Company registration number 13861961 (England and Wales)
WEBB HOUSE (PARK GATE) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WEBB HOUSE (PARK GATE) LTD
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
WEBB HOUSE (PARK GATE) LTD
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,504
1,007
Investment property
4
2,127,755
2,114,873
2,135,259
2,115,880
Current assets
Debtors
5
7,856
Cash at bank and in hand
4,313
16,449
4,313
24,305
Creditors: amounts falling due within one year
6
(93,815)
(118,399)
Net current liabilities
(89,502)
(94,094)
Total assets less current liabilities
2,045,757
2,021,786
Creditors: amounts falling due after more than one year
7
(562,937)
(577,802)
Net assets
1,482,820
1,443,984
Capital and reserves
Called up share capital
9
100,000
100,000
Share premium account
1,350,000
1,350,000
Profit and loss reserves
32,820
(6,016)
Total equity
1,482,820
1,443,984
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WEBB HOUSE (PARK GATE) LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
Mr R J Webb
Director
Company Registration No. 13861961
WEBB HOUSE (PARK GATE) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
1
1
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
34,921
34,921
Dividends
-
-
(40,937)
(40,937)
Other movements
99,999
1,350,000
-
1,449,999
Balance at 30 June 2023
100,000
1,350,000
(6,016)
1,443,984
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
64,779
64,779
Dividends
-
-
(25,943)
(25,943)
Balance at 30 June 2024
100,000
1,350,000
32,820
1,482,820
WEBB HOUSE (PARK GATE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Webb House (Park Gate) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Beacon Bottom, Park Gate, Southampton, Hampshire, United Kingdom, SO31 7GQ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of any sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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:
Plant and equipment
3 years straight line
Fixtures and fittings
3 years straight line
Computers
3 years straight line
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 property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
WEBB HOUSE (PARK GATE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WEBB HOUSE (PARK GATE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
WEBB HOUSE (PARK GATE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
1,209
Additions
8,323
At 30 June 2024
9,532
Depreciation and impairment
At 1 July 2023
202
Depreciation charged in the year
1,826
At 30 June 2024
2,028
Carrying amount
At 30 June 2024
7,504
At 30 June 2023
1,007
4
Investment property
2024
£
Fair value
At 1 July 2023
2,114,873
Additions
12,882
At 30 June 2024
2,127,755
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 4 March 2022 by Eddisons Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation was £2,000,000. The company has since spent £127,755 on capital additions which have been added to the value.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,856
WEBB HOUSE (PARK GATE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
58,504
59,159
Government grants
8
3,342
3,342
Other creditors
20,943
46,001
Accruals and deferred income
11,026
9,897
93,815
118,399
The bank loans are secured by a legal charge over the propery owned by the company.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
556,253
567,775
Government grants
8
6,684
10,027
562,937
577,802
The bank loans are secured by a legal charge over the propery owned by the company.
8
Government grants
2024
2023
£
£
Arising from government grants
10,026
13,369
Included in the financial statements as follows:
Current liabilities
3,342
3,342
Non-current liabilities
6,684
10,027
10,026
13,369
The company received a grant of £16,711 from the Low Carbon Across the South and East (LoCASE) Programme, which forms part of the European Regional Development Fund. This grant was towards making the company property more energy efficient. The grant is being recognised in the profit and loss account over a 5 year period.
WEBB HOUSE (PARK GATE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
37,492
37,492
37,492
37,492
A shares of £1 each
20,000
20,000
20,000
20,000
B shares of £1 each
20,000
20,000
20,000
20,000
C shares of £1 each
20,000
20,000
20,000
20,000
D shares of £1 each
2,508
2,508
2,508
2,508
100,000
100,000
100,000
100,000