Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31The principal activity of the Company during the year was that of commercial property development.2023-08-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09665722 2023-08-01 2024-07-31 09665722 2022-08-01 2023-07-31 09665722 2024-07-31 09665722 2023-07-31 09665722 c:Director1 2023-08-01 2024-07-31 09665722 d:FreeholdInvestmentProperty 2023-08-01 2024-07-31 09665722 d:FreeholdInvestmentProperty 2024-07-31 09665722 d:CurrentFinancialInstruments 2024-07-31 09665722 d:CurrentFinancialInstruments 2023-07-31 09665722 d:Non-currentFinancialInstruments 2024-07-31 09665722 d:Non-currentFinancialInstruments 2023-07-31 09665722 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 09665722 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 09665722 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 09665722 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 09665722 d:ShareCapital 2024-07-31 09665722 d:ShareCapital 2023-07-31 09665722 d:RevaluationReserve 2024-07-31 09665722 d:RevaluationReserve 2023-07-31 09665722 d:RetainedEarningsAccumulatedLosses 2024-07-31 09665722 d:RetainedEarningsAccumulatedLosses 2023-07-31 09665722 c:FRS102 2023-08-01 2024-07-31 09665722 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 09665722 c:FullAccounts 2023-08-01 2024-07-31 09665722 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09665722 2 2023-08-01 2024-07-31 09665722 6 2023-08-01 2024-07-31 09665722 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 09665722










WM COMMERCIAL DEVELOPMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
WM COMMERCIAL DEVELOPMENT LIMITED
REGISTERED NUMBER: 09665722

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
83,040
79,219

Investment property
 5 
332,993
-

  
416,033
79,219

Current assets
  

Debtors: amounts falling due within one year
 6 
10,100
345,450

Cash at bank and in hand
  
182,159
188,926

  
192,259
534,376

Creditors: amounts falling due within one year
 7 
(144,207)
(127,818)

Net current assets
  
 
 
48,052
 
 
406,558

Total assets less current liabilities
  
464,085
485,777

Creditors: amounts falling due after more than one year
 8 
(13,253)
(15,733)

  

Net assets
  
450,832
470,044


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
5,610
1,789

Profit and loss account
  
445,122
468,155

  
450,832
470,044


Page 1

 
WM COMMERCIAL DEVELOPMENT LIMITED
REGISTERED NUMBER: 09665722
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A J McFarlane Holt
Director

Date: 23 April 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WM COMMERCIAL DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

WM Commercial Development Limited is a private company, limited by shares, which is domiciled in England and Wales, registration number 09665722. The registered office is Eden House, Unit 8, St. Johns Business Park, Lutterworth, LE17 4HB.
Principal activities
The principal activity of the Company during the year was that of commercial property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is British Pound Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue from land transactions is recognised at a point in time when unconditional contracts are exchanged.

 
2.3

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

Page 3

 
WM COMMERCIAL DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in the Profit and Loss Account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
WM COMMERCIAL DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
WM COMMERCIAL DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Fixed asset investments





Unlisted investments
Watches
Total

£
£
£



Cost or valuation


At 1 August 2023
27,136
52,083
79,219


Revaluations
3,821
-
3,821



At 31 July 2024
30,957
52,083
83,040





5.


Investment property


Freehold investment property

£



Valuation


Additions at cost
332,993



At 31 July 2024
332,993

The 2024 valuations were made by the directors, on an open market value for existing use basis.








6.


Debtors

2024
2023
£
£


Other debtors
10,100
332,250

Prepayments and accrued income
-
13,200

10,100
345,450


Page 6

 
WM COMMERCIAL DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,549
2,556

Trade creditors
-
13

Corporation tax
27,696
28,249

Other taxation and social security
16,862
-

Accruals and deferred income
97,100
97,000

144,207
127,818



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,253
15,733

13,253
15,733


Included in bank loans due in more than one year are balances of £Nil (2023 - £4,781) due by instalments in more than 5 years.

 
Page 7