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Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Wilbur Developments Limited

Wilbur Developments Limited (Registered number: 03324429)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Wilbur Developments Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: G Nock





SECRETARY: Ms R C Massoudi





REGISTERED OFFICE: 17 Grosvenor Street
London
London
W1K 4QG





REGISTERED NUMBER: 03324429 (England and Wales)





ACCOUNTANTS: Williams & Co
Chartered Accountants
8/10 South Street
Epsom
Surrey
KT18 7PF

Wilbur Developments Limited (Registered number: 03324429)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,656,127 1,300,000

CURRENT ASSETS
Debtors 5 359,108 334,082
Cash at bank and in hand 47,089 72,088
406,197 406,170
CREDITORS
Amounts falling due within one year 6 4,647,222 5,299,015
NET CURRENT LIABILITIES (4,241,025 ) (4,892,845 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,584,898

)

(3,592,845

)

CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 300,000 300,000
Retained earnings 10 (2,884,998 ) (3,892,945 )
SHAREHOLDERS' FUNDS (2,584,898 ) (3,592,845 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





G Nock - Director


Wilbur Developments Limited (Registered number: 03324429)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

Wilbur Developments Limited 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 as modified by the revaluation of certain assets.

The directors have drawn up the accounts on a going concern basis. This is dependent upon the loan provider agreeing to maintain the company facility and not foreclosing. The directors are in discussion with the loan provider and believe that this is achievable. A number of assets are currently on the market in order to reduce the debt.

In the event that the loan provider forecloses then the company assets will be required to be sold under duress and may or may not realise the values held in the accounts leading to a loss. In addition there may be further liabilities which arise on closure.

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:

Computer equipment - 33% on cost

Investment properties are carried at fair value and not depreciated.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

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

Wilbur Developments Limited (Registered number: 03324429)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Freehold Computer
property equipment Totals
£    £    £   
COST OR VALUATION
At 1 March 2023 1,300,000 10,251 1,310,251
Additions 356,127 - 356,127
At 29 February 2024 1,656,127 10,251 1,666,378
DEPRECIATION
At 1 March 2023
and 29 February 2024 - 10,251 10,251
NET BOOK VALUE
At 29 February 2024 1,656,127 - 1,656,127
At 28 February 2023 1,300,000 - 1,300,000

In the opinion of the directors the land and buildings have a market value of in excess of £1.3m

Cost or valuation at 29 February 2024 is represented by:

Freehold Computer
property equipment Totals
£    £    £   
Valuation in 2021 300,000 - 300,000
Valuation in 2018 90,000 - 90,000
Cost 1,235,028 10,251 1,245,279
1,625,028 10,251 1,635,279

** TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF
FREEHOLD PROPERTY

'COST' ACCOUNT TOTAL
Cost/valuation b/f 1,300,000
Additions 356,127
1,656,127

CLIENT SCREEN TOTAL = 1,625,028


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Loans to investments 345,603 312,270
Other debtors 13,505 20,800
Prepayments - 1,012
359,108 334,082

Wilbur Developments Limited (Registered number: 03324429)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 7) 4,196,883 4,196,883
VAT 10,833 7,500
Other creditors 76,226 554,015
Directors' current accounts 328,610 498,947
Deferred income - 7,000
Accrued expenses 34,670 34,670
4,647,222 5,299,015

7. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Loans 4,196,883 4,196,883

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan - 4,196,883

The bank loans are secured by way of charges over investment properties and personal guarantees by the director.

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Share capital 1 £1 100 100

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 March 2023 (3,892,945 ) 300,000 (3,592,945 )
Profit for the year 1,007,947 1,007,947
At 29 February 2024 (2,884,998 ) 300,000 (2,584,998 )

11. ULTIMATE CONTROLLING PARTY

The company is under the control of Mrs R Massoudi and Ms C Nock.