Registration number:
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Willcock Property Investments Ltd
(FORMERLY Willcock and White Property Investments Ltd)
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Willcock Property Investments Ltd (FORMERLY Willcock and White Property Investments Ltd)
Statement of Financial Position as at 31 May 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
3 |
3 |
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Retained earnings |
(267) |
(9,944) |
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Shareholders' deficit |
(264) |
(9,941) |
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Willcock Property Investments Ltd (FORMERLY Willcock and White Property Investments Ltd)
Statement of Financial Position as at 31 May 2024
Approved and authorised by the
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P Willcock
Director
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T M Willcock
Director
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M Willcock
Director
Company registration number: 12620418
Willcock Property Investments Ltd (FORMERLY Willcock and White Property Investments Ltd)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A 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 year ended 31 May 2024 but had net current liabilities at that date amounting to £110,719. At 31 May 2024 an aggregate amount of £111,098 was due to the directors and a company under their control, all of who have confirmed that they will not seek repayment until such time as the company has sufficient working capital. They have also confirmed that further amounts will be advanced to the company, if required.
Having made sufficient 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. The company recognises rental income equally over the period of the lease or licence.
Willcock Property Investments Ltd (FORMERLY Willcock and White Property Investments Ltd)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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.
Investment property
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.
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.
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Staff numbers |
The average number of persons employed by the company during the year, was
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Investment properties |
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2024 |
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Fair value |
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At 1 June 2023 |
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At 31 May 2024 |
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Willcock Property Investments Ltd (FORMERLY Willcock and White Property Investments Ltd)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
The investment properties are stated at fair value at 31 May 2024 as estimated by the directors at an amount of
£450,000.
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Debtors |
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2024 |
2023 |
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Other debtors |
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- |
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- |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
(As restated) |
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Trade creditors |
- |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Loans and borrowings |
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2024 |
2023 |
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Due after more than five years |
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After more than five years other than by instalments |
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- |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank loan |
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The bank loan is secured by a fixed charge on the company's investment property.
Willcock Property Investments Ltd (FORMERLY Willcock and White Property Investments Ltd)
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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Profit and loss Reserve |
The amount of the profit and loss reserve that is non-distributable is £25,058 (2023: £25,058).
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Prior period adjustment |
During the year, the director identified that a deferred tax provision of £25,058 was incorrectly included in the previous year's financial statements. This has been corrected in the current year and the comparatives have been restated. The effect of this adjustment is that the net liabilities at 31 May 2023 are £25,058 less than previously stated and the profit after tax for the year then ended is £25,058 more than previously stated.