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Registered number: 00715054










DAVID WICKENS PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
DAVID WICKENS PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
DAVID WICKENS PROPERTIES LIMITED
REGISTERED NUMBER: 00715054

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
35,463
45,312

Investments
 5 
9,427
9,427

Investment property
 6 
1,200,000
1,200,000

  
1,244,890
1,254,739

Current assets
  

Debtors: amounts falling due within one year
 7 
85,513
570,023

Cash at bank and in hand
  
463,408
7,143

  
548,921
577,166

Creditors: amounts falling due within one year
 8 
(33,532)
(37,568)

Net current assets
  
 
 
515,389
 
 
539,598

Total assets less current liabilities
  
1,760,279
1,794,337

Provisions for liabilities
  

Deferred tax
 10 
(162,293)
(164,596)

Net assets
  
1,597,986
1,629,741


Capital and reserves
  

Called up share capital 
  
999
999

Share premium account
  
997
997

Revaluation reserve
  
684,950
684,950

Profit and loss account
  
911,040
942,795

  
1,597,986
1,629,741


Page 1

 
DAVID WICKENS PROPERTIES LIMITED
REGISTERED NUMBER: 00715054
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

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.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D.P. Wickens
Director

Date: 7 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
DAVID WICKENS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

David Wickens Properties Limited (the company) is a private company, limited by shares, incorporated and domiciled in England. The address of its registered office is Earls Croome Court, Church Lane, Earls Croome, Worcestershire, WR8 9DE.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration and relates to rental income receivable.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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:

Freehold property
-
2.5% on cost
Plant & machinery
-
12.5%  on cost
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
15% on cost

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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.4

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.

Page 3

 
DAVID WICKENS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.


 
2.6

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.

 
2.7

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.

 
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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
DAVID WICKENS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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.  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 year was 2 (2023 - 2).

Page 5

 
DAVID WICKENS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost


At 1 August 2023
16,319
40,357
42,685
31,790
131,151


Disposals
-
-
(12,860)
-
(12,860)



At 31 July 2024

16,319
40,357
29,825
31,790
118,291



Depreciation


At 1 August 2023
13,871
19,246
20,943
31,779
85,839


Charge for the year on owned assets
408
3,776
5,436
-
9,620


Disposals
-
-
(12,631)
-
(12,631)



At 31 July 2024

14,279
23,022
13,748
31,779
82,828



Net book value



At 31 July 2024
2,040
17,335
16,077
11
35,463



At 31 July 2023
2,448
21,111
21,742
11
45,312


5.


Fixed asset investments





Unlisted investments

£



Cost 


At 1 August 2023
9,427



At 31 July 2024
9,427




Page 6

 
DAVID WICKENS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Investment property


Freehold investment properties

£



Valuation


At 1 August 2023
1,200,000



At 31 July 2024
1,200,000

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



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


2024
2023
£
£


Historic cost
361,170
361,170


7.


Debtors

2024
2023
£
£


Amounts owed by related undertakings
10,935
11,858

Other debtors
66,784
548,998

Prepayments and accrued income
7,794
9,167

85,513
570,023



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
2,934
-

Accruals and deferred income
30,598
37,568

33,532
37,568


Page 7

 
DAVID WICKENS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
463,408
463,408

463,408
463,408





Financial assets measured at fair value through profit or loss comprise...


10.


Deferred taxation




2024
2023


£

£






At beginning of year
(164,596)
(117,631)


(Credited) to profit or loss
2,303
(46,965)



At end of year
(162,293)
(164,596)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation surplus
(153,880)
(153,880)

Accelerated capital allowances
(8,413)
(10,716)

(162,293)
(164,596)


 
Page 8