| WHEELHOUSE DEVELOPMENTS |
| LIMITED |
| REPORT OF THE DIRECTORS AND |
| ABRIDGED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 SEPTEMBER 2024 |
| WHEELHOUSE DEVELOPMENTS |
| LIMITED |
| REPORT OF THE DIRECTORS AND |
| ABRIDGED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 SEPTEMBER 2024 |
| WHEELHOUSE DEVELOPMENTS |
| LIMITED (REGISTERED NUMBER: 03624880) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 5 |
| WHEELHOUSE DEVELOPMENTS |
| LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 4 Churchill Court |
| 58 Station Road |
| North Harrow |
| Middlesex |
| HA2 7ST |
| BANKERS: |
| Canterbury City Centre Branch |
| Western Avenue |
| Waterside |
| Chatham Maritime |
| Kent |
| ME4 4RT |
| WHEELHOUSE DEVELOPMENTS |
| LIMITED (REGISTERED NUMBER: 03624880) |
| REPORT OF THE DIRECTORS |
| for the year ended 30 September 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| FUTURE DEVELOPMENTS |
| No major developments are planned for the ensuing year. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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; |
| - | 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. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| WHEELHOUSE DEVELOPMENTS |
| LIMITED (REGISTERED NUMBER: 03624880) |
| STATEMENT OF FINANCIAL POSITION |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| WHEELHOUSE DEVELOPMENTS |
| LIMITED (REGISTERED NUMBER: 03624880) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 30 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WHEELHOUSE DEVELOPMENTS |
| LIMITED (REGISTERED NUMBER: 03624880) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Wheelhouse Developments Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents rents received during the year. The company is not registered for value added tax. |
| 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. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| WHEELHOUSE DEVELOPMENTS |
| LIMITED (REGISTERED NUMBER: 03624880) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| Cost |
| At 1 October 2023 |
| and 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| and 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| Fair value |
| At 1 October 2023 |
| Revaluations | 20,000 |
| 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 2007 | 33,500 |
| Valuation in 2010 | (15,000 | ) |
| Valuation in 2014 | 5,000 |
| Valuation in 2016 | 23,942 |
| Valuation in 2018 | 20,000 |
| Valuation in 2021 | 20,000 |
| Valuation in 2024 | 20,000 |
| Cost | 182,558 |
| 290,000 |
| If the investment properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 182,558 | 182,558 |
| Investment properties were valued on an open market basis on 30 September 2024 by the directors. . |
| WHEELHOUSE DEVELOPMENTS |
| LIMITED (REGISTERED NUMBER: 03624880) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| UK Corporation Tax |
| Directors' current accounts | 153,103 | 152,323 |
| Accrued expenses |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 October 2023 |
| Revaluation of properties | 10,228 |
| At 30 September 2024 |
| 9. | CONTINGENT LIABILITIES |
| As far as the Board is aware, there were no contingent liabilities at the balance sheet date. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is M T O'Donoghue. |