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COMPANY REGISTRATION NUMBER: 12495350
Wandsworth Property Investments Limited
Filleted Unaudited Financial Statements
28 February 2024
Wandsworth Property Investments Limited
Financial Statements
Period from 1 August 2023 to 28 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wandsworth Property Investments Limited
Statement of Financial Position
28 February 2024
28 Feb 24
31 Jul 23
Note
£
£
Fixed assets
Tangible assets
5
320,910
300,764
Current assets
Cash at bank and in hand
12,563
23,269
Creditors: amounts falling due within one year
6
310,484
297,648
---------
---------
Net current liabilities
297,921
274,379
---------
---------
Total assets less current liabilities
22,989
26,385
Provisions
Taxation including deferred tax
( 6,751)
( 4,717)
--------
--------
Net assets
29,740
31,102
--------
--------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
21,016
Profit and loss account
8,624
31,002
--------
--------
Shareholders funds
29,740
31,102
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wandsworth Property Investments Limited
Statement of Financial Position (continued)
28 February 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr P Knight
Director
Company registration number: 12495350
Wandsworth Property Investments Limited
Notes to the Financial Statements
Period from 1 August 2023 to 28 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2023: 2 ).
5. Tangible assets
Property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 August 2023
298,984
4,352
303,336
Revaluations
21,016
21,016
---------
-------
---------
At 28 February 2024
320,000
4,352
324,352
---------
-------
---------
Depreciation
At 1 August 2023
2,572
2,572
Charge for the period
870
870
---------
-------
---------
At 28 February 2024
3,442
3,442
---------
-------
---------
Carrying amount
At 28 February 2024
320,000
910
320,910
---------
-------
---------
At 31 July 2023
298,984
1,780
300,764
---------
-------
---------
Included in freehold property above are properties valued and recognised at a revalued amount of £320,000 as at 28 February 2024, an uplift of £21,016 from its initial open market value of £298,984 as at 1 June 2021.
6. Creditors: amounts falling due within one year
28 Feb 24
31 Jul 23
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
309,084
296,248
Other creditors
1,400
1,400
---------
---------
310,484
297,648
---------
---------
7. Directors' advances, credits and guarantees
At the year end the company owed £Nil (2023: £Nil) to a director.
8. Related party transactions
At the year end the company owed £309,084 (2023: £296,246) to a group company.
9. Controlling party
The company is a subsidiary of Wandsworth Investments Limited. The smallest and largest group for which consolidated financial statements are drawn up and of which the company is a member of, is Wandsworth Investments Limited. The financial statements of the group can be obtained from: Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN