Company Registration No. 09597630 (England and Wales)
WILLIAMS PROPERTY (SOUTH WEST) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAMS PROPERTY (SOUTH WEST) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
WILLIAMS PROPERTY (SOUTH WEST) LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,039
19,082
Investment properties
5
8,976,670
8,976,670
8,990,709
8,995,752
Current assets
Debtors
6
4,758
7,904
Cash at bank and in hand
121,166
132,922
125,924
140,826
Creditors: amounts falling due within one year
7
(3,707,780)
(3,880,118)
Net current liabilities
(3,581,856)
(3,739,292)
Total assets less current liabilities
5,408,853
5,256,460
Provisions for liabilities
(10,936)
(10,936)
Net assets
5,397,917
5,245,524
Capital and reserves
Called up share capital
3,823,850
3,823,850
Share premium account
1,082,916
1,082,916
Profit and loss reserves
491,151
338,758
Total equity
5,397,917
5,245,524
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WILLIAMS PROPERTY (SOUTH WEST) LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mrs J L Williams
Mr G J Williams
Director
Director
Company Registration No. 09597630
WILLIAMS PROPERTY (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Williams Property (South West) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wessex House, Teign Road, Newton Abbot, Devon, TQ12 4AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, except that investment properties are recorded at fair value.
1.2
Turnover
Turnover represents rent receivable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Over 6 years
Computer equipment
Over 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WILLIAMS PROPERTY (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Property Valuation
Properties recorded at fair value are either valued by an independent agent or by the directors based on recent sales transactions for properties in the same area. By definition there will be some uncertainty with respect to these valuations.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
38,005
Depreciation and impairment
At 1 June 2023
18,923
Depreciation charged in the year
5,043
At 31 May 2024
23,966
Carrying amount
At 31 May 2024
14,039
At 31 May 2023
19,082
WILLIAMS PROPERTY (SOUTH WEST) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
5
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
8,976,670
Investment property comprises residential property. At 31st May 2021, 31st May 2022, 31st May 2023, and 31st May 2024, fair value adjustments have been reflected in the accounts. The valuations have been made on an open market value basis by reference to market evidence of transaction prices for similar properties. A prudent approach has been taken. Properties acquired recently have been valued at the buying price, hence the majority of the impairment in 2023 relates to the costs of acquisition, primarily legal fees and Stamp Duty Land Tax.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,758
7,904
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
53,555
30,977
Other creditors
3,654,225
3,849,141
3,707,780
3,880,118
Other creditors includes amounts advanced to the company by the directors and close family. There are no formal loan agreements and hence the loans are deemed to be repayable within 12 months of the balance sheet date, though practically this will not be the case.