WAG Property Limited 14807004 false 2023-04-17 2024-03-31 2024-03-31 The principal activity of the company is property owners. Digita Accounts Production Advanced 6.30.9574.0 true true 14807004 2023-04-17 2024-03-31 14807004 2024-03-31 14807004 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 14807004 core:LandBuildings 2024-03-31 14807004 bus:SmallEntities 2023-04-17 2024-03-31 14807004 bus:AuditExemptWithAccountantsReport 2023-04-17 2024-03-31 14807004 bus:FullAccounts 2023-04-17 2024-03-31 14807004 bus:SmallCompaniesRegimeForAccounts 2023-04-17 2024-03-31 14807004 bus:RegisteredOffice 2023-04-17 2024-03-31 14807004 bus:Director1 2023-04-17 2024-03-31 14807004 bus:PrivateLimitedCompanyLtd 2023-04-17 2024-03-31 14807004 core:LandBuildings 2023-04-17 2024-03-31 14807004 countries:EnglandWales 2023-04-17 2024-03-31 iso4217:GBP xbrli:pure

Registration number: 14807004

WAG Property Limited

Unaudited Filleted Financial Statements

for the Period from 17 April 2023 to 31 March 2024

 

WAG Property Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

WAG Property Limited

(Registration number: 14807004)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

316,433

Investment property

5

575,000

 

891,433

Creditors: Amounts falling due within one year

6

(980,410)

Net liabilities

 

(88,977)

Capital and reserves

 

Called up share capital

100

Retained earnings

(89,077)

Shareholders' deficit

 

(88,977)

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 November 2024
 

.........................................
Mr W A Goodwin
Director

   
     
 

WAG Property Limited

Notes to the Unaudited Financial Statements for the Period from 17 April 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Minffordd Marian
Trelawnyd
Rhyl
LL18 6EB
Wales

These financial statements were authorised for issue by the director on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has a good working relationship with its creditors and received assurances from the director that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investment property, which is a property held to earn rentals and/or for capital appreciation, is initially recognised at cost. Subsequently it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

WAG Property Limited

Notes to the Unaudited Financial Statements for the Period from 17 April 2023 to 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 0.

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Additions

318,073

318,073

At 31 March 2024

318,073

318,073

Depreciation

Charge for the period

1,640

1,640

At 31 March 2024

1,640

1,640

Carrying amount

At 31 March 2024

316,433

316,433

Included within the net book value of land and buildings above is £316,433 in respect of freehold land and buildings.
 

 

WAG Property Limited

Notes to the Unaudited Financial Statements for the Period from 17 April 2023 to 31 March 2024

5

Investment properties

2024
£

Additions

657,494

Fair value adjustments

(82,494)

At 31 March

575,000

At the year end the director has valued the property on an open market basis. There has been no valuation of the investment property by an independent valuer.

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Amounts owed to group undertakings

979,410

Accruals and deferred income

 

1,000

 

980,410