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REGISTERED NUMBER: 00526780 (England and Wales)















WHEATCROFT PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






WHEATCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 00526780)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8

Chartered Certified Accountants' Report 9

WHEATCROFT PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: K Wheatcroft
Mrs A M Wheatcroft





SECRETARY: Mrs A M Wheatcroft





REGISTERED OFFICE: 4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF





REGISTERED NUMBER: 00526780 (England and Wales)





ACCOUNTANTS: Essex Abel Ltd
4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF

WHEATCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 00526780)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,172,759 2,418,488
Investment property 5 14,242,423 14,187,423
17,415,182 16,605,911

CURRENT ASSETS
Stocks 134,236 132,889
Debtors: amounts falling due within one year 6 3,899,837 4,421,919
Debtors: amounts falling due after more than
one year

6

25,000,000

21,000,000
Cash at bank 1,168,643 184,563
30,202,716 25,739,371
CREDITORS
Amounts falling due within one year 7 15,730,255 11,384,296
NET CURRENT ASSETS 14,472,461 14,355,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,887,643

30,960,986

PROVISIONS FOR LIABILITIES 236,003 202,134
NET ASSETS 31,651,640 30,758,852

CAPITAL AND RESERVES
Called up share capital 101,000 101,000
Retained earnings 31,550,640 30,657,852
SHAREHOLDERS' FUNDS 31,651,640 30,758,852

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WHEATCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 00526780)

BALANCE SHEET - continued
31 MARCH 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





K Wheatcroft - Director


WHEATCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 00526780)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Wheatcroft Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and place of business can be found on the Company Information page.

The presentation currency of the financial statements is Pound Sterling (£) and they are rounded to the nearest £1.

The previous accounting period was lengthened to 15 months to align with the tax year, meaning that the comparatives are not entirely comparable.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the Company's accounting policies, which are described in the accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Valuation of investment property
As described in note 5 to the financial statements, investment property is stated at fair value based on the directors valuation. The directors used observable market prices adjusted as necessary for any difference in the future condition of the specific asset.

Tangible fixed asset useful lives
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as maintenance programmes are taken into account.

Turnover
Turnover represents rental income, excluding value added tax, on a straight line basis over the terms of the leases. Also included in turnover is land sales.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on cost
Computer equipment - 25% on cost

The value of freehold land is not depreciated.

WHEATCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 00526780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks of land are valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

WHEATCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 00526780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities when applicable.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value.

The company owns land and buildings to earn long-term rental income and for capital appreciation. These properties are occupied by third parties.

The aggregate surplus or deficit arising on revaluation is recognised in the profit and loss account and retained earnings in the separate non distributable fair value reserve.

Investment properties whose fair value cannot be determined due to there being no active market are measured at cost less impairment.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 3 ) .

WHEATCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 00526780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 April 2023 2,454,811 51,411 2,267 2,508,489
Additions 810,245 582 - 810,827
At 31 March 2024 3,265,056 51,993 2,267 3,319,316
DEPRECIATION
At 1 April 2023 75,676 12,200 2,125 90,001
Charge for year 43,501 12,913 142 56,556
At 31 March 2024 119,177 25,113 2,267 146,557
NET BOOK VALUE
At 31 March 2024 3,145,879 26,880 - 3,172,759
At 31 March 2023 2,379,135 39,211 142 2,418,488

Included in cost of land and buildings is freehold land of £ 811,529 (2023 - £ 526,893 ) which is not depreciated.

5. FIXED ASSET INVESTMENTS
Investment
properties
£   
COST OR VALUATION
At 1 April 2023 14,187,423
Revaluations 55,000
At 31 March 2024 14,242,423
NET BOOK VALUE
At 31 March 2024 14,242,423
At 31 March 2023 14,187,423

Cost or valuation at 31 March 2024 is represented by:

Investment
properties
£   
Valuation in 2014 177,094
Valuation in 2018 29,789
Valuation in 2019 127,500
Valuation in 2024 55,000
Cost 13,853,040
14,242,423

WHEATCROFT PROPERTIES LIMITED (REGISTERED NUMBER: 00526780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. FIXED ASSET INVESTMENTS - continued

During the year the directors revalued the investment properties, on an open market value basis, based on professional advice and known market conditions. No independent valuation of the properties has been carried out.

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 261,332 984,399
Amounts owed by group undertakings 3,223,767 3,092,364
Other debtors 414,738 345,156
3,899,837 4,421,919

Amounts falling due after more than one year:
Amounts owed by group undertakings 25,000,000 21,000,000

Aggregate amounts 28,899,837 25,421,919

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 222,833 33,485
Taxation and social security 160,625 423,935
Other creditors 15,346,797 10,926,876
15,730,255 11,384,296

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date £14,199,356 (2023: £8,460,774) was owed to an entity under common control.

Interest has been paid on the balance owed at a rate of 5%.

9. ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of Mr K Wheatcroft, by virtue of his shareholding in Wheatcroft (Group) Limited.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WHEATCROFT PROPERTIES LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wheatcroft Properties Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Wheatcroft Properties Limited, as a body, in accordance with the terms of our engagement letter dated 26 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Wheatcroft Properties Limited and state those matters that we have agreed to state to the Board of Directors of Wheatcroft Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wheatcroft Properties 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 Wheatcroft Properties Limited. You consider that Wheatcroft Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wheatcroft Properties 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.






Essex Abel Ltd
4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF


20 March 2025