Company registration number 04775641 (England and Wales)
WARRANT PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
WARRANT PROPERTIES LIMITED
COMPANY INFORMATION
Directors
J L Stevens
L A Stevens
Secretary
L A Stevens
Company number
04775641
Registered office
One Wellstones
Watford
Hertfordshire
WD17 2AE
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
WARRANT PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17
WARRANT PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
The principal activity of the Company is property investment. The Company operates in both the commercial and residential sectors and its activities include the re-development of properties to be held as long-term investments and to sell in the market.
Business review
The Business focus has been to continue on the asset management of the existing property portfolio post-Covid and that of its related company Warrant Investments Plc, for which the company receives an asset management fee, to seek planning consents for the conversion of previously let commercial buildings to residential use and to establish closer long term relationships with all its tenants.
Most of the Company’s properties are let to a mixture of leisure, hospitality and residential tenants who continue to meet their rental commitments. Residential properties have seen an increase in rental income with very few vacancies.
In Colchester, a surrender was agreed of one of the commercial units for which planning and listed building consent was obtained for the conversion into three residential flats. These works were completed in January 2025 and all three flats have been let. Planning and listed building consent has also been obtained on the conversion of the former restaurant into four self-contained flats, where works are due to commence early in 2025. There were no sales or acquisitions during the year.
The Group completed its Portfolio refinancing in May 2024 with funds secured for a further five-year term. The majority of the Portfolio was professionally revalued by Allsop & Co which led to a reduction in the asset valuation of the Portfolio due to the impact of higher interest rates.
Principal risks and uncertainties
All funding, treasury and investments of cash and cash investments are carried out with major UK groups except for the loans from the related parties which are as disclosed in the financial statements.
Increased interest rates present uncertainties to the business. The Group's existing property portfolio is substantially let. The current ratio of loan to value is 53%. The company is well placed to cope with any further increase in interest rates.
Financial key performance indicators
Turnover was marginally lower at £756,251 (2023: £859,361) which is represented by an decrease in rental income of 12.0%.
Administrative expenses increased by 25.1% to £1,023,412 (2023: £818,022) due to additional spending on legal fees.
The amount of loan interest payable of £512,222 has increased on the previous year (2023: £464,725).
The outstanding bank loans have decreased by £340,857 to £6,157,004 (2023: £6,497,861) due to repayments in the year.
On 31 October 2024, the net assets of the company were £4,174,044 (2023: £6,060,354) which is an decrease of 31.1% from the previous year.
At the year-end, the valuation of investment properties is £11,610,000 (2023: £14,490,000) which is a decrease of 19.9% from the previous year due to rising commercial rent yields leading to revaluations and the sale of properties.
WARRANT PROPERTIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
J L Stevens
Director
28 April 2025
WARRANT PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
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 property investment.
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
Going concern
The company meets its day to day working capital requirements through bank facilities. The company's forecast and projections, taking account of reasonable possible changes in performance, show that the company will be able to operate within the level of its current facilities.
Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Auditor
In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
WARRANT PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
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 PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WARRANT PROPERTIES LIMITED
- 5 -
Opinion
We have audited the financial statements of Warrant Properties Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
WARRANT PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WARRANT PROPERTIES LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:
Discussions with management, including consideration of known or suspected instances of non compliance with laws and regulation and fraud;
Reading minutes of meetings of those charged with governance;
Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
Identifying and testing journal entries;
Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
WARRANT PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WARRANT PROPERTIES LIMITED (CONTINUED)
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Matthew Cook (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
28 April 2025
WARRANT PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
756,251
859,361
Administrative expenses
(1,023,412)
(818,022)
Other operating income
806,440
550,966
Movement in fair value of investment properties
(2,014,691)
63,375
Profit on disposal of investment properties
(10,390)
277,554
Operating (loss)/profit
(1,485,802)
933,234
Interest receivable and similar income
66,976
3,293
Interest payable and similar expenses
(530,773)
(483,225)
(Loss)/profit before taxation
(1,949,599)
453,302
Tax on (loss)/profit
4
63,289
(103,716)
(Loss)/profit for the financial year
(1,886,310)
349,586
The profit and loss account has been prepared on the basis that all operations are continuing operations.
