Company registration number 02848050 (England and Wales)
WILLOWBROOK PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
WILLOWBROOK PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WILLOWBROOK PROPERTIES LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
367,771
365,015
Debtors
3
307,763
344,257
Cash at bank and in hand
345,652
424,283
1,021,186
1,133,555
Creditors: amounts falling due within one year
4
(43,449)
(30,193)
Net current assets
977,737
1,103,362
Creditors: amounts falling due after more than one year
5
(31,432)
(36,784)
Net assets
946,305
1,066,578
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
946,205
1,066,478
Total equity
946,305
1,066,578

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
E E Townend
Director
Company registration number 02848050 (England and Wales)
WILLOWBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Willowbrook Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

Turnover from the sale of property is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer which is usually on completion of the sale.

 

Turnover from rent is recognised by reference to the period for which the rent relates.

1.3
Stocks

Stock represent the costs incurred during the development of the properties. This is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of all costs relating to the development of the properties which includes such cost as direct materials, direct labour and those overheads that have been incurred in developing these properties.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

WILLOWBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.

 

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
222,141
286,930
Deferred tax asset
85,622
57,327
307,763
344,257
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,352
5,220
Trade creditors
916
813
Taxation and social security
5,392
-
0
Other creditors
31,789
24,160
43,449
30,193
WILLOWBROOK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,432
36,784
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
14,550
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Keir Singleton
Statutory Auditor:
CLA Evelyn Partners Limited
Date of audit report:
19 February 2025
8
Directors' transactions

At the reporting date, the company owed amounts of £19,360 (2023: £19,360) to the directors of the company, in respect of interest-free loans.

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