Willcock and White Property Services Ltd 08476524 false 2023-04-06 2024-03-31 2024-03-31 The principal activity of the company is that of property management. Digita Accounts Production Advanced 6.30.9574.0 true true 08476524 2023-04-06 2024-03-31 08476524 2024-03-31 08476524 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 08476524 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 08476524 core:CurrentFinancialInstruments 2024-03-31 08476524 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08476524 core:Non-currentFinancialInstruments 2024-03-31 08476524 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 08476524 core:FurnitureFittingsToolsEquipment 2024-03-31 08476524 core:MotorVehicles 2024-03-31 08476524 core:OtherPropertyPlantEquipment 2024-03-31 08476524 bus:SmallEntities 2023-04-06 2024-03-31 08476524 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-03-31 08476524 bus:FilletedAccounts 2023-04-06 2024-03-31 08476524 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-03-31 08476524 bus:RegisteredOffice 2023-04-06 2024-03-31 08476524 bus:Director1 2023-04-06 2024-03-31 08476524 bus:Director2 2023-04-06 2024-03-31 08476524 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-03-31 08476524 core:FurnitureFittingsToolsEquipment 2023-04-06 2024-03-31 08476524 core:MotorVehicles 2023-04-06 2024-03-31 08476524 core:OtherPropertyPlantEquipment 2023-04-06 2024-03-31 08476524 core:PlantMachinery 2023-04-06 2024-03-31 08476524 core:Vehicles 2023-04-06 2024-03-31 08476524 countries:EnglandWales 2023-04-06 2024-03-31 08476524 2023-04-05 08476524 core:FurnitureFittingsToolsEquipment 2023-04-05 08476524 core:MotorVehicles 2023-04-05 08476524 core:OtherPropertyPlantEquipment 2023-04-05 08476524 2022-04-01 2023-04-05 08476524 2023-04-05 08476524 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-05 08476524 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-05 08476524 core:CurrentFinancialInstruments 2023-04-05 08476524 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-05 08476524 core:Non-currentFinancialInstruments 2023-04-05 08476524 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-05 08476524 core:FurnitureFittingsToolsEquipment 2023-04-05 08476524 core:MotorVehicles 2023-04-05 08476524 core:OtherPropertyPlantEquipment 2023-04-05 iso4217:GBP xbrli:pure

Registration number: 08476524

Willcock and White Property Services Ltd

Unaudited Financial Statements

for the Period from 6 April 2023 to 31 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Willcock and White Property Services Ltd

Statement of Financial Position as at 31 March 2024

Note

2024
£

Restated
2023
£

Fixed assets

 

Tangible assets

4

65,571

2,770

Investment property

5

417,147

89,794

 

482,718

92,564

Current assets

 

Debtors

6

278,906

179,822

Cash at bank and in hand

 

13,501

5,614

 

292,407

185,436

Creditors: Amounts falling due within one year

7

(327,472)

(164,228)

Net current (liabilities)/assets

 

(35,065)

21,208

Total assets less current liabilities

 

447,653

113,772

Creditors: Amounts falling due after more than one year

7

(333,245)

(19,784)

Provisions for liabilities

(16,393)

-

Net assets

 

98,015

93,988

Capital and reserves

 

Called up share capital

100

100

Retained earnings

97,915

93,888

Shareholders' funds

 

98,015

93,988

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Willcock and White Property Services Ltd

Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 10 June 2025 and signed on its behalf by:
 

.........................................

Mr M Willcock

Director

.........................................

Mr P Willcock

Director

Company registration number: 08476524

 

Willcock and White Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 6 April 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 The Ambition Broxbourne Business Centre
Pindar Road
Hoddesdon
EN11 0FJ

The principal activity of the company is that of property management.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the period ended 31 March 2024 and had net assets at that date amounting to £98,015. Subsequent to the period end, the company continues to trade profitably. The directors have considered the current economic climate, and do not believe that this will significantly adversely affect the company.

Having made enquires, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

Revenues are recognised in the period to which they relate, as services are performed when the company has a right to consideration. The company recognises rental income equally over the period of the lease or licence and lease renewal premiums on contractual completion.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Willcock and White Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 6 April 2023 to 31 March 2024

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 in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% straight line

Motor vehicles

25% reducing balance

Plant and machinery

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 income statement over the period of the relevant borrowing.

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.

 

Willcock and White Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 6 April 2023 to 31 March 2024

Hire purchase

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the period, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Restated
Total
£

Cost or valuation

At 6 April 2023

11,009

-

6,535

17,544

Additions

1,375

72,840

-

74,215

Disposals

(5,431)

-

(4,101)

(9,532)

At 31 March 2024

6,953

72,840

2,434

82,227

Depreciation

At 6 April 2023

8,515

-

6,259

14,774

Charge for the period

2,033

9,105

276

11,414

Eliminated on disposal

(5,431)

-

(4,101)

(9,532)

At 31 March 2024

5,117

9,105

2,434

16,656

Carrying amount

At 31 March 2024

1,836

63,735

-

65,571

At 5 April 2023

2,494

-

276

2,770

 

Willcock and White Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 6 April 2023 to 31 March 2024

5

Investment properties

Restated
2024
£

At 6 April 2023 (As restated)

89,794

Additions

417,147

Disposals

(89,794)

At 31 March 2024

417,147

The investment properties are stated at fair value at 31 March 2024 as estimated by the directors at an amount of £417,147.

6

Debtors

2024
£

2023
£

Trade debtors

19,655

27,118

Amounts owed by group undertakings

91,076

-

Other debtors

168,175

152,704

278,906

179,822

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

8

20,883

14,172

Trade creditors

 

-

6,623

Amounts owed to group undertakings

154,328

-

Taxation and social security

 

36,221

46,277

Accruals and deferred income

 

2,500

2,000

Other creditors

 

113,540

95,156

 

327,472

164,228

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

333,245

19,784

 

Willcock and White Property Services Ltd

Notes to the Unaudited Financial Statements for the Period from 6 April 2023 to 31 March 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,286

9,690

Bank overdrafts

1,997

4,482

Hire purchase contracts

9,600

-

20,883

14,172

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

281,120

19,784

Hire purchase contracts

52,125

-

333,245

19,784

Bank borrowings are secured on the investment properties shown in note 6.

9

Transactions with directors

At 31 March 2024 an amount of £Nil (2023: £Nil) was due from the directors. During the year there were advances and repayments of £12,190. No interest has been charged and there are no set terms in place.