Company registration number 01408874 (England and Wales)
WILGATE PROPERTIES LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2024
Pages For Filing With Registrar
Wilgate Properties Limited
WILGATE PROPERTIES LIMITED
Company Information
Director
Mr TG Janes
Secretary
Mr TG Janes
Company number
01408874
Registered office
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Business address
Wilgate Green Farm
Throwley
Faversham
Kent
England
ME13 0PW
Wilgate Properties Limited
WILGATE PROPERTIES LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
Wilgate Properties Limited
WILGATE PROPERTIES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Wilgate Properties Limited For The Year Ended 31 July 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wilgate Properties Limited for the year ended 31 July 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Wilgate Properties Limited, as a body, in accordance with the terms of our engagement letter dated 12 March 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Wilgate Properties Limited and state those matters that we have agreed to state to the board of directors of Wilgate Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wilgate Properties Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Wilgate Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wilgate Properties Limited. You consider that Wilgate Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wilgate Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
11 April 2025
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Wilgate Properties Limited
WILGATE PROPERTIES LIMITED
Balance Sheet
As At 31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
969
1,140
Investment property
5
300,000
300,000
300,969
301,140
Current assets
Debtors
6
21
-
0
Cash at bank and in hand
64,208
47,949
64,229
47,949
Creditors: amounts falling due within one year
7
(20,749)
(20,747)
Net current assets
43,480
27,202
Total assets less current liabilities
344,449
328,342
Provisions for liabilities
(184)
(217)
Net assets
344,265
328,125
Capital and reserves
Called up share capital
100
100
Revaluation reserve
179,142
179,142
Profit and loss reserves
165,023
148,883
Total equity
344,265
328,125

The notes on pages 4 to 7 form part of these financial statements.

Wilgate Properties Limited
WILGATE PROPERTIES LIMITED
Balance Sheet (Continued)
As At 31 July 2024
- 3 -

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
Mr TG Janes
Director
Company registration number 01408874 (England and Wales)
Wilgate Properties Limited
WILGATE PROPERTIES LIMITED
Notes To The Financial Statements
For The Year Ended 31 July 2024
- 4 -
1
Accounting policies
Company information

Wilgate Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chavereys Limited, The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Wilgate Properties Limited
WILGATE PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
2
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,967
4,107
Adjustments in respect of prior periods
63
114
Total current tax
4,030
4,221
Deferred tax
Origination and reversal of timing differences
(33)
(38)
Total tax charge
3,997
4,183

At the year end the company had capital losses of £40,455 (2023: £40,455) available for future relief.

Wilgate Properties Limited
WILGATE PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 August 2023 and 31 July 2024
26,511
Depreciation and impairment
At 1 August 2023
25,371
Depreciation charged in the year
171
At 31 July 2024
25,542
Carrying amount
At 31 July 2024
969
At 31 July 2023
1,140
5
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
300,000

The 2024 valuations were made by the director, on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
120,858
120,858
Accumulated depreciation
-
-
Carrying amount
120,858
120,858
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21
-
0
Wilgate Properties Limited
WILGATE PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,448
11,186
Corporation tax
3,967
4,107
Other creditors
3,684
3,684
Accruals and deferred income
1,650
1,770
20,749
20,747
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
184
217
2024
Movements in the year:
£
Liability at 1 August 2023
217
Credit to profit or loss
(33)
Liability at 31 July 2024
184
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