Registered number
12465314
WG City Property Ltd
Filleted Accounts
29 February 2024
WG City Property Ltd
Registered number: 12465314
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 632,513 632,513
Current assets
Debtors 4 3,525 3,525
Cash at bank and in hand 13,657 25,209
17,182 28,734
Creditors: amounts falling due within one year 5 (14,851) (37,015)
Net current assets/(liabilities) 2,331 (8,281)
Total assets less current liabilities 634,844 624,232
Creditors: amounts falling due after more than one year 6 (626,147) (622,410)
Net assets 8,697 1,822
Capital and reserves
Called up share capital 1 1
Profit and loss account 8,696 1,821
Shareholder's funds 8,697 1,822
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr John Edward Gulston
Director
Approved by the board on 27 February 2025
WG City Property Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Investments
Other
investments
£
Cost
At 1 March 2023 632,513
At 29 February 2024 632,513
4 Debtors 2024 2023
£ £
Other debtors 3,525 3,525
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 2,040 427
Other creditors 12,811 36,588
14,851 37,015
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 626,147 622,410
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 622,348 287,598
The above loans are availed from Fleet Mortgages secured by charge on immovable properties owned by the company situated at
1. 27 Whitethorn Welwyn Garden City AL7 3EX and
2. 12 Mount Way Welwyn Garden City AL7 4LF
8 Other information
WG City Property Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10 Harmer Street
Gravesend
Kent
DA12 2AX
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