REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
THE WEDGE PROPERTY COMPANY LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
THE WEDGE PROPERTY COMPANY LIMITED |
THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694) |
Contents of the Financial Statements |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
THE WEDGE PROPERTY COMPANY LIMITED |
Company Information |
for the year ended 30 September 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Capital redemption reserve | 12 |
Fair value reserve | 12 |
Retained earnings | 12 |
THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694) |
Balance Sheet - continued |
30 September 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694) |
Notes to the Financial Statements |
for the year ended 30 September 2024 |
1. | Statutory information |
The Wedge Property Company Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102. "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Significant judgements and estimates |
The preparation of the financial statements in conformity with FRS102 requires management to use accounting estimates and exercise judgement in the process of applying the company's accounting policies. There were no areas which required significant judgement or measurement uncertainty. |
Turnover |
Turnover represents amounts receivable from rent and other services net of VAT. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Acquisitions and disposals of investment properties are recognised on the date of completion. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
2. | Accounting policies - continued |
Going concern |
The directors have made an assessment of the company's ability to continue as a going concern and have identified no material uncertainties that may cast a significant doubt on the ability of the company to continue as a going concern for the foreseeable future. |
Pension costs and other post retirement benefits |
The company does not operate a company pension scheme but employer contributions are payable to employees personal pension schemes. These contributions are charged to the profit & loss account when paid. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 October 2023 |
and 30 September 2024 |
Depreciation |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost or valuation |
At 1 October 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
5. | Fixed asset investments - continued |
Cost or valuation at 30 September 2024 is represented by: |
Other |
investments |
£ |
Cost | 399,324 |
6. | Investment property |
Total |
£ |
Fair value |
At 1 October 2023 |
Additions |
Disposals | ( |
) |
Revaluations | 75,530 |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2021 | 5,828,609 |
Valuation in 2022 | (376,321 | ) |
Valuation in 2024 | 75,530 |
Cost | 1,936,822 |
7,464,640 |
One of the investment properties was valued on an open market basis as at 30/09/24 by LSH and the other by the directors. |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 2,192,000 | 2,192,000 |
Tax |
VAT |
Treasury deposit interest |
Prepayments |
THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | - | 48,113 |
Rent received in advance |
Accruals and other creditors |
Section 455 tax payable | - | 98,550 |
9. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans - 1-5 years |
10. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
In 2019, a loan facility of £2,885,000 was taken out with Handelsbanken PLC. This loan was renewed in June 2023 to mature in 2027 and capital repayments are made annually. After the sale of the Oxted properties in the year, the loan has now been repaid in full. |
11. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax |
Revaluation of investment |
properties | 1,193,270 | 1,687,252 |
1,193,270 | 1,687,252 |
Deferred tax |
£ |
Balance at 1 October 2023 |
Provided during year |
Credit to Income Statement during year | ( |
) |
Balance at 30 September 2024 |
THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
12. | Reserves |
Capital |
Retained | redemption | Fair value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2023 | 20,971,879 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Transfer to fair value |
reserve | (54,648 | ) | - | 54,648 | - |
Transfer from fair |
value reserve | 7,162,654 | - | (7,162,654 | ) | - |
At 30 September 2024 | 20,651,490 |
13. | Directors' advances, credits and guarantees |
The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
13. | Directors' advances, credits and guarantees - continued |
The term of the loans advanced to the directors are 15 years from the date of the first draw down of the loan. Wedge may, on 60 days calendar notice, demand immediate payment of an amount equal to the amount of the loan then outstanding together with accrued interest thereon. |
The Directors are not obliged to make capital repayments of the loans during the term but may do so without penalty. Interest is charged on the capital outstanding on the loans at 31 March and 30 September each year. |