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COMPANY REGISTRATION NUMBER: 07294714
Who Cares Wins Property Limited
Filleted Unaudited Financial Statements
30 June 2024
Who Cares Wins Property Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Officers and professional advisers
1
Accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Who Cares Wins Property Limited
Officers and Professional Advisers
Director
A P Wilson
Registered office
29a Highbury New Park
Islington
London
N5 2EN
Accountants
Progeny Law and Tax Limited
Accountants
Crescent House
Crescent Road
Worthing
BN11 1RN
Who Cares Wins Property Limited
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Who Cares Wins Property Limited
Year ended 30 June 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 June 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Progeny Law and Tax Limited Accountants
Crescent House Crescent Road Worthing BN11 1RN
Who Cares Wins Property Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
2,442,500
2,442,500
Current assets
Debtors
5
7,418
4,221
Cash at bank and in hand
57,561
112,924
--------
---------
64,979
117,145
Creditors: amounts falling due within one year
6
14,497
18,365
--------
---------
Net current assets
50,482
98,780
------------
------------
Total assets less current liabilities
2,492,982
2,541,280
Creditors: amounts falling due after more than one year
7
1,015,121
1,118,951
Provisions
58,575
58,575
------------
------------
Net assets
1,419,286
1,363,754
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
1,110,304
1,110,304
Profit and loss account
308,882
253,350
------------
------------
Shareholders funds
1,419,286
1,363,754
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Who Cares Wins Property Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
A P Wilson
Director
Company registration number: 07294714
Who Cares Wins Property Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29a Highbury New Park, Islington, London, N5 2EN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investment properties
Investment properties are accounted for at their fair value. Changes in fair value are reflected through the profit and loss account. No depreciation is provided in respect of investment properties. This treatment is a departure from the requirements of the companies act 2006 which requires all properties to be depreciated. However, the director considers that these properties are not held for consumption but for investment and that to depreciate them would not give a true and fair view. The amount of of depreciation which might otherwise have been charged cannot be separately identified or quantified as it is not practical to assess the estimated useful lives for investment properties.
Revenue recognition
Turnover represents amounts receivable for rents, net of VAT where applicable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible fixed assets other than freehold land and buildings are stated at cost or valuation less depreciation.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tangible assets
Freehold property
£
Cost
At 1 July 2023 and 30 June 2024
2,442,500
------------
Depreciation
At 1 July 2023 and 30 June 2024
------------
Carrying amount
At 30 June 2024
2,442,500
------------
At 30 June 2023
2,442,500
------------
The freehold property was not revalued in the year to 30 June 2024 as the director is of the opinion that there has been no material change from the value at 30 June 2023 .
5. Debtors
2024
2023
£
£
Other debtors
7,418
4,221
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
7,896
7,975
Other creditors
6,601
10,390
--------
--------
14,497
18,365
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,015,121
1,118,951
------------
------------