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Registered number: 01907526









WINCHESTER LAND LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
WINCHESTER LAND LIMITED
REGISTERED NUMBER: 01907526

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
902
1,549

Investment property
 7 
1,730,000
2,116,925

  
1,730,902
2,118,474

Current assets
  

Debtors: amounts falling due within one year
 8 
22,145
7,465

Cash at bank and in hand
 9 
483,941
117,047

  
506,086
124,512

Creditors: amounts falling due within one year
 10 
(488,444)
(74,087)

Net current assets
  
 
 
17,642
 
 
50,425

Total assets less current liabilities
  
1,748,544
2,168,899

Creditors: amounts falling due after more than one year
 11 
(113,062)
(92,633)

  

Net assets
  
1,635,482
2,076,266


Capital and reserves
  

Called up share capital 
  
68,500
68,500

Revaluation reserve
 13 
935,386
1,322,311

Capital redemption reserve
 13 
31,500
31,500

Profit and loss account
 13 
600,096
653,955

  
1,635,482
2,076,266


Page 1

 
WINCHESTER LAND LIMITED
REGISTERED NUMBER: 01907526
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The director considers 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 director acknowledges his 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: 




Ms M Bowyer
Director

Date: 29 April 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
WINCHESTER LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Winchester Land Limited is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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 profit or loss in the year in which they are incurred.

Page 3

 
WINCHESTER LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Fixtures and fittings
-
10 years straight-line
Computer equipment
-
5 years straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

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 profit or loss.

 
2.9

Debtors

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

Page 4

 
WINCHESTER LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.

 
2.11

Creditors

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

 
2.12

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.


4.


Employees




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


5.


Factors affecting future tax charges





The company has unused tax losses carried forwards of £528,906. No deferred tax asset has been recognised on this amount due to uncertainty over when these losses will crystallise.

Page 5

 
WINCHESTER LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 October 2023
2,647


Disposals
(1,445)



At 30 September 2024

1,202



Depreciation


At 1 October 2023
1,098


Charge for the year on owned assets
300


Disposals
(1,098)



At 30 September 2024

300



Net book value



At 30 September 2024
902



At 30 September 2023
1,549

Page 6

 
WINCHESTER LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
2,116,925


Surplus / (deficit) on revaluation
(386,925)



At 30 September 2024
1,730,000

Investment properties comprise commercial freehold land and buildings. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 27 September 2018 by Humphreys and Dancer, Chartered Surveyors and Valuers, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In addition to this, two extra car parking spaces have been valued by the directors. In the opinion of the directors there has not been a material change in the values of the properties since the valuations. 

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





8.


Debtors

2024
2023
£
£


Trade debtors
18,644
3,951

Other debtors
394
-

Prepayments and accrued income
3,107
3,514

22,145
7,465



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
483,941
117,047

483,941
117,047


Page 7

 
WINCHESTER LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
3,919
38,303

Other taxation and social security
995
301

Other creditors
433,829
1,654

Accruals and deferred income
49,701
33,829

488,444
74,087



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
113,062
92,633

113,062
92,633


The bank loan is secured by a fixed charge over the freehold land and buildings held by the company, along with a floating charge over all property and undertakings of the company present and future.


12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,919
38,303


3,919
38,303

Amounts falling due 1-2 years

Bank loans
113,062
92,633


113,062
92,633



116,981
130,936


Page 8

 
WINCHESTER LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Reserves

Revaluation reserve

This reserve is used to record increases in the fair value of investment property and decreases to the extent that such decreases relate to an increase on the same asset. It also records the deferred tax movements relating to such increases and decreases.


14.


Related party transactions

Included within other creditors is an amount due to a director of £nil (2023: £120). There is no interest due on this amount and it is repayable upon demand. 

 
Page 9