WSA PROPERTIES LTD

Company Registration Number:
NI625793 (Northern Ireland)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

WSA PROPERTIES LTD

Contents of the Financial Statements

for the Period Ended 31 July 2024

Balance sheet
Additional notes
Balance sheet notes

WSA PROPERTIES LTD

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 535 0
Investments: 4 1,000,324 1,000,324
Total fixed assets: 1,000,859 1,000,324
Current assets
Debtors: 5 15,000 85,000
Cash at bank and in hand: 54,271 5,190
Total current assets: 69,271 90,190
Creditors: amounts falling due within one year: 6 ( 726,353 ) ( 757,182 )
Net current assets (liabilities): (657,082) (666,992)
Total assets less current liabilities: 343,777 333,332
Provision for liabilities: ( 25,334 ) ( 25,232 )
Total net assets (liabilities): 318,443 308,100
Capital and reserves
Called up share capital: 100 100
Other reserves: 132,798 132,798
Profit and loss account: 185,545 175,202
Total Shareholders' funds: 318,443 308,100

The notes form part of these financial statements

WSA PROPERTIES LTD

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 28 April 2025
and signed on behalf of the board by:

Name: Breda Gill
Status: Director

The notes form part of these financial statements

WSA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Rental income is recognised when the right to receive payment is established.

    Tangible fixed assets depreciation policy

    Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows: Office equipment - 15% Straight line The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

    Other accounting policies

    Summary of Significant Accounting Policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. Statement of compliance The financial statements of the company for the financial year ended 31 July 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. Basis of preparation The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. Impairment At each reporting year end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current markets assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the Profit and Loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the Profit and Loss account, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Investment properties Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the Profit and loss account. Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. Provisions Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Trade and other creditors Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. Taxation The charge for taxation is based on the results for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Provision is made at the rates expected to apply when the timing differences reverse. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in taxable profits in periods different from those in which they are recognised in the financial statements.

WSA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

WSA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 August 2023 0 0
Additions 669 669
Disposals
Revaluations
Transfers
At 31 July 2024 669 669
Depreciation
At 1 August 2023 0 0
Charge for year 134 134
On disposals
Other adjustments
At 31 July 2024 134 134
Net book value
At 31 July 2024 535 535
At 31 July 2023 0 0

WSA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Fixed assets investments note

The company's investment properties are included in the financial statements at fair value. The investment properties were valued by the directors who are not professionally qualified valuers.

WSA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Debtors

2024 2023
£ £
Trade debtors 15,000 85,000
Total 15,000 85,000

WSA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 2,324 1,853
Accruals and deferred income 6,421 7,126
Other creditors 717,608 748,203
Total 726,353 757,182