REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Wedge Property Portfolio Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Wedge Property Portfolio Limited |
Wedge Property Portfolio Limited (Registered number: 10836651) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Wedge Property Portfolio Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Old Stables |
Sutton Manor Farm |
Bishops Sutton |
Alresford |
Hampshire |
SO24 0AA |
Wedge Property Portfolio Limited (Registered number: 10836651) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve - non-distributable |
Retained earnings |
SHAREHOLDERS' FUNDS |
Wedge Property Portfolio Limited (Registered number: 10836651) |
Balance Sheet - continued |
30 June 2024 |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Wedge Property Portfolio Limited (Registered number: 10836651) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Wedge Property Portfolio Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The director considers the use of the going concern basis of accounting appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. The financial statements have therefore been prepared on a going concern basis. The director has confirmed that he will continue to support the company and will not recall his loan if it would render the company unable to pay its liabilities as they fall due. |
Turnover |
Turnover represents net invoiced rent receivable, excluding value added tax. |
Tangible fixed assets |
Computer equipment | - |
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value is recognised in the Income Statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Deferred tax |
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. |
3. | EMPLOYEES |
The average number of employees during the year was NIL (2023 - NIL). |
Wedge Property Portfolio Limited (Registered number: 10836651) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2022 | 298,304 |
Cost | 736,696 |
1,035,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 736,696 | 736,696 |
Investment properties were valued on an open market basis on 30 June 2024 by Mr P Wedge, the director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Wedge Property Portfolio Limited (Registered number: 10836651) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation tax |
Wedge Asset Management Limited | 14,296 | 27,480 |
Director's loan account | 760,614 | 751,918 |
Accruals and deferred income |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Property revaluations | 56,678 | 56,678 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Unrelieved property losses |
Balance at 30 June 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 97 | 97 |
Ordinary 'A' | £1 | 1 | 1 |
Ordinary 'B' | £1 | 1 | 1 |
Ordinary 'C' | £1 | 1 | 1 |
100 | 100 |
The Ordinary shares, 'A', 'B' and 'C' shares shall rank pari passu in all respects except that dividends may be paid to the holders of one or more classes of shares to the exclusion of the other at the director's discretion. |
Wedge Property Portfolio Limited (Registered number: 10836651) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | RELATED PARTY DISCLOSURES |
Mr P Wedge |
Director |
During the period under review Mr P Wedge made purchases on behalf of the company amounting to £5,057 (2023 - £4,856). |
Wedge Asset Management Limited |
During the period under review the company paid consultancy fees amounting to £16,800 (2023 - £16,800) to Wedge Asset Management Limited, a company under the common control of the director and majority shareholder. |
Balance due to/(from) related party at balance sheet date: | 2024 | 2023 |
£ | £ |
Mr P Wedge | 760,614 | 751,918 |
Wedge Asset Management Limited | 14,296 | 27,480 |
11. | ULTIMATE CONTROLLING PARTY |
During the period under review the company was under the control of Mr P Wedge, the sole director and majority shareholder. |