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REGISTERED NUMBER: 12769095 (England and Wales)















WORTHS PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






WORTHS PROPERTIES LTD (REGISTERED NUMBER: 12769095)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


WORTHS PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Miss H L Worth
A J Worth





REGISTERED OFFICE: The Spinney
Baileys Lane
Holbeach
Spalding
PE12 8JP





REGISTERED NUMBER: 12769095 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

WORTHS PROPERTIES LTD (REGISTERED NUMBER: 12769095)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 410,000 396,931

CURRENT ASSETS
Cash at bank 11,208 8,422

CREDITORS
Amounts falling due within one year 5 113,354 118,372
NET CURRENT LIABILITIES (102,146 ) (109,950 )
TOTAL ASSETS LESS CURRENT LIABILITIES 307,854 286,981

CREDITORS
Amounts falling due after more than one year 6 (289,539 ) (286,055 )

PROVISIONS FOR LIABILITIES (3,267 ) -
NET ASSETS 15,048 926

CAPITAL AND RESERVES
Called up share capital 8 3 3
Other reserve 9 9,802 -
Retained earnings 5,243 923
SHAREHOLDERS' FUNDS 15,048 926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by:





Miss H L Worth - Director


WORTHS PROPERTIES LTD (REGISTERED NUMBER: 12769095)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Worths Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

WORTHS PROPERTIES LTD (REGISTERED NUMBER: 12769095)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 396,931
Revaluations 13,069
At 31 July 2024 410,000
NET BOOK VALUE
At 31 July 2024 410,000
At 31 July 2023 396,931

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2024 410,000

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 1,013 216
Other creditors 112,341 118,156
113,354 118,372

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 289,539 286,055

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 289,539 286,055

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgage 286,055 172,465

Security is held on the following property;
47 Commercial Road, Spalding, PE11 2HD,
6 Abbey House, High Street, Spalding, PE11 1UG
22 Fulney Avenue, Spalding, PE11 2JB

WORTHS PROPERTIES LTD (REGISTERED NUMBER: 12769095)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

8. CALLED UP SHARE CAPITAL

Number: Class: Nominal 2023 2022
value: £ £
300 Ordinary 1p 3 3
3 3

9. RESERVES
Other
reserve
£   
Profit / loss on revaluation 13,069
Deferred tax (3,267 )

At 31 July 2024 9,802