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REGISTERED NUMBER: 06976026 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

WALLOP ESTATES (FULHAM) LIMITED

WALLOP ESTATES (FULHAM) LIMITED (REGISTERED NUMBER: 06976026)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WALLOP ESTATES (FULHAM) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Lord O H R Lymington
M W A Doran





REGISTERED OFFICE: Estate Office
Farleigh Wallop
Basingstoke
Hampshire
RG25 2HT





REGISTERED NUMBER: 06976026 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

WALLOP ESTATES (FULHAM) LIMITED (REGISTERED NUMBER: 06976026)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,647 3,535
Investment property 5 14,228,327 12,151,407
14,232,974 12,154,942

CURRENT ASSETS
Debtors 6 837,364 776,302
Investments 7 - 2,050,000
Cash at bank and in hand 131,783 103,822
969,147 2,930,124
CREDITORS
Amounts falling due within one year 8 1,290,433 1,107,209
NET CURRENT (LIABILITIES)/ASSETS (321,286 ) 1,822,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,911,688

13,977,857

CREDITORS
Amounts falling due after more than one
year

9

(11,695,242

)

(12,077,074

)

PROVISIONS FOR LIABILITIES (38,401 ) (38,401 )
NET ASSETS 2,178,045 1,862,382

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 140,760 140,760
Retained earnings 2,037,185 1,721,522
SHAREHOLDERS' FUNDS 2,178,045 1,862,382

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

WALLOP ESTATES (FULHAM) LIMITED (REGISTERED NUMBER: 06976026)

BALANCE SHEET - continued
31ST MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd December 2024 and were signed on its behalf by:





Lord O H R Lymington - Director


WALLOP ESTATES (FULHAM) LIMITED (REGISTERED NUMBER: 06976026)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Wallop Estates (Fulham) 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Income is recognised in the accounts in the period to which it relates. Adjustments to invoiced sales are made where income is invoiced in advance or in arrears so as to match the income to the periods in which the services are provided and the associated costs incurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - at varying rates on cost

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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

3. EMPLOYEES AND DIRECTORS

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

WALLOP ESTATES (FULHAM) LIMITED (REGISTERED NUMBER: 06976026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st April 2023 12,332
Additions 2,473
At 31st March 2024 14,805
DEPRECIATION
At 1st April 2023 8,797
Charge for year 1,361
At 31st March 2024 10,158
NET BOOK VALUE
At 31st March 2024 4,647
At 31st March 2023 3,535

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 12,151,407
Additions 2,076,920
At 31st March 2024 14,228,327
NET BOOK VALUE
At 31st March 2024 14,228,327
At 31st March 2023 12,151,407

The properties were valued by an external valuer as at 31st March 2022 and the directors do not believe that the fair value has changed significantly since that date.

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2018 443,000
Valuation in 2022 563,511
Valuation in 2023 (852,903 )
Cost 14,074,719
14,228,327

WALLOP ESTATES (FULHAM) LIMITED (REGISTERED NUMBER: 06976026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 161,992 94,373
Amounts owed by participating interests 158,113 200,000
Other debtors 517,259 481,929
837,364 776,302

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other - 2,050,000

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 54,904 17,760
Amounts owed to participating interests 717,880 777,880
Taxation and social security 147,183 58,421
Other creditors 370,466 253,148
1,290,433 1,107,209

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to participating interests 4,004,000 4,004,000
Other creditors 7,691,242 8,073,074
11,695,242 12,077,074

The amount due to participating interests is unsecured and the interest rate is 6%.

Other creditors due in more than one year is made up of a Director's loan which is unsecured and interest free. The lender, Oliver Lymington, has agreed that he will not demand repayment until 1 April 2025 at the earliest and only thereafter if to do so would not prejudice the interest of other creditors or the company's ability to continue trading as a going concern.

10. OTHER FINANCIAL COMMITMENTS

A guarantee for £9,000,000 plus interest and costs and secured against the investment property has been provided to the bank on behalf of Wallop Group Investments Limited.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Wallop Group Investments Limited.

The ultimate controlling party is Lord O H R Lymington.