Registration number:
Wilson Property Limited
for the Year Ended 31 August 2024
Wilson Property Limited
(Registration number: NI039372)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
776 |
776 |
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Capital grant reserve |
137,144 |
137,144 |
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Retained earnings |
420,516 |
281,629 |
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Shareholders' funds |
558,436 |
419,549 |
For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Wilson Property Limited
(Registration number: NI039372)
Balance Sheet as at 31 August 2024
Approved and authorised by the
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Wilson Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises income from the letting of self-catered accommodation together with other associated services. Income from letting is recognised at the date of the stay. Where bookings are cancelled and the company has received a non-refundable deposit, turnover is recognised at the date of cancellation. Income from services is recognised at the point of provision of the service.
Other income comprises electricity generation and associated incentive payments.
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.
Wilson Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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, construction and installation.
Depreciation
No depreciation is provided on the freehold property. Other fixed assets are depreciated at rates calculated to reduce them to residual value at the end of their expected normal lives as follows:
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Asset class |
Depreciation method and rate |
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Plant and equipment |
5 - 25% straight line basis |
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Office equipment |
25% straight line basis |
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Furniture and fittings |
25% straight line basis |
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Non-interest bearing loans from the director/shareholder are carried at transaction price.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Wilson Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Tangible assets |
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Land and buildings |
Office equipment |
Furnishings, plant & equipment |
Total |
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Cost or valuation |
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At 1 September 2023 |
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Additions |
- |
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- |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
- |
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Charge for the year |
- |
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At 31 August 2024 |
- |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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- |
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Wilson Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors: due within one year |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Directors current account |
166,805 |
287,718 |
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Taxation and social security |
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Other creditors and accruals |
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Creditors: due after more than one year |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Bank borrowings amounting to £379,964 (2023: £446,031) are secured by fixed and floating charge over the company's property and assets.
Wilson Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
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|
776 |
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776 |
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Related party transactions |
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2024 |
2023 |
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Directors current account |
166,805 |
287,718 |