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Registered number: 15217026
Whelan Property Ltd
Unaudited Financial Statements
For the Period 17 October 2023 to 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 15217026
31 October 2024
Notes £ £
FIXED ASSETS
Tangible Assets 4 3,117
Investment Properties 5 130,000
133,117
CURRENT ASSETS
Debtors 6 2,509
Cash at bank and in hand 1,898
4,407
Creditors: Amounts Falling Due Within One Year 7 (59,199 )
NET CURRENT ASSETS (LIABILITIES) (54,792 )
TOTAL ASSETS LESS CURRENT LIABILITIES 78,325
Creditors: Amounts Falling Due After More Than One Year 8 (68,788 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,433 )
NET ASSETS 3,104
CAPITAL AND RESERVES
Called up share capital 10 1
Profit and Loss Account 3,103
SHAREHOLDERS' FUNDS 3,104
Page 1
Page 2
For the period ending 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
James Gregory Whelan
Director
23 April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Whelan Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15217026 . The registered office is 124 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% Straight Line Method
Computer Equipment 20% Straignt Line Method
2.3. Investment Properties
Investment properties, including freehold and long leasehold properties, are those which are held either to earn rental income or for capital appreciation or both. Investment properties include property that is being constructed or developed for future use as an investment property.
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment properties whose fair value can be measured reliably are measured at fair value, based on the market valuations.
Any surplus or deficit on revaluation is recognised in the income statement as a fair value gains and losses.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 1
1
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost or Valuation
As at 17 October 2023 - - -
Additions 2,600 1,296 3,896
As at 31 October 2024 2,600 1,296 3,896
Depreciation
As at 17 October 2023 - - -
Provided during the period 520 259 779
As at 31 October 2024 520 259 779
Net Book Value
As at 31 October 2024 2,080 1,037 3,117
As at 17 October 2023 - - -
5. Investment Property
31 October 2024
£
Fair Value
As at 17 October 2023 -
Additions 96,144
Revaluations 33,856
As at 31 October 2024 130,000
The investment properties are valued, at balance sheet date, by directors of the company based on the assessment of available market information and property condition. The directors believe that their valuation would not be materially different from the professional valuation.
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6. Debtors
31 October 2024
£
Due within one year
Prepayments and accrued income 2,509
7. Creditors: Amounts Falling Due Within One Year
31 October 2024
£
Other creditors 3,633
Accruals and deferred income 720
Director's loan account 54,846
59,199
8. Creditors: Amounts Falling Due After More Than One Year
31 October 2024
£
Bank loans 68,788
9. Secured Creditors
31 October 2024
£
Bank loans and overdrafts 68,788
10. Share Capital
31 October 2024
£
Allotted, Called up and fully paid 1
11. Related Party Transactions
Included in creditors due within one year is an amount of £54,846 owed to its director. The amount is interest free and repayable on demand.
12. Ultimate Controlling Party
The company's ultimate controlling party is the director, James Gergory Whelan by virtue of the ownership of 100% of the issued share capital in the company.
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