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Registered number: 02257900














WORLD ESTATES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
WORLD ESTATES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
WORLD ESTATES LIMITED
REGISTERED NUMBER:02257900

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,714
4,785

Investment property
 5 
875,000
875,000

  
877,714
879,785

Current assets
  

Debtors: amounts falling due within one year
 6 
15,167
9,111

Cash at bank and in hand
  
54,884
53,749

  
70,051
62,860

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(745,672)
(728,875)

Net current liabilities
  
 
 
(675,621)
 
 
(666,015)

Total assets less current liabilities
  
202,093
213,770

Provisions for liabilities
  

Deferred tax
 8 
(678)
(1,196)

Net assets
  
201,415
212,574


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
 10 
201,315
212,474

  
201,415
212,574


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
WORLD ESTATES LIMITED
REGISTERED NUMBER:02257900
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 February 2025.

D Azouri
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WORLD ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

World Estates Limited is a private limited liability company registered in England and Wales with its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company continued to be that of property investment.
The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements of the Company have been prepared on a going concern basis, the validity of which is dependant on the continued support from the directors of the Company. The directors are satisfied that suitable facilities will continue to be made available. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Turnover

Turnover represents rent receivable net of VAT.
Rental income is recognised in the period to which it relates. Rental income received in advance is carried forward as deferred income.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:


Fixtures & fittings
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted  prospectively if appropriate, or if there is an indication of a significant change since the last reporting  date.

Page 3

 
WORLD ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.6

Debtors

Short term debtors are measured at the transaction price, less any impairment. 

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Employees

The directors were the only employees of the Company during the current and preceding period.


Page 4

 
WORLD ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Fixtures & fittings

£



Cost


At 1 July 2023
7,061


Additions
291



At 30 June 2024

7,352



Depreciation


At 1 July 2023
2,276


Charge for the year on owned assets
2,362



At 30 June 2024

4,638



Net book value



At 30 June 2024
2,714



At 30 June 2023
4,785


5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
875,000



At 30 June 2024
875,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:

2024
2023
£
£


Historic cost
456,699
456,699

Page 5

 
WORLD ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Trade debtors
14,167
8,111

Other debtors
1,000
1,000

15,167
9,111



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
302
148

Taxation and social security
12,989
8,965

Other creditors
665,393
695,024

Accruals and deferred income
66,988
24,738

745,672
728,875



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,196)
(2,401)


Reversal of timing differences
518
1,205



At end of year
(678)
(1,196)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
678
1,196

Page 6

 
WORLD ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100



10.


Reserves

Profit & loss account

The accumulated retained earnings all relate to fair value adjustments net of attributable deferred taxation and are not distributable.

 
Page 7