Willco Properties Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 09173125 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Willco Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W M Morris

M J Morris

REGISTERED OFFICE:

Unit 5, Woodcote Mews

Chequers Lane

Walton on the Hill

Tadworth

Surrey

KT20 7ST

REGISTERED NUMBER:

09173125 (England and Wales)

FIXED ASSETS

Investment property

4

6,325,000

6,395,000

CURRENT ASSETS

Work in progress

58,191

Debtors

5

1,502,323

969,895

Cash at bank

43,717

97,148

1,604,231

1,125,234

CREDITORS

Amounts falling due within one year

6

2,299,192

2,180,499

NET CURRENT LIABILITIES

(694,961

)

(1,055,265

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,630,039

5,339,735

CREDITORS

Amounts falling due after more than
one year

7

530,758

537,008

NET ASSETS

5,099,281

4,802,727

CAPITAL AND RESERVES

Called up share capital

8

2

Retained earnings

9

5,099,279

4,802,725

SHAREHOLDERS' FUNDS

5,099,281

4,802,727

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

W M Morris - Director

1.	STATUTORY INFORMATION

Willco Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors , including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing work in progress to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

6,395,000

Revaluations

(70,000

)

At 31 December 2024

6,325,000

NET BOOK VALUE

At 31 December 2024

6,325,000

At 31 December 2023

6,395,000

The investment properties were revalued on fair value basis by William Morris, director of the company at 31st December 2024 at £6,325,000 (2023 - £6,395,000). The historical cost of these properties was £4,020,054. The valuation is based on the property market conditions prevailing at the various revaluation dates.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2016

1,555,000

Valuation in 2017

102,699

Valuation in 2018

9,000

Valuation in 2019

95,826

Valuation in 2021

3,057,727

Valuation in 2022

(2,710,346

)

Valuation in 2023

265,040

Valuation in 2024

(70,000

)

Cost

4,020,054

6,325,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

9,798

11,575

Other debtors

109,823

303,866

Amounts owed by related

parties

1,382,006

653,869

Directors' current accounts

-

92

VAT

154

Prepayments

542

339

1,502,323

969,895

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

1,639

1,743

Tax

120,101

63,116

Other creditors

1,995

1,919

Amounts owed to related

parties

2,152,721

2,113,721

Accruals and deferred income

22,736

-

2,299,192

2,180,499

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

31.12.24

31.12.23

£

Deferred tax

530,758

537,008

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

2

Ordinary shares

£1.00

2

9.

RESERVES

Retained

earnings

£

At 1 January 2024

4,802,725

Profit for the year

296,554

At 31 December 2024

5,099,279

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

W M Morris

Balance outstanding at start of year

92

31,125

Amounts repaid

-

(31,033

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

-

92

The loan is unsecured, interest free and wholly repayable by the company.