Company Registration No. 1121213 (England and Wales)
Worth Properties Limited
Unaudited accounts
for the year ended 31 May 2025
Worth Properties Limited
Unaudited accounts
Contents
Worth Properties Limited
Company Information
for the year ended 31 May 2025
Company Number
1121213 (England and Wales)
Registered Office
10 Sackville Gardens
Hove
East Sussex
BN3 4GH
Accountants
Maxwell-Gumbleton & Co.
1 West Street
Lewes
East Sussex
BN7 2NZ
Worth Properties Limited
Statement of financial position
as at 31 May 2025
Investment property
1,020,000
844,000
Cash at bank and in hand
125,366
131,744
Creditors: amounts falling due within one year
(30,154)
(7,927)
Net current assets
95,995
125,269
Total assets less current liabilities
1,118,196
969,277
Provisions for liabilities
Net assets
1,101,766
969,277
Called up share capital
26,668
26,668
Profit and loss account
1,075,098
942,609
Shareholders' funds
1,101,766
969,277
For the year ending 31 May 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 her 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 August 2025 and were signed on its behalf by
M E Jones
Director
Company Registration No. 1121213
Worth Properties Limited
Notes to the Accounts
for the year ended 31 May 2025
Worth Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 1121213. The registered office is 10 Sackville Gardens, Hove, East Sussex, BN3 4GH.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents the total value of rents receivable during the year and derives from the provision of services falling within the company's ordinary activities.
Tangible fixed assets and depreciation
At each balance sheet date the Company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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. 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.
Worth Properties Limited
Notes to the Accounts
for the year ended 31 May 2025
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 June 2024
844,000
The investment properties are included at open market valuation. The most recent valuation was performed by the director, M E Jones, in May 2025.
Tangible fixed assets included at fair value would have been included on a historical cost basis of £793,824 (2024£793,824) with no depreciation charged.
Amounts falling due within one year
Accrued income and prepayments
683
665
7
Creditors: amounts falling due within one year
2025
2024
Amounts owed to group undertakings and other participating interests
139
139
Other creditors
13,450
2,500
Loans from directors
10,000
-
Worth Properties Limited
Notes to the Accounts
for the year ended 31 May 2025
8
Deferred taxation
2025
2024
Revaluation of investment property
16,430
-
Charged to the profit and loss account
16,430
-
Provision at end of year
16,430
-
Allotted, called up and fully paid:
26,668 Ordinary shares of £1 each
26,668
26,668
10
Average number of employees
During the year the average number of employees was 2 (2024: 2).