Company Registration No. 08045063 (England and Wales)
THE WAYSIDE PROPERTY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THE WAYSIDE PROPERTY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THE WAYSIDE PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
24,625
38,081
Investment property
5
2,309,000
2,309,000
2,333,625
2,347,081
Current assets
Debtors
6
156,694
151,262
Cash at bank and in hand
13,352
8,666
170,046
159,928
Creditors: amounts falling due within one year
7
(5,560)
(727,729)
Net current assets/(liabilities)
164,486
(567,801)
Total assets less current liabilities
2,498,111
1,779,280
Creditors: amounts falling due after more than one year
8
(750,000)
Provisions for liabilities
(270,000)
(270,000)
Net assets
1,478,111
1,509,280
Capital and reserves
Called up share capital
10
37,210
37,210
Share premium account
445,623
445,623
Profit and loss reserves
11
995,278
1,026,447
Total equity
1,478,111
1,509,280
THE WAYSIDE PROPERTY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 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 28 January 2025 and are signed on its behalf by:
DJ Bryan
Director
Company registration number 08045063 (England and Wales)
THE WAYSIDE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
The Wayside Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Warren Golf and Country Club, Woodham Walter, Nr Danbury, Chelmsford, Essex, CM9 6RW.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors have have assessed the loss making results and consider that this situation is temporary and the company will become profitable in the future.true
On the basis that there is still the continued support from the shareholders to continue with its operations, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised in accordance with lease terms as earned.
1.4
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
20% 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.
1.5
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.
THE WAYSIDE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
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.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
THE WAYSIDE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.9
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.
1.10
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 profit and loss account 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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
THE WAYSIDE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Accounting estimates
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment properties held at fair value
Investment properties are revalued each year at each reporting date to fair value. The directors perform a desktop valuation on an open market value basis by reference to market evidence of transaction prices for similar properties to value the properties to ensure that the carrying value of investment property is reasonable and accurate.
The impact on the deferred tax provision carried within the financial statements from any change in the valuation of properties and tax rates are considered at each reporting date. A calculation is made which factors in the rate of corporation tax that is substantively enacted at the balance sheet date, revaluation of the properties and any indexation that may be available should a property be sold and the deferred tax provision adjusted within the financial statements accordingly.
3
Employees
There were no employees in the company during the year.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 30 April 2024
177,949
Depreciation and impairment
At 1 May 2023
139,868
Depreciation charged in the year
13,456
At 30 April 2024
153,324
Carrying amount
At 30 April 2024
24,625
At 30 April 2023
38,081
THE WAYSIDE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
2,309,000
The 2024 valuations were made by the directors using a desktop valuation, on an open market value basis by reference to market evidence of transaction prices for similar properties. The historical cost of the investment properties total £1,056,176.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
156,694
151,262
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,710
22,744
Other creditors
3,850
704,985
5,560
727,729
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
750,000
Included in other creditors is an unsecured loan of £750,000 from The Warren Holding Company Limited, a company under common control.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances and tax losses
(13,000)
(13,000)
Investment property revaluations
283,000
283,000
270,000
270,000
THE WAYSIDE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Deferred taxation
(Continued)
- 8 -
There were no deferred tax movements in the year.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of 1p each
3,721,026
3,721,026
37,210
37,210
£136,647 Ordinary £0.01 shares issued are unpaid.
11
Profit and loss reserves
Included within profit and loss reserves are non-distributable profits of £969,824 (2023: £969,824), relating to investment property revaluations.
12
Related party transactions
At the year end, £750,000 (2023: £Nil) was due to The Warren Holding Company Limited, a company under common control. Interest is charged at the Bank of England base rate plus 2.25%.
At the year end, £Nil (2023: £700,000) was due to the shareholders of the company.
13
Prior period adjustment
Changes to the balance sheet
Adjustment
£
Fixed assets
Tangible assets
(128,215)
Investment properties
1,134,000
Provisions for liabilities
Deferred tax
(227,468)
Net adjustments to net assets
778,317
Capital and reserves
Profit and loss reserves
778,317
Changes to the profit and loss account
Adjustment
Period ended 30 April 2023
£
Administrative expenses
12,509
Taxation
(227,468)
Net adjustments to profit and loss
(214,959)
THE WAYSIDE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Prior period adjustment
(Continued)
- 9 -
Notes to adjustments
Reclassification of Holiday Lodges and associated deferred tax liability recognition
The comparative figures have been restated to reclassify the Holiday Lodges to Investment Property instead of Tangible Fixed Assets. The directors believe this adjustment is necessary to ensure the financial statements present a true and fair view.
The fair value of the investment property as of 1 May 2022 has been recognised, resulting in a fair value increase of £883,824 compared to the original cost of £250,176.
Additionally, depreciation of £12,509 for the prior year has been reversed, along with the brought forward depreciation of £109,452.
The associated deferred tax liability has been recognised by increasing the charge and liability by £227,468.
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