REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
FOR |
WATERLOO HOUSE (BIRMINGHAM) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
FOR |
WATERLOO HOUSE (BIRMINGHAM) LIMITED |
WATERLOO HOUSE (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 00209742) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
WATERLOO HOUSE (BIRMINGHAM) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5 The Quadrant |
Coventry |
West Midlands |
CV1 2EL |
WATERLOO HOUSE (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 00209742) |
BALANCE SHEET |
29 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
WATERLOO HOUSE (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 00209742) |
BALANCE SHEET - continued |
29 SEPTEMBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WATERLOO HOUSE (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 00209742) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Waterloo House (Birmingham) Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is 2 Manor Square, Solihull, West Midlands, B91 3PX. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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, modified to include the revaluation of the investment property. The principal accounting policies adopted are set out below. |
Turnover |
Turnover represents the total invoice value excluding value added tax of rents receivable and associated services during the year. Rent is invoiced quarterly in advance and adjusted where it is attributable to a subsequent accounting period. |
As a result of adopting FRS 102 leases effective from 30 September 2016 granting incentives are recognised over the period to the termination of the lease. |
The directors have taken advantage of the transitional rules of FRS 102 and any lease prior to 30 September 2016 granting incentives are recognised over the period of the lease or the right to sever the lease whichever is sooner. |
Investment property |
Investment properties are properties owned by the company which are held for long term rental income and capital appreciation. Investment property is initially recognised at cost, including related transaction costs. It is subsequently carried at each published balance sheet date at fair value on an open market basis as determined by the directors. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement. |
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 provided on gains at the rate expected to apply when the property is sold. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
WATERLOO HOUSE (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 00209742) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 30 September 2023 |
Revaluations | 200,000 |
At 29 September 2024 |
NET BOOK VALUE |
At 29 September 2024 |
At 29 September 2023 |
Fair value at 29 September 2024 is represented by: |
£ |
Valuation in 2024 | 7,000,000 |
If the Investment Property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 2,621,896 | 2,621,896 |
The Investment Property was valued on a fair value basis on 29 September 2024 by the directors . |
The Investment Property was also valued on a fair value basis on 29 September 2023 by the directors. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Rent Free Period Reserve | 317,770 | 282,300 |
Other debtors |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security | ( |
) |
Other creditors |
Other creditors includes outstanding dividends of £2,175 (2023 - £25,997). |
WATERLOO HOUSE (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 00209742) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 SEPTEMBER 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 160,000 | 160,000 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 30 September 2023 |
Revaluation in year | 200,000 |
At 29 September 2024 |
At 29 September 2024 the Fair Value Reserve of £4,389,528 comprises the surplus arising on the revaluation of the Investment Property, less deferred tax thereon. |
10. | RELATED PARTY DISCLOSURES |
In addition to Directors Fees, during the year the company incurred consultancy fees from Southgate Splash Limited, a company in which Mr D J Suggitt is a director and shareholder, amounting to £10,000 (2023 - £10,000). At the balance sheet date the company owed Southgate Splash Limited £NIL (2023 - £5,000). |
On the 12 July 2024 the company obtained an unsecured, interest only loan from Gallagher Finance Limited at a commercial rate, a company in which Sir A C Gallagher is a director and shareholder. At the balance sheet date, the company owed £255,575 to Gallagher Finance Limited. The loan is due for repayment on 12 July 2029. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
WATERLOO HOUSE (BIRMINGHAM) LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Waterloo House (Birmingham) Limited for the year ended 29 September 2024 which comprise the Income Statement, Balance Sheet, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Waterloo House (Birmingham) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Waterloo House (Birmingham) Limited and state those matters that we have agreed to state to the Board of Directors of Waterloo House (Birmingham) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waterloo House (Birmingham) Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Waterloo House (Birmingham) 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 Waterloo House (Birmingham) Limited. You consider that Waterloo House (Birmingham) 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 Waterloo House (Birmingham) 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. |
5 The Quadrant |
Coventry |
West Midlands |
CV1 2EL |
Date: ............................................. |