IRIS Accounts Production v25.1.0.734 00493694 Board of Directors 1.10.23 30.9.24 30.9.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh004936942023-09-30004936942024-09-30004936942023-10-012024-09-30004936942022-09-30004936942022-10-012023-09-30004936942023-09-3000493694ns15:EnglandWales2023-10-012024-09-3000493694ns14:PoundSterling2023-10-012024-09-3000493694ns10:Director12023-10-012024-09-3000493694ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3000493694ns10:SmallEntities2023-10-012024-09-3000493694ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3000493694ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3000493694ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3000493694ns10:FullAccounts2023-10-012024-09-3000493694ns10:Director22023-10-012024-09-3000493694ns10:Director32023-10-012024-09-3000493694ns10:Director42023-10-012024-09-3000493694ns10:CompanySecretary12023-10-012024-09-3000493694ns10:RegisteredOffice2023-10-012024-09-3000493694ns5:CurrentFinancialInstruments2024-09-3000493694ns5:CurrentFinancialInstruments2023-09-3000493694ns5:Non-currentFinancialInstruments2024-09-3000493694ns5:Non-currentFinancialInstruments2023-09-3000493694ns5:ShareCapital2024-09-3000493694ns5:ShareCapital2023-09-3000493694ns5:CapitalRedemptionReserve2024-09-3000493694ns5:CapitalRedemptionReserve2023-09-3000493694ns5:FurtherSpecificReserve3ComponentTotalEquity2024-09-3000493694ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-3000493694ns5:RetainedEarningsAccumulatedLosses2024-09-3000493694ns5:RetainedEarningsAccumulatedLosses2023-09-3000493694ns5:FurnitureFittings2023-10-012024-09-3000493694ns5:MotorVehicles2023-10-012024-09-3000493694ns5:PlantMachinery2023-09-3000493694ns5:PlantMachinery2023-10-012024-09-3000493694ns5:PlantMachinery2024-09-3000493694ns5:PlantMachinery2023-09-3000493694ns5:CostValuation2023-09-3000493694ns5:AdditionsToInvestments2024-09-3000493694ns5:DisposalsRepaymentsInvestments2024-09-3000493694ns5:RevaluationsIncreaseDecreaseInInvestments2024-09-3000493694ns5:CostValuation2024-09-3000493694ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3000493694ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3000493694ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-09-3000493694ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-3000493694ns5:Secured2024-09-3000493694ns5:Secured2023-09-3000493694ns5:DeferredTaxation2023-09-3000493694ns5:DeferredTaxation2023-10-012024-09-3000493694ns5:DeferredTaxation2024-09-3000493694ns5:RetainedEarningsAccumulatedLosses2023-09-3000493694ns5:CapitalRedemptionReserve2023-09-3000493694ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-3000493694ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-30004936941ns10:Director12023-09-30004936941ns10:Director12022-09-30004936941ns10:Director12023-10-012024-09-30004936941ns10:Director12022-10-012023-09-30004936941ns10:Director12024-09-30004936941ns10:Director12023-09-3000493694ns10:Director222023-09-3000493694ns10:Director222022-09-3000493694ns10:Director222023-10-012024-09-3000493694ns10:Director222022-10-012023-09-3000493694ns10:Director222024-09-3000493694ns10:Director222023-09-30004936943ns10:Director32023-09-30004936943ns10:Director32022-09-30004936943ns10:Director32023-10-012024-09-30004936943ns10:Director32022-10-012023-09-30004936943ns10:Director32024-09-30004936943ns10:Director32023-09-30
REGISTERED NUMBER: 00493694 (England and Wales)















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: S J Biggart
Mrs S E Biggart
Mrs L C Edwards-Cave
N H Stockbridge





Secretary: S J Biggart





Registered office: 123A Station Road East
Oxted
Surrey
RH8 0QE





Registered number: 00493694 (England and Wales)





Accountants: Cooper Parry Advisory Limited
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 34,016 54,661
Investments 5 399,324 630,029
Investment property 6 7,464,640 19,237,410
7,897,980 19,922,100

Current assets
Debtors 7 2,925,115 2,913,401
Cash at bank 12,111,249 1,360,833
15,036,364 4,274,234
Creditors
Amounts falling due within one year 8 1,088,834 1,192,703
Net current assets 13,947,530 3,081,531
Total assets less current liabilities 21,845,510 23,003,631

Creditors
Amounts falling due after more than one
year

9

-

(343,750

)

Provisions for liabilities 11 (1,193,270 ) (1,687,252 )
Net assets 20,652,240 20,972,629

Capital and reserves
Called up share capital 750 750
Capital redemption reserve 12 250 250
Fair value reserve 12 4,334,548 11,442,554
Retained earnings 12 16,316,692 9,529,075
20,652,240 20,972,629

THE WEDGE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00493694)

Balance Sheet - continued
30 September 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





S J Biggart - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

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 6 (2023 - 5 ) .

4. Tangible fixed assets
Plant and
machinery
etc
£
Cost
At 1 October 2023
and 30 September 2024 133,954
Depreciation
At 1 October 2023 79,293
Charge for year 20,645
At 30 September 2024 99,938
Net book value
At 30 September 2024 34,016
At 30 September 2023 54,661

5. Fixed asset investments
Other
investments
£
Cost or valuation
At 1 October 2023 630,029
Additions 8
Disposals (272,876 )
Revaluations 42,163
At 30 September 2024 399,324
Net book value
At 30 September 2024 399,324
At 30 September 2023 630,029

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 19,237,410
Additions 35,000
Disposals (11,883,300 )
Revaluations 75,530
At 30 September 2024 7,464,640
Net book value
At 30 September 2024 7,464,640
At 30 September 2023 19,237,410

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 23,098 48,896
Amounts owed by group undertakings 2,900 2,900
Other debtors 75,034 185,855
Directors' current accounts 2,192,000 2,192,000
Tax 582,300 483,750
VAT 19,608 -
Treasury deposit interest 28,050 -
Prepayments 2,125 -
2,925,115 2,913,401

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 - 286,066
Trade creditors 17,054 3,363
Amounts owed to group undertakings 6,402 6,402
Corporation tax 562,489 235,796
Social security and other taxes 21,018 21,860
VAT - 48,113
Rent received in advance 54,255 231,212
Accruals and other creditors 427,616 261,341
Section 455 tax payable - 98,550
1,088,834 1,192,703

9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 1-5 years - 343,750

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans - 629,816

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 1,687,252
Provided during year 18,883
Credit to Income Statement during year (512,865 )
Balance at 30 September 2024 1,193,270

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 9,529,075 250 11,442,554 20,971,879
Profit for the year 241,796 241,796
Dividends (562,185 ) (562,185 )
Transfer to fair value
reserve (54,648 ) - 54,648 -
Transfer from fair
value reserve 7,162,654 - (7,162,654 ) -
At 30 September 2024 16,316,692 250 4,334,548 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
£ £
S J Biggart
Balance outstanding at start of year 600,000 550,000
Amounts advanced - 50,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 600,000

Mrs S E Biggart
Balance outstanding at start of year 600,000 550,000
Amounts advanced - 50,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 600,000

Mrs L C Edwards-Cave
Balance outstanding at start of year 992,000 800,000
Amounts advanced - 192,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 992,000

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.