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Registered Number: 13124591
England and Wales

 

 

 

WIBE PROPERTIES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of WIBE PROPERTIES LTD for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WIBE PROPERTIES LTD for the year ended 31 January 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of WIBE PROPERTIES LTD , as a body, in accordance with the terms of our engagement letter dated 01 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of WIBE PROPERTIES LTD and state those matters that we have agreed to state to the Board of Directors of WIBE PROPERTIES LTD , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WIBE PROPERTIES LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that WIBE PROPERTIES LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of WIBE PROPERTIES LTD . You consider that WIBE PROPERTIES LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of WIBE PROPERTIES LTD . 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 accounts
31 January 2024



....................................................
PHS Associates Acc Co
223 St Albans Road
Watford
WD24 5BH
30 October 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 316,335    316,335 
316,335    316,335 
Current assets      
Debtors 2,815    (1,350)
Cash at bank and in hand 17,556    13,407 
20,371    12,057 
Creditors: amount falling due within one year (4,542)   (3,226)
Net current assets 15,829    8,831 
 
Total assets less current liabilities 332,164    325,166 
Creditors: amount falling due after more than one year (327,224)   (320,666)
Net assets 4,940    4,500 
 

Capital and reserves
     
Called up share capital 4 2    2 
Profit and loss account 4,938    4,498 
Shareholders' funds 4,940    4,500 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 30 October 2024 and were signed on its behalf by:


-------------------------------
Dr Vindya Achalanka WIJERATNE
Director
2
General Information
WIBE PROPERTIES LTD is a private company, limited by shares, registered in England and Wales, registration number 13124591, registration address 27 Hillview Gardens, Harrow, England, HA2 6HJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 February 2023 316,335    316,335 
Additions  
Disposals  
At 31 January 2024 316,335    316,335 
Depreciation
At 01 February 2023  
Charge for year  
On disposals  
At 31 January 2024  
Net book values
Closing balance as at 31 January 2024 316,335    316,335 
Opening balance as at 01 February 2023 316,335    316,335 


4.

Share Capital

Authorised
2 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

3