| Wheatcroft Limited |
| Registered number: |
03820840 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
14,000,000 |
|
|
8,000,000 |
|
| Current assets |
| Debtors |
4 |
|
247,952 |
|
|
464,984 |
| Cash at bank and in hand |
|
|
538,610 |
|
|
503,808 |
|
|
|
786,562 |
|
|
968,792 |
|
| Creditors: amounts falling due within one year |
5 |
|
(820,057) |
|
|
(994,957) |
|
| Net current liabilities |
|
|
|
(33,495) |
|
|
(26,165) |
|
| Total assets less current liabilities |
|
|
|
13,966,505 |
|
|
7,973,835 |
|
|
| Provisions for liabilities |
|
|
|
(3,232,550) |
|
|
(1,732,550) |
|
|
| Net assets |
|
|
|
10,733,955 |
|
|
6,241,285 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
11,575 |
|
|
11,575 |
| Share premium |
|
|
|
3,390,245 |
|
|
3,390,245 |
| Revaluation reserve |
6 |
|
|
6,767,450 |
|
|
2,267,450 |
| Profit and loss account |
|
|
|
564,685 |
|
|
572,015 |
|
| Shareholders' funds |
|
|
|
10,733,955 |
|
|
6,241,285 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their 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. |
|
|
|
|
| C A Wheatcroft |
| Director |
| Approved by the board on 27 May 2025 |
|
| Wheatcroft Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention as modified by the revaluation of land and buildings and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the rental income due for the year. Rentals received under operating leases are credited to revenue on a straight line basis over the lease term. |
|
|
Investment property |
|
The investment property is revalued annually by the directors at fair value. Any surplus or deficit on revaluation is recognised in the profit and loss in the year they occur and are transferred to the revaluation reserve. No depreciation is provided in respect of the investment property. |
|
|
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. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
5 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment property |
| £ |
|
Cost |
|
At 1 January 2024 |
8,000,000 |
|
Surplus on revaluation |
6,000,000 |
|
At 31 December 2024 |
14,000,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
14,000,000 |
|
At 31 December 2023 |
8,000,000 |
|
|
|
|
|
|
|
|
|
|
|
Investment property: |
2024 |
|
2023 |
| £ |
£ |
|
Historical cost |
4,000,000 |
|
4,000,000 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
4,000,000 |
|
4,000,000 |
|
The investment property has been valued by the directors at a value of £14,000,000 (2023 - £8,000,000) the director's consider this to be the fair value. |
|
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
247,952 |
|
- |
|
Other debtors |
- |
|
464,984 |
|
|
|
|
|
|
247,952 |
|
464,984 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Taxation and social security costs |
245,713 |
|
191,854 |
|
Other creditors |
574,344 |
|
803,103 |
|
|
|
|
|
|
820,057 |
|
994,957 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Revaluation reserve |
2024 |
|
2023 |
| £ |
£ |
|
|
At 1 January 2024 |
2,267,450 |
|
2,683,262 |
|
Gain on revaluation of investment property |
6,000,000 |
|
- |
|
Deferred taxation arising on the revaluation of investment property |
(1,500,000) |
|
(415,812) |
|
|
At 31 December 2024 |
6,767,450 |
|
2,267,450 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
|
Included in Other Creditors are balances owed to two Directors' Trusts, interest has not been paid on the outstanding balances. |
|
|
| 8 |
Other information |
|
|
Wheatcroft Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
The Poplars |
|
Main Street |
|
Cropwell Butler |
|
Nottinghamshire |
|
NG12 3AB |