - Nil).

11. RELATED PARTY DISCLOSURES

As at 31st March 2024 the Company has a loan outstanding totalling £148,862 to Wight Property Partners LLP, a LLP in which the company is partner.