Company Registration No. 05463458 (England and Wales)
WSN Properties Limited
Unaudited accounts
for the year ended 31 January 2025
WSN Properties Limited
Unaudited accounts
Contents
WSN Properties Limited
Statement of financial position
as at 31 January 2025
Called up share capital not paid
1
1
Investment property
3,820,000
4,630,000
Debtors
3,001,236
1,510,536
Cash at bank and in hand
194,868
48,085
Creditors: amounts falling due within one year
(2,681,636)
(2,539,349)
Net current assets/(liabilities)
514,468
(980,728)
Total assets less current liabilities
4,432,238
3,649,273
Creditors: amounts falling due after more than one year
(34,034)
-
Provisions for liabilities
Deferred tax
(346,000)
(323,550)
Net assets
4,052,204
3,325,723
Called up share capital
1
1
Profit and loss account
4,052,203
3,325,722
Shareholders' funds
4,052,204
3,325,723
For the year ending 31 January 2025 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 July 2025 and were signed on its behalf by
Michael Charles Clippingdale
Director
Company Registration No. 05463458
WSN Properties Limited
Notes to the Accounts
for the year ended 31 January 2025
WSN Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 05463458. The registered office is c/o Nicholson & Morgan, Solicitors, 14 Bell Villas, Ponteland, Newcastle upon Tyne, NE20 9BE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance
Investment property, which is properly held to earn rentals and/or capital appreciation, is included at market fair value. The surplus or deficit on revaluation or sale is recognised in the income statement.
Deferred taxation is provided on any surpluses at the rate expected to apply when the property is sold.
Where market value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts and on investment property revaluation surpluses. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
WSN Properties Limited
Notes to the Accounts
for the year ended 31 January 2025
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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 over the lease term.
4
Tangible fixed assets
Motor vehicles
At 31 January 2025
109,355
Charge for the year
11,586
Fair value at 1 February 2024
4,630,000
At 31 January 2025
3,820,000
Investment property comprises land and buildings at Brock Lane, West Sleekburn, Northumberland. Land and buildings at Teesway Park, Stockton-on-Tees was sold during the year.
The fair value of investment property has been arrived at on the basis of a valuation carried out by Lambert Smith Hampton, Chartered Surveyors, who are not connected with the company, on 11 May 2023.
The valuation was made on an open market value basis by reference to an expected initial yield of 9.7% and an equivalent yield of 8.5%.
The director is of the opinion that the open market value has not materially changed between the date of the valuation and 31 January 2025.
WSN Properties Limited
Notes to the Accounts
for the year ended 31 January 2025
Amounts falling due within one year
Other debtors
3,001,234
1,510,534
7
Creditors: amounts falling due within one year
2025
2024
Obligations under finance leases and hire purchase contracts
14,079
-
Amounts owed to group undertakings and other participating interests
2,312,992
2,324,206
Taxes and social security
203,012
101,657
Deferred income
56,072
67,360
8
Creditors: amounts falling due after more than one year
2025
2024
Obligations under finance leases and hire purchase contracts
34,034
-
9
Deferred taxation
2025
2024
Accelerated capital allowances
53,000
30,550
Revaluation of land and buildings
293,000
293,000
Provision at start of year
323,550
316,150
Charged to the profit and loss account
22,450
7,400
Provision at end of year
346,000
323,550
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
WSN Properties Limited
Notes to the Accounts
for the year ended 31 January 2025
11
Transactions with related parties
During the year the company repaid £11,214 of a loan from its parent company, MCC Properties Newcastle Limited. At the year-end, the outstanding balance on the loan, which is interest free and has no fixed repayment date, was £2,283,526.
At the year-end, the company owed £29,466 (2024: £29,466) to a fellow group company. The loan is interest free and has no fixed repayment date.
At the year-end, the company was owed £1,152,875 (2024: £407,500) from a company under the control of key management personnel. The loan is interest free and has no fixed repayment date.
At the year-end, the company was owed £684,998 (2024: £687,498) from a company under the control of investors in MCC Properties Newcastle Limited. The loan is interest free and has no fixed repayment date.
At the year-end, the company was owed £2,036 (2024: £2,036) from a company under the control of investors in MCC Properties Newcastle Limited. The loan is interest free and has no fixed repayment date.
At the year-end, the company was owed £1,158,875 (2024: £413,500) from a company under the control of an investor in MCC Properties Newcastle Limited. The loan is interest free and has no fixed repayment date.
The company is a wholly owned subsidiary of MCC Properties Newcastle Limited, of 14 Bell Villas, Ponteland, Newcastle upon Tyne, NE20 9BE.
13
Average number of employees
During the year the average number of employees was 2 (2024: 1).