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Registration number: 11654607

Wayfaring Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Wayfaring Properties Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Wayfaring Properties Ltd

(Registration number: 11654607)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,715

8,866

Investment property

5

4,872,005

6,106,636

 

4,878,720

6,115,502

Current assets

 

Debtors

6

10,721

165,302

Cash at bank and in hand

 

422,600

4,437

 

433,321

169,739

Creditors: Amounts falling due within one year

7

(28,842)

(66,078)

Net current assets

 

404,479

103,661

Total assets less current liabilities

 

5,283,199

6,219,163

Creditors: Amounts falling due after more than one year

7

(2,319,770)

(2,863,905)

Provisions for liabilities

(134,295)

(201,751)

Net assets

 

2,829,134

3,153,507

Capital and reserves

 

Called up share capital

8

5,100

5,100

Share premium reserve

-

2,484,630

Other reserves

440,400

639,563

Profit and loss account

2,383,634

24,214

Shareholders' funds

 

2,829,134

3,153,507

For the financial year ending 30 November 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 year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 



 

Ms A C Blake
Director

 

Wayfaring Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

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

The address of its registered office is:
128 Wannock Lane
Wannock
Eastbourne
East Sussex
BN20 9SJ

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention 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.

The presentation currency is sterling.

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 financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
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 at cost, less any subsequent accumulated depreciation and 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

Plant and equipment

25% straight line

Motor vehicles

20% straight line

 

Wayfaring Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

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 Profit and Loss Account 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.

Defined contribution pension obligation

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3

Staff numbers

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

 

Wayfaring Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 December 2023

1,490

10,800

12,290

Additions

400

-

400

At 30 November 2024

1,890

10,800

12,690

Depreciation

At 1 December 2023

904

2,520

3,424

Charge for the year

391

2,160

2,551

At 30 November 2024

1,295

4,680

5,975

Net book value

At 30 November 2024

595

6,120

6,715

At 30 November 2023

586

8,280

8,866

5

Investment property

2024
£

2023
£

At 1 December

6,106,636

6,216,718

Additions

-

304,683

Disposals

(1,076,900)

(765,000)

Fair value adjustments

(157,731)

350,235

At 30 November

4,872,005

6,106,636

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

6

Debtors

2024
£

2023
£

Trade debtors

-

1,310

Other debtors

9,509

162,380

Prepayments

1,212

1,612

10,721

165,302

 

Wayfaring Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Bank loans

10,116

10,116

Trade creditors

24

24

Taxation and social security

1,235

15,298

Other creditors

12,507

15,021

Accruals

4,960

25,619

28,842

66,078

Creditors include a bank loan in the sum of £10,116 (2023 - £10,116) which is secured by a government backed guarantee.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

2,319,770

2,863,905

2,319,770

2,863,905

Creditors include bank loans in the sum of £2,319,770 (2023 - £2,863,905) of which £2,308,791 (2023 - £2,842,801) are secured on the investment properties they relate to and £10,979 (2023 - £21,104) is secured by a government backed guarantee. Within these amounts £2,308,791 (2023 - £2,842,801) is repayable, other than by instalments, after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000

Ordinary A shares of £0.01 each

10,000

100

10,000

100

 

15,000

5,100

15,000

5,100

9

Related party transactions

Directors’ advances

The company provided the directors with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £65,316 (2023 - £93,170) was advanced and £75,057 (2023 - £73,944) was repaid.

Advances were unsecured and no interest has been charged.