Company registration number 04843808 (England and Wales)
WARRANT DEVELOPMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
WARRANT DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
J L Stevens
L A Stevens
Secretary
L A Stevens
Company number
04843808
Registered office
One Wellstones
Watford
Hertfordshire
WD17 2AE
Accountants
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
Business address
One Wellstones
Watford
Hertford
WD17 2AE
WARRANT DEVELOPMENTS LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
WARRANT DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company continued to be that of investment property.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J L Stevens
L A Stevens
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
J L Stevens
Director
28 April 2025
WARRANT DEVELOPMENTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
2024
2023
Notes
£
£
Turnover
97,238
2,252
Administrative expenses
(34,031)
(3,400)
Other operating income
230
1,759
Operating profit
63,437
611
Interest payable and similar expenses
(71,245)
(4,621)
Loss before taxation
(7,808)
(4,010)
Tax on loss
-
0
-
0
Loss for the financial year
(7,808)
(4,010)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WARRANT DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,910,000
1,280,000
Current assets
Debtors
5
12,875
-
0
Cash at bank and in hand
25,906
20,661
38,781
20,661
Creditors: amounts falling due within one year
6
(586,563)
(330,269)
Net current liabilities
(547,782)
(309,608)
Total assets less current liabilities
1,362,218
970,392
Creditors: amounts falling due after more than one year
7
(1,374,034)
(974,400)
Net liabilities
(11,816)
(4,008)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(11,818)
(4,010)
Total equity
(11,816)
(4,008)

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

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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
J L Stevens
Director
Company registration number 04843808 (England and Wales)
WARRANT DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
2
-
0
2
Year ended 31 October 2023:
Loss and total comprehensive income
-
(4,010)
(4,010)
Balance at 31 October 2023
2
(4,010)
(4,008)
Year ended 31 October 2024:
Loss and total comprehensive income
-
(7,808)
(7,808)
Balance at 31 October 2024
2
(11,818)
(11,816)
WARRANT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
1
Accounting policies
Company information

Warrant Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Wellstones, Watford, Hertfordshire, WD17 2AE.

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
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income is recognised over the lease period.

1.3
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.

1.4
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. Bank overdrafts are shown within borrowings in current liabilities.

WARRANT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
1.5
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors 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.

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 creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

WARRANT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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:

2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 November 2023
1,280,000
Additions
630,000
At 31 October 2024
1,910,000

Investment property comprises flats within a group owned building. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st October 2024 by the director, who is a RICS chartered surveyor. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The flats were transferred from the parent company, Warrant Properties Limited in September 2023 and January 2024 at market value.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,196
-
0
Other debtors
679
-
0
12,875
-
0
WARRANT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
570,216
315,485
Other creditors
16,347
14,784
586,563
330,269
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,365,295
974,400
Other creditors
8,739
-
0
1,374,034
974,400

The bank loans are secured by a first legal charge over the property held in investment property.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share Capital of £1 each
2
2
2
2
9
Related party transactions
Transactions with related parties

To finance the initial stages of activity in the company, the parent, Warrant Properties Limited, provided an interest free intercompany loan which can be recalled at any time. At the year end the Company owed £570,216 (2023: £315,485) to its parent.

10
Parent company

At the year end, the company's ultimate parent company was Warrant Properties Limited.

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