Wakeley Property Limited 11587449 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is property rental Digita Accounts Production Advanced 6.30.9574.0 true 11587449 2023-10-01 2024-09-30 11587449 2024-09-30 11587449 core:DeferredIncomeDeferredTax 2024-09-30 11587449 core:TaxLossesCarry-forwardsDeferredTax 2024-09-30 11587449 core:CurrentFinancialInstruments 2024-09-30 11587449 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 11587449 core:CurrentFinancialInstruments core:Secured 2024-09-30 11587449 bus:SmallEntities 2023-10-01 2024-09-30 11587449 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 11587449 bus:FilletedAccounts 2023-10-01 2024-09-30 11587449 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 11587449 bus:RegisteredOffice 2023-10-01 2024-09-30 11587449 bus:Director1 2023-10-01 2024-09-30 11587449 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 11587449 countries:EnglandWales 2023-10-01 2024-09-30 11587449 2022-10-01 2023-09-30 11587449 2023-09-30 11587449 core:DeferredIncomeDeferredTax 2023-09-30 11587449 core:TaxLossesCarry-forwardsDeferredTax 2023-09-30 11587449 core:CurrentFinancialInstruments 2023-09-30 11587449 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 11587449 core:CurrentFinancialInstruments core:Secured 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 11587449

Prepared for the registrar

Wakeley Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Wakeley Property Limited

(Registration number: 11587449)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

691,197

631,490

Cash at bank and in hand

 

86,902

63,636

 

778,099

695,126

Creditors: Amounts falling due within one year

5

(635,190)

(554,892)

Total assets less current liabilities

 

142,909

140,234

Deferred tax liabilities

7

(24,636)

(11,467)

Net assets

 

118,273

128,767

Capital and reserves

 

Called up share capital

100

100

Retained earnings

118,173

128,667

Shareholders' funds

 

118,273

128,767

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 April 2025
 

A Wakeley
Director

   
     
 

Wakeley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Wakeley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Wakeley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

4

Debtors

2024
£

2023
£

Other debtors

691,197

631,490

691,197

631,490

 

5

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

632,670

552,372

Accruals and deferred income

 

2,520

2,520

 

635,190

554,892

 

6

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

608,000

378,000

Other borrowings

24,670

174,372

632,670

552,372

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Short term timing differences

29,374

Losses and other deductions

(4,738)

24,636

2023

Liability
£

Short term timing differences

14,705

Losses and other deductions

(3,238)

11,467

 

Wakeley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

8

Related party transactions

Transactions with companies under common control

At 30 September 2024, the company owed £608,000 (2023 - £378,000) to related companies. The companies are related by virtue of common control. There are no fixed repayment terms or interest charged on the outstanding balance.


Transactions with directors

At 30 September 2024, the company owed £24,670 (2023 - £174,372) to the director A Wakeley in the form of a director's loan account. There are no fixed repayment terms or interest charged on the outstanding balance.