2 2 Willmar Properties Limited 10104343 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of property rental. Digita Accounts Production Advanced 6.30.9574.0 true true 10104343 2024-01-01 2024-12-31 10104343 2024-12-31 10104343 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 10104343 core:FurnitureFittings 2024-12-31 10104343 bus:SmallEntities 2024-01-01 2024-12-31 10104343 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 10104343 bus:FilletedAccounts 2024-01-01 2024-12-31 10104343 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10104343 bus:RegisteredOffice 2024-01-01 2024-12-31 10104343 bus:Director1 2024-01-01 2024-12-31 10104343 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10104343 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 10104343 core:OtherRelatedParties 2024-01-01 2024-12-31 10104343 countries:EnglandWales 2024-01-01 2024-12-31 10104343 2023-12-31 10104343 core:FurnitureFittings 2023-12-31 10104343 2023-01-01 2023-12-31 10104343 2023-12-31 10104343 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 xbrli:pure iso4217:GBP

Registration number: 10104343

Willmar Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Willmar Properties Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Willmar Properties Limited

(Registration number: 10104343)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

1,105,000

1,105,000

Current assets

 

Cash at bank and in hand

 

11,654

5,198

Creditors: Amounts falling due within one year

6

(1,010,847)

(1,025,354)

Net current liabilities

 

(999,193)

(1,020,156)

Total assets less current liabilities

 

105,807

84,844

Provisions for liabilities

(19,594)

(19,594)

Net assets

 

86,213

65,250

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

86,113

65,150

Shareholders' funds

 

86,213

65,250

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 16 May 2025 and signed on its behalf by:
 


Mr A W Harrison
Director

 

Willmar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Elmgrove Cottages
West Road
Bridport
Dorset
DT6 6AA

Principal activity

The principal activity of the company is that of property rental.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Willmar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Willmar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Willmar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2024

787

787

At 31 December 2024

787

787

Depreciation

At 1 January 2024

787

787

At 31 December 2024

787

787

Carrying amount

At 31 December 2024

-

-

5

Investment properties

2024
£

At 1 January

1,105,000

At 31 December

1,105,000

There has been no valuation of investment property by an independent valuer during the year. The Directors confirm that the valuation is fair at the end of the financial year

 

Willmar Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

5,778

2,000

Accruals and deferred income

1,533

1,425

Other creditors

1,003,536

1,021,929

1,010,847

1,025,354

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. Within this reserve, there is £71,107 of undistributable reserves arising from the revaluation of investment property and related deferred tax.

8

Related party transactions

Summary of transactions with related parties

Creditors inlcude a loan of £340,700 (2023: £340,700) due to a connected company. In addition there was a loan due to the Directors of £662,836 (2023; £681,228).