Registration number:
Wyndana Limited
for the Year Ended 31 May 2024
Wyndana Limited
(Registration number: NI010992)
Balance Sheet as at 31 May 2024
Note |
31/05/2024 |
31/05/2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
25,000 |
25,000 |
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Retained earnings |
1,527,395 |
1,846,222 |
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Shareholders' funds |
1,552,395 |
1,871,222 |
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
......................................... |
Wyndana Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Rental income
Rental income represents the amount of rental and related charges invoiced to tenants.
Taxation
Current tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is provided in respect of all timing differences at the balance sheet. Timing differences are differences between the Company’s taxable profit and its results stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax assets and liabilities are not discounted.
Wyndana Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Freehold property |
nil |
Fixtures and fittings |
25% straight line |
Investment property
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Wyndana Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Tangible assets |
Investment properties |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2023 |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
- |
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At 31 May 2024 |
- |
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Carrying amount |
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At 31 May 2024 |
|
- |
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At 31 May 2023 |
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- |
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The investment properties have been valued by the director as at 31 May 2024.
Debtors |
31/05/2024 |
31/05/2023 |
|
Trade debtors |
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Prepayments |
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Funds held with solicitor |
- |
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Creditors |
Creditors: amounts falling due within one year
31/05/2024 |
31/05/2023 |
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Due within one year |
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Directors current account |
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Corporation tax |
24,164 |
156,196 |
Other creditors |
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|
47,968 |
221,327 |
Wyndana Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Provision for liabilities |
31/05/2024 |
31/05/2023 |
|
Deferred tax |
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As at 31 May 2023 |
131,800 |
204,000 |
Release of provision on properties sold |
- |
(104,971) |
Movement in provision for properties held |
- |
32,771 |
As at 31 May 2024 |
131,800 |
131,800 |
The deferred tax liability relates to the gains reported on the revaluation on the investment properties.
Share capital |
Allotted, called up and fully paid shares
31/05/2024 |
31/05/2023 |
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No. |
£ |
No. |
£ |
|
|
|
25,000 |
|
25,000 |
The Company's share capital comprises 25,000 ordinary £1 shares. The shares carry full voting rights and there are no restrictions on the distribution of dividends or repayment of capital.
Retained earnings |
31/05/2024 |
31/05/2023 |
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£ |
£ |
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Distributable reserve |
683,004 |
1,001,831 |
|
Non-distributable reserve |
844,391 |
844,391 |
|
1,527,395 |
1,846,222 |
Related party transactions |
31/05/2024 |
31/05/2023 |
|
Directors current account |
13,487 |
13,490 |