1 September 2023 v2025.5.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP109038042023-09-012024-08-31109038042024-08-31109038042023-08-3110903804core:WithinOneYear2024-08-3110903804core:WithinOneYear2023-08-3110903804core:AfterOneYear2024-08-3110903804core:AfterOneYear2023-08-3110903804core:ShareCapital2024-08-3110903804core:ShareCapital2023-08-3110903804core:RevaluationReserve2024-08-3110903804core:RevaluationReserve2023-08-3110903804core:RetainedEarningsAccumulatedLosses2024-08-3110903804core:RetainedEarningsAccumulatedLosses2023-08-3110903804bus:Director12023-09-012024-08-3110903804bus:RegisteredOffice2023-09-012024-08-3110903804core:FurnitureFittings2023-09-012024-08-3110903804core:LandBuildings2023-09-012024-08-31109038042022-09-012023-08-3110903804core:LandBuildings2023-09-0110903804core:PlantMachinery2023-09-01109038042023-09-0110903804core:PlantMachinery2023-09-012024-08-3110903804core:LandBuildings2024-08-3110903804core:PlantMachinery2024-08-3110903804core:LandBuildings2023-08-3110903804core:PlantMachinery2023-08-311090380412023-09-012024-08-3110903804countries:EnglandWales2023-09-012024-08-3110903804bus:AuditExemptWithAccountantsReport2023-09-012024-08-3110903804bus:PrivateLimitedCompanyLtd2023-09-012024-08-3110903804bus:SmallEntities2023-09-012024-08-3110903804bus:FullAccounts2023-09-012024-08-31
Company registration number:
10903804
Wheatland Property Investment Ltd
Unaudited Filleted Financial Statements for the year ended
31 August 2024
Wheatland Property Investment Ltd
Statement of Financial Position
31 August 2024
20242023
Note££
Fixed assets    
Tangible assets 5
527,689
 
525,261
 
Current assets    
Debtors 6
9,448
 
1,537
 
Cash at bank and in hand
16,219
 
22,008
 
25,667
 
23,545
 
Creditors: amounts falling due within one year 7
(800
)
(600
)
Net current assets
24,867
 
22,945
 
Total assets less current liabilities 552,556   548,206  
Creditors: amounts falling due after more than one year 8
(519,400
)
(514,058
)
Provisions for liabilities
(5,645
)
(5,645
)
Net assets
27,511
 
28,503
 
Capital and reserves    
Called up share capital
100
 
100
 
Revaluation reserve
24,062
 
24,062
 
Profit and loss account
3,349
 
4,341
 
Shareholders funds
27,511
 
28,503
 
For the year ending
31 August 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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 Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
21 January 2025
, and are signed on behalf of the board by:
Mr R Bacon
Director
Company registration number:
10903804
Wheatland Property Investment Ltd
Notes to the Financial Statements
Year ended
31 August 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Wheatland House
,
Bridgnorth Road
,
Much Wenlock
,
Shropshire
,
TF13 6AG
. United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

These financial statements have been prepared on the going concern basis, as deemed appropriate by the directors.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
15% Reducing balance
Land and buildings
Not depreciated

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 September 2023
525,000
 
500
 
525,500
 
Additions -  
889
 
889
 
Other movements -  
2,612
 
2,612
 
At
31 August 2024
525,000
 
4,001
 
529,001
 
Depreciation      
At
1 September 2023
-  
239
 
239
 
Charge -  
39
 
39
 
Other movements -  
1,034
 
1,034
 
At
31 August 2024
-  
1,312
 
1,312
 
Carrying amount      
At
31 August 2024
525,000
 
2,689
 
527,689
 
At 31 August 2023
525,000
 
261
 
525,261
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying value at
1 September 2023
and
31 August 2024
525,000
 
The fair value of the company's investment properties were revalued by the directors in August 2021 on the basis of open market value at £525,000 (2023 - £525,000). If they had not been revalued it would have been included at the historical cost of £495,293 (2023 - £495,293).

6 Debtors

20242023
££
Trade debtors
200
 
872
 
Other debtors
9,248
 
665
 
9,448
 
1,537
 

7 Creditors: amounts falling due within one year

20242023
££
Other creditors
800
 
600
 

8 Creditors: amounts falling due after more than one year

20242023
££
Other creditors
519,400
 
514,058
 
Included in creditors more than one year is £209,995 (2023 - £199,640) for which security has been given.

10 Controlling party

The ultimate controlling party is Mr R Bacon.