Silverfin false false 30/06/2024 01/07/2023 30/06/2024 A J Wills 01/10/2021 J Wills 01/06/2017 L Wills 01/10/2021 M J Wills 01/06/2017 S J Wills 01/10/2021 09 November 2024 The principal activity of the Company is the letting and operating of real estate. 10797364 2024-06-30 10797364 bus:Director1 2024-06-30 10797364 bus:Director2 2024-06-30 10797364 bus:Director3 2024-06-30 10797364 bus:Director4 2024-06-30 10797364 bus:Director5 2024-06-30 10797364 2023-06-30 10797364 core:CurrentFinancialInstruments 2024-06-30 10797364 core:CurrentFinancialInstruments 2023-06-30 10797364 core:Non-currentFinancialInstruments 2024-06-30 10797364 core:Non-currentFinancialInstruments 2023-06-30 10797364 core:ShareCapital 2024-06-30 10797364 core:ShareCapital 2023-06-30 10797364 core:FurtherSpecificReserve1ComponentTotalEquity 2024-06-30 10797364 core:FurtherSpecificReserve1ComponentTotalEquity 2023-06-30 10797364 core:RetainedEarningsAccumulatedLosses 2024-06-30 10797364 core:RetainedEarningsAccumulatedLosses 2023-06-30 10797364 core:FurnitureFittings 2023-06-30 10797364 core:FurnitureFittings 2024-06-30 10797364 bus:OrdinaryShareClass1 2024-06-30 10797364 bus:OrdinaryShareClass2 2024-06-30 10797364 bus:OrdinaryShareClass3 2024-06-30 10797364 2023-07-01 2024-06-30 10797364 bus:FilletedAccounts 2023-07-01 2024-06-30 10797364 bus:SmallEntities 2023-07-01 2024-06-30 10797364 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10797364 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10797364 bus:Director1 2023-07-01 2024-06-30 10797364 bus:Director2 2023-07-01 2024-06-30 10797364 bus:Director3 2023-07-01 2024-06-30 10797364 bus:Director4 2023-07-01 2024-06-30 10797364 bus:Director5 2023-07-01 2024-06-30 10797364 core:FurnitureFittings core:TopRangeValue 2023-07-01 2024-06-30 10797364 2022-07-01 2023-06-30 10797364 core:FurnitureFittings 2023-07-01 2024-06-30 10797364 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 10797364 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 10797364 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 10797364 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 10797364 bus:OrdinaryShareClass3 2023-07-01 2024-06-30 10797364 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 10797364 bus:OrdinaryShareClass4 2023-07-01 2024-06-30 10797364 bus:OrdinaryShareClass4 2022-07-01 2023-06-30 10797364 bus:OrdinaryShareClass5 2023-07-01 2024-06-30 10797364 bus:OrdinaryShareClass5 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10797364 (England and Wales)

WILLS FAMILY INVESTMENT CO LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

WILLS FAMILY INVESTMENT CO LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

WILLS FAMILY INVESTMENT CO LIMITED

BALANCE SHEET

As at 30 June 2024
WILLS FAMILY INVESTMENT CO LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 6,062 7,237
Investment property 4 3,533,461 3,122,966
3,539,523 3,130,203
Current assets
Debtors 5 3,684 3,537
Cash at bank and in hand 236,147 547,430
239,831 550,967
Creditors: amounts falling due within one year 6 ( 22,557) ( 24,713)
Net current assets 217,274 526,254
Total assets less current liabilities 3,756,797 3,656,457
Creditors: amounts falling due after more than one year 7 ( 3,152,055) ( 3,152,854)
Provision for liabilities ( 93,054) ( 66,911)
Net assets 511,688 436,692
Capital and reserves
Called-up share capital 8 1,000 1,000
Fair value reserve 419,308 302,225
Profit and loss account 91,380 133,467
Total shareholders' funds 511,688 436,692

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wills Family Investment Co Limited (registered number: 10797364) were approved and authorised for issue by the Board of Directors on 09 November 2024. They were signed on its behalf by:

J Wills
Director
WILLS FAMILY INVESTMENT CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
WILLS FAMILY INVESTMENT CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wills Family Investment Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Little Highlands, Blachford Road, Ivybridge, PL21 0AD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue is recognised for rental income in the period to which the occupation occurs.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Fixtures and fittings 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 July 2023 11,755 11,755
At 30 June 2024 11,755 11,755
Accumulated depreciation
At 01 July 2023 4,518 4,518
Charge for the financial year 1,175 1,175
At 30 June 2024 5,693 5,693
Net book value
At 30 June 2024 6,062 6,062
At 30 June 2023 7,237 7,237

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 3,122,966
Additions 254,427
Fair value movement 156,069
As at 30 June 2024 3,533,461

5. Debtors

2024 2023
£ £
Trade debtors 545 367
Other debtors 3,139 3,170
3,684 3,537

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 626 4,027
Taxation and social security 960 3,511
Other creditors 20,971 17,175
22,557 24,713

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 3,152,055 3,152,854

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
333 Ordinary C shares of £ 1.00 each (2023: 160 shares of £ 1.00 each) 333 160
333 Ordinary D shares of £ 1.00 each (2023: 160 shares of £ 1.00 each) 333 160
334 Ordinary E shares of £ 1.00 each (2023: 160 shares of £ 1.00 each) 334 160
Nil Ordinary A shares (2023: 260 shares of £ 1.00 each) 0 260
Nil Ordinary B shares (2023: 260 shares of £ 1.00 each) 0 260
1,000 1,000

During the year 260 Ordinary A shares and 260 Ordinary B shares were reclassified to 173 Ordinary C shares, 173 Ordinary D shares and 174 Ordinary E shares.