Company registration number 13405709 (England and Wales)
DAVID WILSON PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
DAVID WILSON PROPERTY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DAVID WILSON PROPERTY LTD
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,720,000
881,532
Current assets
Debtors
5
40,286
35,874
Cash at bank and in hand
268
4,118
40,554
39,992
Creditors: amounts falling due within one year
6
(588,897)
(534,121)
Net current liabilities
(548,343)
(494,129)
Total assets less current liabilities
1,171,657
387,403
Creditors: amounts falling due after more than one year
7
(406,250)
(431,250)
Net assets/(liabilities)
765,407
(43,847)
Capital and reserves
Called up share capital
1
1
Revaluation reserve
8
821,789
-
0
Profit and loss reserves
(56,383)
(43,848)
Total equity
765,407
(43,847)

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

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
Mr D N Wilson
Director
Company registration number 13405709 (England and Wales)
DAVID WILSON PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

David Wilson Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Henson House, Ponteland Road, Newcastle upon Tyne, NE5 3DF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DAVID WILSON PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

DAVID WILSON PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Investment property
2024
£
Fair value
At 1 June 2023
881,532
Additions
16,679
Revaluations
821,789
At 31 May 2024
1,720,000

Investment property comprises freehold land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Knight Frank LLP, 124 Quayside, Newcastle upon Tyne, NE1 3BD, Chartered Surveyors, who are not connected with the company. The valuation is dated 28 October 2022. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties on that date. The directors' are satisfied that this valuation continues to be a fair representation in current market conditions.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,859
6,431
Other debtors
35,427
29,443
40,286
35,874
DAVID WILSON PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
25,000
25,000
Trade creditors
17,484
5,723
Taxation and social security
1,080
1,294
Other creditors
545,333
502,104
588,897
534,121

Creditors due within one year includes a bank loan of £25,000 (2023 - £25,000) secured by legal charge over the property to which it relates.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
406,250
431,250

Creditors due after one year includes a bank loan of £406,250 (2023 - £431,250) secured by legal charge over the property to which it relates.

8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
-
0
-
0
Fair value adjustment to investments
821,789
-
0
At the end of the year
821,789
-
9
Related party transactions
Transactions with related parties

The company both granted and received loans from companies related by common directors and shareholders. The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
165,430
135,572
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
35,032
27,499
DAVID WILSON PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
9
Related party transactions
(Continued)
- 6 -
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