Wardbright Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01964872 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

WARDBRIGHT PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M D Barton

Mrs L Mukerjea

Mrs J Barry

SECRETARY:

Mrs L Mukerjea

REGISTERED OFFICE:

103 Princes Avenue

Hull

East Yorkshire

HU5 3QP

REGISTERED NUMBER:

01964872 (England and Wales)

FIXED ASSETS

Tangible assets

5

-

Investments

6

696,966

Investment property

7

12,728,401

12,718,000

13,425,367

13,414,966

CURRENT ASSETS

Debtors

8

1,946,326

1,543,284

Cash at bank

371,985

360,484

2,318,311

1,903,768

CREDITORS

Amounts falling due within one year

9

5,618,978

5,579,416

NET CURRENT LIABILITIES

(3,300,667

)

(3,675,648

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

10,124,700

9,739,318

PROVISIONS FOR LIABILITIES

11

1,038,883

NET ASSETS

9,085,817

8,700,435

CAPITAL AND RESERVES

Called up share capital

1,000

Fair value reserve

12

4,319,524

Retained earnings

12

4,765,293

4,379,911

SHAREHOLDERS' FUNDS

9,085,817

8,700,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 31 July 2025 and were signed on its behalf by:

M D Barton - Director

Mrs L Mukerjea - Director

1.	STATUTORY INFORMATION

Wardbright Properties Limited 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.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

No significant judgements have had to be made by the directors in preparing these financial statements.

The directors have made key assumptions in the determination of fair value of investment properties in respect of the state of the property market in the location where the property is situated and also in respect of the range of reasonable fair value estimates of the assets.

REVENUE

Turnover comprises revenue recognised by the company in respect of rental income received from its investment property portfolio and administration fees charged to tenants. It also includes rental income receivable from other fixed asset investments in which the company hold an interest. The company is not registered for value added tax.

Rental income is recognised on a time basis and is measured over the duration of each respective tenancy agreement but is only recognised to the extent that it is probable that the economic benefits will flow to the Company, the amount of revenue can be reliably measured and it is probable that the Company will receive the consideration due under the tenancy agreements.

Administration fees are recognised as they are charged. Commissions are deducted directly from payments made to landlords.

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their estimated residual value over their estimated useful lives, using the reducing balance method.

Depreciation is provided on the following bases:

Fixtures and fittings - 15%

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

The company engage an independent valuer to assist the directors in determining fair value, with a number of valuations of investment property being carried out each year.

Investment property whose fair value can be measured reliably are recorded at fair value with any surplus or deficit on revaluation being recognised in the income statement accumulated in a non-distributable reserve.

No depreciation is charged on investment property.

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.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2023

and 30 September 2024

26,154

DEPRECIATION

At 1 October 2023

and 30 September 2024

26,154

NET BOOK VALUE

At 30 September 2024

-

At 30 September 2023

-

6.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2024

2023

£

Grovehill Trust

278,334

Croft Ward Holdings

234,147

Ward Right Holdings

184,485

696,966

Fixed asset investments represent amounts invested in the following entities:

33.34% interest in 'The Grovehill Trust',

50% interest in 'Croft Ward Holdings',

50% interest in 'Ward Right Holdings',

All the above entities own and rent out property on an arms length basis.

There are no listed investments (2023 - £NIL).

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

12,718,000

Additions

10,401

At 30 September 2024

12,728,401

NET BOOK VALUE

At 30 September 2024

12,728,401

At 30 September 2023

12,718,000

Fair value at 30 September 2024 is represented by:

£

Valuation in 2010

978,921

Valuation in 2017

2,175,483

Valuation in 2018

280,000

Valuation in 2019

813,210

Valuation in 2023

1,111,325

Cost

7,369,462

12,728,401

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

Cost

7,369,462

7,359,061

Investment property was valued on an open market value basis on 30 September 2023 by Allsops .

The directors have also reviewed the valuations of investment property as at 30 September 2024 and made judgements as to the fair value of those assets which were not professionally valued during the year.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

69,447

66,584

Other debtors

1,876,879

1,476,700

1,946,326

1,543,284

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

5,099,000

5,199,000

Trade creditors

23,811

673

Taxation and social security

125,000

82,500

Other creditors

371,167

297,243

5,618,978

5,579,416

The bank loan is secured.

Included in other creditors are amounts due to the directors of £133 (2023 - £11,333).

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

5,099,000

5,199,000

The bank loans are secured by first charges taken by the bank over specific investment properties together with a debenture over the remaining assets of the company.

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

1,038,883

Deferred

tax

£

Balance at 1 October 2023

1,038,883

Provision on revalued property

Balance at 30 September 2024

1,038,883

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

At 1 October 2023

4,379,911

4,319,524

8,699,435

Profit for the year

385,382

At 30 September 2024

4,765,293

4,319,524

9,084,817

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have given a personal guarantee of £100,000 each to the bank as security for the bank loan.