Company registration number 05322545 (England and Wales)
29 WIMBLEDON HILL LIMITED
Unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
29 WIMBLEDON HILL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
29 WIMBLEDON HILL LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 December 2023
2023
2022
Notes
£
£
£
£
Non-current assets
Investment properties
4
1,712,184
1,769,780
Current assets
Cash and cash equivalents
122,413
1,405
Current liabilities
5
(714,289)
(694,878)
Net current liabilities
(591,876)
(693,473)
Total assets less current liabilities
1,120,308
1,076,307
Provisions for liabilities
6
(238,796)
(253,195)
Net assets
881,512
823,112
Equity
Called up share capital
7
1
1
Other reserves
8
716,388
759,585
Retained earnings
165,123
63,526
Total equity
881,512
823,112
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 18 April 2025
Ms Y A Sirhan
Director
Company Registration No. 05322545
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29 WIMBLEDON HILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
1
Accounting policies
Company information
29 Wimbledon Hill Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Turnover represent the amounts derived from the rental income. Income is measured and recorded at the fair value of the consideration received during the accounting year.
1.4
Investment properties
Investment property, which is property held to earn rentals and for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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29 WIMBLEDON HILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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 income statement 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.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
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29 WIMBLEDON HILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
4
Investment property
2023
£
Fair value
At 1 January 2023
1,769,780
Revaluations
(57,596)
At 31 December 2023
1,712,184
Investment property comprises of freehold property. The fair value of the investment property has been arrived at by measuring the movement in valuations on similar properties from the House Price Index data available at the Land Registry. Y Shiran, the director of the company concludes that this is a fair valuation of the property as at the 31 December 2023.
5
Current liabilities
2023
2022
£
£
Trade payables
5,833
Corporation tax
24,967
Other payables
689,322
689,045
714,289
694,878
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
238,796
253,195
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
8
Other reserves
Other reserves amounting to £716,388 (2022 - £759,585) represent the fair value reserve. The fair value reserve comprises the unrealised gains on the investment property which have passed through the profit and loss account to reflect the fair value movements less the deferred tax provision on these fair value movements.
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