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REGISTERED NUMBER: 03471647 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

WCR PROPERTY LIMITED

WCR PROPERTY LIMITED (REGISTERED NUMBER: 03471647)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WCR PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: W J Record
A Record MBE
M J Wallace ARICS





REGISTERED OFFICE: Quest House
St Mellons Business Park
Fortran Road, St Mellons
CARDIFF
CF3 0EY





REGISTERED NUMBER: 03471647 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Charlton House
Dour Street
DOVER
Kent
CT16 1BL

WCR PROPERTY LIMITED (REGISTERED NUMBER: 03471647)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,607,108 23,005,823

CURRENT ASSETS
Stocks 5 182,405 182,405
Debtors 6 349,989 116,941
Cash at bank 486,172 784,400
1,018,566 1,083,746
CREDITORS
Amounts falling due within one year 7 11,194,127 16,930,819
NET CURRENT LIABILITIES (10,175,561 ) (15,847,073 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,431,547

7,158,750

CREDITORS
Amounts falling due after more than one
year

8

(5,602,123

)

-

PROVISIONS FOR LIABILITIES 10 - (18,617 )
NET ASSETS 6,829,424 7,140,133

CAPITAL AND RESERVES
Called up share capital 11 1 1
Fair value reserve 12 228,203 709,592
Retained earnings 6,601,220 6,430,540
SHAREHOLDERS' FUNDS 6,829,424 7,140,133

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

WCR PROPERTY LIMITED (REGISTERED NUMBER: 03471647)

BALANCE SHEET - continued
30 APRIL 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 22 January 2025 and were signed on its behalf by:





W J Record - Director


WCR PROPERTY LIMITED (REGISTERED NUMBER: 03471647)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

WCR Property 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The preparation of the financial statements requires the directors to make estimates and assumptions that affect the amounts reported in the financial statements. The directors believe that the critical accounting policies where judgement or estimates are necessarily applied are summarised below.


Depreciation and residual values

The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and
have concluded that they are appropriate.

Investment property valuations

The directors have reviewed the valuations on the investment properties and have concluded that they
are appropriate.

Tangible fixed assets
Freehold Property
The company's freehold properties are let and are therefore held for investment. Investment properties are accounted for in accordance with FRS 102 section 1A "Small Entities", as follows:

Investment properties are measured at fair value at the balance sheet date. Changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. Annual depreciation is not provided on investment properties.

Plant and Equipment
Depreciation is provided at 10% on cost annually in order to write off plant and equipment over its estimated useful life.

Office Equipment
Depreciation is provided at 25% on cost annually in order to write off office equipment over its estimated useful life.

Computer Equipment
Depreciation is provided at 33% on cost annually in order to write off computer equipment over its estimated useful life.

Stocks
Stock represents the cost of land held for resale and associated development costs and is valued at the lower of cost and net realisable value.


WCR PROPERTY LIMITED (REGISTERED NUMBER: 03471647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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, adjusted for group relief, 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 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Office Computer
property machinery equipment equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 May 2023 22,897,501 - 186,747 62,473 23,146,721
Additions 45,540 56,282 31,742 13,641 147,205
Revaluations (481,389 ) - - - (481,389 )
Reclassification/transfer (71,651 ) 71,651 - - -
At 30 April 2024 22,390,001 127,933 218,489 76,114 22,812,537
DEPRECIATION
At 1 May 2023 - - 96,196 44,702 140,898
Charge for year - 12,793 39,696 12,042 64,531
At 30 April 2024 - 12,793 135,892 56,744 205,429
NET BOOK VALUE
At 30 April 2024 22,390,001 115,140 82,597 19,370 22,607,108
At 30 April 2023 22,897,501 - 90,551 17,771 23,005,823

WCR PROPERTY LIMITED (REGISTERED NUMBER: 03471647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 April 2024 is represented by:

Freehold Plant and Office Computer
property machinery equipment equipment Totals
£    £    £    £    £   
Valuation in 2014 70,748 - - - 70,748
Valuation in 2015 650,000 - - - 650,000
Valuation in 2017 842,990 - - - 842,990
Valuation in 2018 985,000 - - - 985,000
Valuation in 2019 25,000 - - - 25,000
Valuation in 2020 1,096,225 - - - 1,096,225
Valuation in 2021 (383,430 ) - - - (383,430 )
Valuation in 2022 335,548 - - - 335,548
Valuation in 2023 (2,912,491 ) - - - (2,912,491 )
Valuation in 2024 (481,389 ) - - - (481,389 )
Cost 22,161,800 127,933 218,489 76,114 22,584,336
22,390,001 127,933 218,489 76,114 22,812,537

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 22,161,800 22,187,911

Investment properties were valued on a fair value basis on 30 April 2024 by the directors .

One of the directors is the company's in-house chartered surveyor.

5. STOCKS
2024 2023
£    £   
Stocks 182,405 182,405

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 117,409 71,093
Prepayments and sundry debtors 232,580 45,848
349,989 116,941

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 6,802,123
Trade creditors 78,820 75,926
Amounts owed to group undertakings 10,615,426 9,716,121
Social security and other taxes 62,042 62,809
Other creditors 437,839 273,840
11,194,127 16,930,819

WCR PROPERTY LIMITED (REGISTERED NUMBER: 03471647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans due two to
five years 5,602,123 -
5,602,123 -

9. SECURED DEBTS

The bank overdraft and loans are secured by means of legal mortgage and fixed and floating charges over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - 18,617

Deferred
tax
£   
Balance at 1 May 2023 18,617
Accelerated capital allowances (18,617 )
Balance at 30 April 2024 -

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

12. RESERVES
Fair
value
reserve
£   
At 1 May 2023 709,592
Investment properties fair
value adjustment (481,389 )

At 30 April 2024 228,203

13. GOING CONCERN

The financial statements have been prepared on a going concern basis. This basis is considered to be appropriate as the company continues to receive the support of its fellow group companies and bankers.