Company registration number 04432462 (England and Wales)
WILLOUGHBY (396) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WILLOUGHBY (396) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
WILLOUGHBY (396) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WILLOUGHBY (396) LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Willoughby (396) Limited for the year ended 31 March 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Willoughby (396) Limited, as a body, in accordance with the terms of our engagement letter dated 30 March 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Willoughby (396) Limited and state those matters that we have agreed to state to the board of directors of Willoughby (396) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willoughby (396) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Willoughby (396) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Willoughby (396) Limited. You consider that Willoughby (396) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Willoughby (396) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Taylor Dawson Plumb Limited
Chartered Accountants
22 Regent Street
Nottingham
NG1 5BQ
24 December 2024
WILLOUGHBY (396) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,312
8,840
Investment property
4
1,640,000
2,288,838
Investments
5
10,815,000
10,815,001
12,462,312
13,112,679
Current assets
Debtors
6
2,557,712
1,149,507
Investments
7
5,061,617
1,016,896
Cash at bank and in hand
679,310
4,934,192
8,298,639
7,100,595
Creditors: amounts falling due within one year
8
(377,379)
(20,131)
Net current assets
7,921,260
7,080,464
Total assets less current liabilities
20,383,572
20,193,143
Provisions for liabilities
9
(1,881,073)
(1,885,561)
Net assets
18,502,499
18,307,582
Capital and reserves
Called up share capital
10
203
203
Share premium account
2,089,998
2,089,998
Revaluation reserve
5,014,161
5,656,683
Profit and loss reserves
11,398,137
10,560,698
Total equity
18,502,499
18,307,582
The notes on pages 5 to 9 form part of these financial statements.
WILLOUGHBY (396) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 December 2024 and are signed on its behalf by:
T P J Coles
Director
Company registration number 04432462 (England and Wales)
WILLOUGHBY (396) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
203
2,089,998
5,785,281
8,042,033
15,917,515
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
2,525,067
2,525,067
Dividends
-
-
-
(135,000)
(135,000)
Transfers
-
-
(128,598)
128,598
-
Balance at 31 March 2023
203
2,089,998
5,656,683
10,560,698
18,307,582
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
314,917
314,917
Dividends
-
-
-
(120,000)
(120,000)
Transfers
-
-
(642,522)
642,522
-
Balance at 31 March 2024
203
2,089,998
5,014,161
11,398,137
18,502,499
The notes on pages 5 to 9 form part of these financial statements.
WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
Willoughby (396) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Dunstable Mews, London, W1G 6BT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of rental income receivable from investment properties owned by the company.
Rental income is recognised when it falls due less any provision required for arrears. All turnover is derived from the UK.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% on cost
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment properties are included in the balance sheet at their fair market value in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 and are not depreciated.
1.5
Fixed and current asset investments
Investments in associate undertakings are included in the balance sheet at their fair market value. Gains and losses on revaluation are presented as fair value gains on the face of the profit and loss account. The investments are revalued annually by the directors to their estimate of the share in the underlying assets of each associate. Given that these associates hold property interests which are annually revalued as described in their accounts, the value is considered to be the equity proportion of the balance sheet assets of each associate.
Investments in subsidiaries are held at cost less any provision for permanent diminution in value.
WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Other investments comprise of:
investments in quoted equity instruments, which are measured at fair value, with any change in fair value being recognised through the profit and loss account,
investments in term deposits, where the interest is reinvested and recognised as interest received in the profit and loss account.
1.6
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 tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
23,659
Depreciation and impairment
At 1 April 2023
14,819
Depreciation charged in the year
1,528
At 31 March 2024
16,347
Carrying amount
At 31 March 2024
7,312
At 31 March 2023
8,840
WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Investment property
2024
£
Fair value
At 1 April 2023
2,288,838
Revaluations
(648,838)
At 31 March 2024
1,640,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
10,815,000
10,815,001
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 April 2023
10,815,001
Disposals
(1)
At 31 March 2024
10,815,000
Carrying amount
At 31 March 2024
10,815,000
At 31 March 2023
10,815,001
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,200,774
1,149,507
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
356,938
Total debtors
2,557,712
1,149,507
WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Current asset investments
2024
2023
£
£
Other investments
5,061,617
1,016,896
Current asset investments consist of cash held on term deposits during the period with a notice period of less than one year.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
356,938
Other creditors
20,441
20,131
377,379
20,131
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,881,073
1,885,561
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
20,337
20,337
203
203
11
Financial commitments, guarantees and contingent liabilities
During the year the company and directors jointly and severally guaranteed the rent, business rates and service charge of a company which is owned by one of the directors. Since the year end this guarantee has been released.
In the previous year the maximum liability which may result under the guarantee is considered to be in the region of £175,000, being the commitment outstanding under the lease as at 31 March 2022. The directors considered the likelihood of a call on the guarantee to be unlikely and that in practice should this liability crystallise the relevant property would be sublet which would be expected to mitigate the liability significantly. Since the year end the lease commitment has been satisfied in full and therefore the company or its directors are no longer liable if the commitments are not met.
Other financial commitments, guarantees and contingencies total £nil as at 31 March 2024 (2023: £nil).
WILLOUGHBY (396) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
12
Directors' transactions
The following advances and credits to directors subsisted during the year ended 31 March 2024 (see table below):
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
T P Coles
2.25
(217)
392,748
4,185
(40,000)
356,716
J E M Gulliford
2.25
(217)
392,748
4,185
(40,000)
356,716
M D Coles
2.25
(216)
392,748
4,185
(40,000)
356,717
(650)
1,178,244
12,555
(120,000)
1,070,149