WALLIS HOMES LTD
Registered number: 08307821
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 339,001 339,282
Current assets
Debtors 4 66 66
Cash at bank and in hand - 1,296
66 1,362
Creditors: amounts falling due within one year 5 (131,301) (133,436)
Net current liabilities (131,235) (132,074)
Total assets less current liabilities 207,766 207,208
Creditors: amounts falling due after more than one year 6 (100,320) (107,096)
Net assets 107,446 100,112
Capital and reserves
Called up share capital 1 1
Profit and loss account 107,445 100,111
Shareholder's funds 107,446 100,112
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Wallis
Director
Approved by the board on 27 May 2025
WALLIS HOMES LTD
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 10% reducing balance on one building.
All other land and buildings are appreciating
in value so no depreciation has been charged.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2023 343,470
At 30 November 2024 343,470
Depreciation
At 1 December 2023 4,188
Charge for the year 281
At 30 November 2024 4,469
Net book value
At 30 November 2024 339,001
At 30 November 2023 339,282
4 Debtors 2024 2023
£ £
Other debtors 66 66
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,365 7,724
Amounts owed to group undertakings and undertakings in which the company has a participating interest 78,557 65,414
Corporation tax 10,097 14,311
Other creditors 35,282 45,987
131,301 133,436
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 100,320 107,096
7 Other information
WALLIS HOMES LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
S75 2RG
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