REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
WCR PROPERTY LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve | 12 |
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. |
WCR PROPERTY LIMITED (REGISTERED NUMBER: 03471647) |
BALANCE SHEET - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Office | Computer |
property | machinery | equipment | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2023 |
Additions |
Revaluations | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and sundry debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
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 |
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 |
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: | £ | £ |
Ordinary | £1 | 1 | 1 |
12. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 May 2023 |
Investment properties fair |
value adjustment | (481,389 | ) |
At 30 April 2024 |
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. |