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Registration number: NI039372

Wilson Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Wilson Property Limited

(Registration number: NI039372)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,249,085

1,258,138

Current assets

 

Debtors

5

33,789

16,984

Cash at bank and in hand

 

7,884

35,354

 

41,673

52,338

Creditors: Amounts falling due within one year

6

(485,155)

(466,773)

Net current liabilities

 

(443,482)

(414,435)

Total assets less current liabilities

 

805,603

843,703

Creditors: Amounts falling due after more than one year

7

(247,167)

(424,154)

Net assets

 

558,436

419,549

Capital and reserves

 

Called up share capital

8

776

776

Capital grant reserve

137,144

137,144

Retained earnings

420,516

281,629

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:

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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Wilson Property Limited

(Registration number: NI039372)
Balance Sheet as at 31 August 2024

Approved and authorised by the director on 22 May 2025
 

.........................................
Mr Kenneth J A Wilson
Director

 

Wilson Property Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Greenacres, 40 Ballyarnott Road, Antrim, Antrim, N. Ireland, Co Antrim, BT41 4SD.

These financial statements were authorised for issue by the director on 22 May 2025.

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.

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:

Asset class

Depreciation method and rate

Plant and equipment

5 - 25% straight line basis

Office equipment

25% straight line basis

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Wilson Property Limited

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

4

Tangible assets

Land and buildings
£

Office equipment
 £

Furnishings, plant & equipment
 £

Total
£

Cost or valuation

At 1 September 2023

1,225,116

4,500

150,538

1,380,154

Additions

-

824

-

824

At 31 August 2024

1,225,116

5,324

150,538

1,380,978

Depreciation

At 1 September 2023

-

4,500

117,516

122,016

Charge for the year

-

206

9,671

9,877

At 31 August 2024

-

4,706

127,187

131,893

Carrying amount

At 31 August 2024

1,225,116

618

23,351

1,249,085

At 31 August 2023

1,225,116

-

33,022

1,258,138

 

Wilson Property Limited

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

14,207

2,200

Prepayments

4,887

5,703

Other debtors

14,695

9,081

 

33,789

16,984

6

Creditors: due within one year

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

149,976

41,814

Trade creditors

 

8,094

12,784

Directors current account

 

166,805

287,718

Taxation and social security

 

63,870

13,914

Other creditors and accruals

 

96,410

110,543

 

485,155

466,773

7

Creditors: due after more than one year

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

247,167

424,154


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

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

776

776

776

776

         

9

Related party transactions

2024
 £

2023
 £

Directors current account

166,805

287,718