Registered number
02382687
Weycroft Properties Limited
Filleted Accounts
30 June 2024
Weycroft Properties Limited
Registered number: 02382687
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Leasehold property 3 713,541 1,550,980
Tangible assets 4 230 4,339
713,771 1,555,319
Current assets
Debtors 5 9,474 18,191
Cash at bank and in hand 1,612,608 11,616
1,622,082 29,807
Creditors: amounts falling due within one year 6 (362,312) (31,637)
Net current assets/(liabilities) 1,259,770 (1,830)
Total assets less current liabilities 1,973,541 1,553,489
Creditors: amounts falling due after more than one year 7 - (417,665)
Provisions for liabilities (6,420) (35,520)
Net assets 1,967,121 1,100,304
Capital and reserves
Called up share capital 1 1
Revaluation reserve 8 187,820 546,502
Profit and loss account 1,779,300 553,801
Shareholder's funds 1,967,121 1,100,304
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Baigey
Director
Approved by the board on 25.03.2025
Weycroft Properties Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Land and Building £
At 1 July 2023 1,552,100
Additions 12,701
Disposals (850,000)
At 30 June 2024 714,801
Amortisation
At 1 July 2023 1,120
Provided during the year 140
At 30 June 2024 1,260
Net book value
At 30 June 2024 713,541
At 30 June 2023 1,550,980
The Freehold property at £850000 was sold during the year
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 42,405 15,600 58,005
At 30 June 2024 42,405 15,600 58,005
Depreciation
At 1 July 2023 41,966 11,700 53,666
Charge for the year 220 3,889 4,109
At 30 June 2024 42,186 15,589 57,775
Net book value
At 30 June 2024 219 11 230
At 30 June 2023 439 3,900 4,339
5 Debtors 2024 2023
£ £
Other debtors 9,474 18,191
6 Creditors: amounts falling due within one year 2024 2023
£ £
Rent Deposit 14,000 14,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 11,604
Taxation and social security costs 346,912 4,633
Other creditors 1,400 1,400
362,312 31,637
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 417,665
8 Revaluation reserve 2024 2023
£ £
At 1 July 2023 546,502 546,502
Write back on sale of property disposed. (358,682) -
At 30 June 2024 187,820 546,502
9 Other information
Weycroft Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
466 Chiswick High Road
London
W4 5TT
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