Wentloog Limited |
Notes to the Accounts |
for the year ended 31 August 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Going Concern |
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The company made a loss for the year to 31 August 2024 of £799. As at 31 August 2024 the company had net liabilities of £1,053,189. |
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Companies under common control, have agreed not to recall their debts of £2,255,758 and, on this basis, the Directors consider it appropriate that the accounts are prepared on the going concern basis. |
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Turnover |
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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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
Not depreciated |
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Taxation |
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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. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of employees, including directors, during the year |
2 |
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2 |
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3 |
Taxation |
2024 |
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2023 |
£ |
£ |
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Corporation tax |
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Current tax on profits for the year |
- |
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- |
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- |
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- |
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Deferred tax |
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Origination and reversal of timing differences |
(349,302) |
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- |
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Deferred tax movement on investment property |
- |
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- |
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Total deferred tax |
(349,302) |
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- |
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Taxation on profit/(loss) on ordinary actvities |
(349,302) |
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- |
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Factors affecting tax charge for the year |
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There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023: 25%). |
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4 |
Tangible fixed assets |
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Freehold Property |
£ |
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Cost |
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At 1 September 2023 |
853,266 |
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At 31 August 2024 |
853,266 |
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Depreciation |
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At 31 August 2024 |
- |
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Net book value |
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At 31 August 2024 |
853,266 |
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At 31 August 2023 |
853,266 |
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5 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Deferred tax asset |
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349,302 |
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- |
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Other debtors |
1 |
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1 |
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349,303 |
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1 |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
- |
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750 |
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Other creditors |
1,705,371 |
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1,703,822 |
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Accruals and deferred income |
550,387 |
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550,387 |
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2,255,758 |
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2,254,959 |
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7 |
Deferred taxation |
2024 |
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2023 |
£ |
£ |
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At beginning of year |
- |
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- |
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Charged to profit or loss |
(349,302) |
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- |
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Charged to other comprehensive income |
- |
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- |
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(349,302) |
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- |
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In accordance with the requirements of FRS102, the company has recognised the deferred tax in respect of its Fixed Asset Investment Property which is held at its current market value. The deferred tax will only become payable should the company dispose of the property. |
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The provision for deferred taxation is made up as follows: |
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2024 |
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2023 |
£ |
£ |
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Fixed asset timing differences |
593 |
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- |
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Short term timing differences |
- |
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- |
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Capital gain |
- |
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- |
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Losses and other deductions |
(349,895) |
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- |
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(349,302) |
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- |
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8 |
Share Capital |
2024 |
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2023 |
£ |
£ |
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Shares Classified as Equity |
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Allotted, called up and fully paid |
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100 Ordinary shares of £0.01 each |
1 |
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1 |
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1 |
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1 |
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9 |
Reserves |
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Profit and Loss Account |
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Includes all current and prior year retained profits and losses. |
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10 |
Related party transactions |
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At the year end, Wentloog Limited owed a company under common control, £1,605,759 (2023: £1,604,210), this balance is included in other creditors. During the year interest was charged on this loan of £NIL (2023: £60,116). |
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At the year end, Wentloog Limited owed a company under common control, £650,000 (2023: £650,000), this balance is included in other creditors. During the year interest was charged on this loan of £NIL (2023: £25,000). |
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11 |
Other information |
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Wentloog Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Airport Business Centre |
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Thornbury Road |
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Plymouth |
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Devon |
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PL6 7PP |