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Registered number: 10626649










Weller Properties (Faversham) Limited








Unaudited

Directors' report and financial statements

For the 52 week period ended 29 September 2024

 
Weller Properties (Faversham) Limited
 

Company Information


Directors
J S Cleaver 
B Cleaver 




Registered number
10626649



Registered office
Brent Hill

Faversham

Kent

ME13 7EB




Accountants
Kreston Reeves LLP
Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
Weller Properties (Faversham) Limited
 

Contents



Page
Directors' report
1
Accountants' report
2
Statement of income and retained earnings
3
Balance sheet
4
Notes to the financial statements
5 - 9


 
Weller Properties (Faversham) Limited
 

 
Directors' report
For the 52 week period ended 29 September 2024

The directors present their report and the financial statements for the 52 week period ended 29 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the 52 week period were:

J S Cleaver 
B Cleaver 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 3 March 2025 and signed on its behalf.
 







J S Cleaver
Director

Page 1

 
Weller Properties (Faversham) Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Weller Properties (Faversham) Limited for the 52 week period ended 29 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Weller Properties (Faversham) Limited for the 52 week period ended 29 September 2024 which comprise the Statement of income and retained earnings, the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Weller Properties (Faversham) Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2025Our work has been undertaken solely to prepare for your approval the financial statements of Weller Properties (Faversham) Limited and state those matters that we have agreed to state to the Board of directors of Weller Properties (Faversham) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weller Properties (Faversham) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Weller Properties (Faversham) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Weller Properties (Faversham) Limited. You consider that Weller Properties (Faversham) Limited is exempt from the statutory audit requirement for the 52 week period.

We have not been instructed to carry out an audit or review of the financial statements of Weller Properties (Faversham) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





Kreston Reeves LLP
 
Chartered Accountants
  
Canterbury
7 March 2025
Page 2

 
Weller Properties (Faversham) Limited
 

Statement of income and retained earnings
For the 52 week period ended 29 September 2024

29 September 2024
1 October 2023
£
£

  

Turnover
  
8,000
96,000

Gross profit
  
8,000
96,000

Administrative expenses
  
(6,437)
(4,423)

Operating profit
  
1,563
91,577

Interest receivable and similar income
  
8,716
5,030

Profit before tax
  
10,279
96,607

Tax on profit
  
(3,284)
(20,794)

Profit after tax
  
6,995
75,813

  

  

Retained earnings at the beginning of the 52 week period
  
3,451,476
3,375,663

  
3,451,476
3,375,663

Profit for the 52 week period
  
6,995
75,813

Retained earnings at the end of the 52 week period
  
3,458,471
3,451,476

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 5 to 9 form part of these financial statements.

Page 3

 
Weller Properties (Faversham) Limited
Registered number: 10626649

Balance sheet
As at 29 September 2024

29 September
1 October
2024
2023
Note
£
£

Fixed assets
  

Investment property
  
3,000,000
3,000,000

  
3,000,000
3,000,000

Current assets
  

Debtors: amounts falling due within one year
 5 
8,239
7,111

Bank and cash balances
  
510,525
522,387

  
518,764
529,498

Creditors: Amounts Falling Due Within One Year
 6 
(60,193)
(77,922)

Net current assets
  
 
 
458,571
 
 
451,576

Total assets less current liabilities
  
3,458,571
3,451,576

  

Net assets
  
3,458,571
3,451,576


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
 8 
3,458,471
3,451,476

  
3,458,571
3,451,576


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 52 week period 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 were approved and authorised for issue by the board and were signed on its behalf on 3 March 2025.




J S Cleaver
Director

The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
Weller Properties (Faversham) Limited
 

 
Notes to the financial statements
For the 52 week period ended 29 September 2024

1.


General information

Weller Properties (Faversham) Limited is a limited liability company incorporated in England and Wales with the registration number 10626649. 
The company's registered office is Brent Hill, Faversham, Kent, ME13 7EB.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The functional and presentational currency of the financial statements is Pounds Sterling. 
The company's financial statements are presented to the nearest Pound. 

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the company's current position and cashflow projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the annual report and financial statements. 

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of rental income receivable, exclusive of Value Added Tax.

 
2.4

Investment property

Investment property is carried at fair value determined annually and derived from directors opinion of fair value. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and retained earnings.  

 
2.5

Debtors

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

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 5

 
Weller Properties (Faversham) Limited
 

 
Notes to the financial statements
For the 52 week period ended 29 September 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 6

 
Weller Properties (Faversham) Limited
 

 
Notes to the financial statements
For the 52 week period ended 29 September 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)


Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Creditors

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

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Taxation

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 balance sheet 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 balance sheet 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 balance sheet date.



3.


Employees




The average monthly number of employees, including directors, during the 52 week period was 2 (2023 - 2).

Page 7

 
Weller Properties (Faversham) Limited
 

 
Notes to the financial statements
For the 52 week period ended 29 September 2024

4.


Investment property





Freehold investment property

£



Valuation


At 2 October 2023
3,000,000



At 29 September 2024
3,000,000

The investment property has been valued at the year end by the directors at fair value.  







5.


Debtors

29 September
1 October
2024
2023
£
£


Amounts owed by group undertakings
8,139
7,011

Other debtors
100
100

8,239
7,111



6.


Creditors: Amounts falling due within one year

29 September
1 October
2024
2023
£
£

Corporation tax
3,065
20,794

Other creditors
56,000
56,000

Accruals and deferred income
1,128
1,128

60,193
77,922


Page 8

 
Weller Properties (Faversham) Limited
 

 
Notes to the financial statements
For the 52 week period ended 29 September 2024

7.


Share capital

29 September
1 October
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



8.


Reserves

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.


9.


Controlling party

The company is a wholly owned subsidiary of Weller Properties Holdings Limited, a company registered in England and Wales, which is its ultimate holding company. 
Weller Properties Holdings Limited is controlled by J S Cleaver and B Cleaver, directors of the company, by virtue of their combined interest in 100% of the Ordinary share capital of that company. 

Page 9