Company registration number 00105920 (England and Wales)
The Walsall and District Property and Investment Company Ltd
Annual report and unaudited financial statements
For the year ended 31 December 2024
The Walsall and District Property and Investment Company Ltd
Company information
Directors
J M C Hickton
M S J Howell
S L Howell
F A Sharland
Secretary
S L Howell
Company number
00105920
Registered office
Excelsior Buildings
61 Bridge Street
Walsall
WS1 1JQ
Accountants
DJH Walsall Limited
3rd Floor
International House
Hatherton Street
Walsall
WS4 2LA
The Walsall and District Property and Investment Company Ltd
Contents
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 10
The Walsall and District Property and Investment Company Ltd
Directors' report
For the year ended 31 December 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company in the year under review was that of the letting of commercial and residential properties on long and short term leases.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J M C Hickton
M S J Howell
S L Howell
F A Sharland
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S L Howell
Director
5 March 2025
The Walsall and District Property and Investment Company Ltd
Accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of The Walsall and District Property and Investment Company Ltd for the year ended 31 December 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Walsall and District Property and Investment Company Ltd for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of The Walsall and District Property and Investment Company Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Walsall and District Property and Investment Company Ltd and state those matters that we have agreed to state to the board of directors of The Walsall and District Property and Investment Company Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Walsall and District Property and Investment Company Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that The Walsall and District Property and Investment Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Walsall and District Property and Investment Company Ltd. You consider that The Walsall and District Property and Investment Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Walsall and District Property and Investment Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

DJH Walsall Limited
3rd Floor
International House
Hatherton Street
Walsall
WS4 2LA
5 March 2025
The Walsall and District Property and Investment Company Ltd
Income statement
For the year ended 31 December 2024
- 3 -
2024
2023
Notes
£
£
Turnover
412,807
304,842
Cost of sales
(180,444)
(121,671)
Gross profit
232,363
183,171
Administrative expenses
(27,498)
(172,958)
Other operating income
41,765
-
0
Operating profit
246,630
10,213
Interest receivable and similar income
381,163
114,667
Interest payable and similar expenses
(2,592)
(2,716)
Other gains and losses
(1,140)
(5,761)
Fair value gains and losses on investment properties
3
(25,000)
937,000
Profit before taxation
599,061
1,053,403
Tax on profit
(95,491)
(119,811)
Profit for the financial year
503,570
933,592
The Walsall and District Property and Investment Company Ltd
Statement of financial position
As at 31 December 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
665,000
4,787,000
Investments
4
-
0
52,370
665,000
4,839,370
Current assets
Debtors
5
174,400
116,728
Cash at bank and in hand
11,519,384
6,836,436
11,693,784
6,953,164
Creditors: amounts falling due within one year
6
(544,575)
(164,345)
Net current assets
11,149,209
6,788,819
Total assets less current liabilities
11,814,209
11,628,189
Provisions for liabilities
(19,517)
(293,067)
Net assets
11,794,692
11,335,122
Capital and reserves
Called up share capital
22,000
22,000
Capital redemption reserve
1,479,989
1,479,989
Non-distributable profits reserve
7
66,094
2,314,704
Distributable profit and loss reserves
10,226,609
7,518,429
Total equity
11,794,692
11,335,122
The Walsall and District Property and Investment Company Ltd
Statement of financial position (continued)
As at 31 December 2024
- 5 -

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

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

The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
S L Howell
Director
Company registration number 00105920 (England and Wales)
The Walsall and District Property and Investment Company Ltd
Statement of changes in equity
For the year ended 31 December 2024
- 6 -
Share capital
Capital redemption reserve
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
22,000
1,479,989
1,918,787
7,024,754
10,445,530
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
395,917
537,675
933,592
Dividends
-
-
-
(44,000)
(44,000)
Balance at 31 December 2023
22,000
1,479,989
2,314,704
7,518,429
11,335,122
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
(2,248,610)
2,752,180
503,570
Dividends
-
-
-
(44,000)
(44,000)
Balance at 31 December 2024
22,000
1,479,989
66,094
10,226,609
11,794,692
The Walsall and District Property and Investment Company Ltd
Notes to the financial statements
For the year ended 31 December 2024
- 7 -
1
Accounting policies
Company information

The Walsall and District Property and Investment Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Excelsior Buildings, 61 Bridge Street, Walsall, WS1 1JQ.

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. 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 rental income.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Interest income is recognised using the effective interest rate method and dividend income is recognises as the company's right to receive payment is established.

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
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

The Walsall and District Property and Investment Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 8 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

2
Employees

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

2024
2023
Number
Number
Total
4
4
3
Investment property
2024
£
Fair value
At 1 January 2024
4,787,000
Disposals
(4,097,000)
Revaluations
(25,000)
At 31 December 2024
665,000
The Walsall and District Property and Investment Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
3
Investment property
(Continued)
- 9 -

Investment property comprises of multiple properties which are let out by the company. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
0
52,370
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
52,370
Disposals
(52,370)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
52,370
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
127,360
105,043
Other debtors
47,040
11,685
174,400
116,728
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
368,722
78,658
Other taxation and social security
88,388
1,637
Other creditors
87,465
84,050
544,575
164,345
The Walsall and District Property and Investment Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 10 -
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
2,314,704
1,918,787
Non distributable profits in the year
(2,248,610)
395,917
At the end of the year
66,094
2,314,704
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