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Registered Number: 14181407
England and Wales

 

 

 

WEMTO PROPERTIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Directors Abidemi James ADIO
Feyisola Olakunbi ADIO
Registered Number 14181407
Registered Office 25 GREAT PEASE PARK
PATCHWAY
BRISTOL
BS34 5ST
Accountants Lagos Accountancy Services UK
Ujima House
97-107 Wilder Street, St Paul's
Bristol
BS2 8QU
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 593,337    541,337 
593,337    541,337 
Current assets      
Cash at bank and in hand 1,308    1,219 
Creditors: amount falling due within one year 4 (260,464)   (248,130)
Net current assets (259,156)   (246,911)
 
Total assets less current liabilities 334,181    294,426 
Creditors: amount falling due after more than one year 5 (299,931)   (299,999)
Provisions for liabilities 6 (8,360)  
Net assets 25,890    (5,573)
 

Capital and reserves
     
Called up share capital 5    5 
Profit and loss account 25,885    (5,578)
Shareholders' funds 25,890    (5,573)
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 March 2025 and were signed on its behalf by:


-------------------------------
Abidemi James ADIO
Director
2
General Information
WEMTO PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 14181407, registration address 25 GREAT PEASE PARK, PATCHWAY, BRISTOL, BS34 5ST.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 July 2023 541,337    541,337 
Additions 8,000    8,000 
Disposals  
Revaluations 44,000    44,000 
At 30 June 2024 593,337    593,337 
Depreciation
At 01 July 2023  
Charge for year  
On disposals  
At 30 June 2024  
Net book values
Closing balance as at 30 June 2024 593,337    593,337 
Opening balance as at 01 July 2023 541,337    541,337 

Fair value 30th June 2024    

4.

Creditors: amount falling due within one year

2024
£
  2023
£
Other Creditors 260,464    248,130 
260,464    248,130 

5.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Other Creditors 299,931    299,999 
299,931    299,999 

6.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 8,360   
8,360   

7.

Director’s loan

Transactions with Directors

Included in other creditors < 1 year is £260,114 (2023 : £247,780) owed to the directors. The amount is unsecured, interest free and has no set repayment date. The company's directors who are also the controlling shareholders continue to make a personal guarantee towards the obligations and liabilities of the company. The director loan is not payable on demand and will not be settled at the detriment of the company.
3