WARRANT PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
20,846
23,674
Investment property
6
11,610,000
14,490,000
Investments
7
2
2
11,630,848
14,513,676
Current assets
Debtors
8
1,233,932
516,859
Cash at bank and in hand
359,191
329,527
1,593,123
846,386
Creditors: amounts falling due within one year
9
(1,966,803)
(8,134,614)
Net current liabilities
(373,680)
(7,288,228)
Total assets less current liabilities
11,257,168
7,225,448
Creditors: amounts falling due after more than one year
10
(7,077,066)
(1,083,488)
Provisions for liabilities
(6,058)
(81,606)
Net assets
4,174,044
6,060,354
Capital and reserves
Called up share capital
11,257
11,257
Revaluation reserve
357,958
2,372,665
Profit and loss reserves
3,804,829
3,676,432
Total equity
4,174,044
6,060,354
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 04775641 (England and Wales)
WARRANT PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
11,257
2,140,299
3,559,212
5,710,768
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
349,586
349,586
Transfers
-
232,366
(232,366)
-
Balance at 31 October 2023
11,257
2,372,665
3,676,432
6,060,354
Year ended 31 October 2024:
Loss and total comprehensive income
-
-
(1,886,310)
(1,886,310)
Transfers
-
(2,014,707)
2,014,707
-
Balance at 31 October 2024
11,257
357,958
3,804,829
4,174,044
WARRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
1
Accounting policies
Company information
Warrant Properties 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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day to day working capital requirements through bank facilities. The company's forecast and projections, taking account of reasonable possible changes in performance, show that the company will be able to operate within the level of its current facilities.true
Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Rental income is recognised over the lease period.
1.4
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:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% 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.
WARRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period 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 market 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 profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
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.
1.9
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.
WARRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
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.
1.10
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.
1.11
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.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
WARRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
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.
The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The company's investment properties were valued at the balance sheet by the directors, who include qualified Chartered Surveyors, based on open market value using their knowledge and experience.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
22,110
Adjustments in respect of prior periods
12,259
Total current tax
12,259
22,110
Deferred tax
Origination and reversal of timing differences
(75,548)
81,606
Total tax (credit)/charge
(63,289)
103,716
WARRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023
285,015
Additions
4,121
At 31 October 2024
289,136
Depreciation and impairment
At 1 November 2023
261,341
Depreciation charged in the year
6,949
At 31 October 2024
268,290
Carrying amount
At 31 October 2024
20,846
At 31 October 2023
23,674
6
Investment property
2024
£
Fair value
At 1 November 2023
14,490,000
Additions
177,191
Disposals
(1,042,500)
Revaluations
(2,014,691)
At 31 October 2024
11,610,000
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 17 April 2024 by the external valuer, based on an open market basis.
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
11,252,042
12,037,333
Accumulated depreciation
-
-
Carrying amount
11,252,042
12,037,333
WARRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,435
34,321
Amounts owed by group undertakings
570,216
315,483
Other debtors
640,281
167,055
1,233,932
516,859
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
158,375
6,497,861
Trade creditors
207,111
36,617
Corporation tax
22,110
Other taxation and social security
28,055
13,129
Other creditors
1,573,262
1,564,897
1,966,803
8,134,614
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,998,629
Other creditors
1,078,437
1,083,488
7,077,066
1,083,488
The bank loans are secured by fixed charges over the investment properties held by the company.
Included within other creditors is a loan to a related party of £1,000,000 (2023: £1,000,000) which is secured by a personal guarantee given by a director of the company.
WARRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
11
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
6,058
1,603
Investment property
-
80,003
6,058
81,606
2024
Movements in the year:
£
Liability at 1 November 2023
81,606
Credit to equity
(75,548)
Liability at 31 October 2024
6,058
The deferred tax provision is in relation to fixed asset timing differences.
12
Related party transactions
At the balance sheet date, the company owed a company with a common director £2,351,083 (2023: £2,345,216). Interest totalling £18,551 (2023: £18,500) accrued on this balance.
Included in other debtors is £71,000 (2023: £nil) owed by companies with a common director and £245,000 (2023: £nil) owed by a director. These balances are interest-free and repayable on demand.
13
Parent company
The ultimate controlling party is J L Stevens, the sole shareholder of the company.
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