Company registration number 00245286 (England and Wales)
WORTHINGTON PROPERTIES LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WORTHINGTON PROPERTIES LIMITED
COMPANY INFORMATION
Directors
H P Worthington BA, MCIPD, MBA
J C Worthington BSC, MRICS, PGD
Secretary
H P Worthington BA, MCIPD, MBA
Company number
00245286
Registered office
182 London Road
Leicester
LE2 1ND
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
182 London Road
Leicester
LE2 1ND
Bankers
National Westminster Bank Plc
1 Granby Street
Leicester
LE1 6EJ
WORTHINGTON PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WORTHINGTON PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
187,913
165,261
Investment properties
4
15,402,693
15,166,693
15,590,606
15,331,954
Current assets
Debtors
5
8,684
6,861
Cash at bank and in hand
1,145,029
1,065,325
1,153,713
1,072,186
Creditors: amounts falling due within one year
6
(324,965)
(324,761)
Net current assets
828,748
747,425
Total assets less current liabilities
16,419,354
16,079,379
Provisions for liabilities
(2,176,324)
(2,088,049)
Net assets
14,243,030
13,991,330
Capital and reserves
Called up share capital
7
69,592
69,592
Fair value reserve
7,213,937
7,063,670
Capital redemption reserve
2,983,058
2,983,058
Profit and loss reserves
3,976,443
3,875,010
Total equity
14,243,030
13,991,330

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 September 2025 and are signed on its behalf by:
H P Worthington BA, MCIPD, MBA
J C Worthington BSC, MRICS, PGD
Director
Director
Company Registration No. 00245286
WORTHINGTON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Worthington Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 182 London Road, Leicester, LE2 1ND.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income from freehold and leasehold investment properties. Rental income is recognised on a straight line basis over the term of the relevant lease.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings
0% per annum of cost
Fixtures, fittings & equipment
15% per annum of cost
Motor vehicles
20% per annum of cost

The estimated residual value of freehold buildings is such that their depreciable amount is insignificant. Accordingly, no depreciation is charged on freehold buildings.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WORTHINGTON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.7
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
3
3
WORTHINGTON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
140,397
94,087
234,484
Additions
-
0
34,259
34,259
Disposals
-
0
(27,840)
(27,840)
At 31 March 2025
140,397
100,506
240,903
Depreciation and impairment
At 1 April 2024
14,834
54,389
69,223
Depreciation charged in the year
-
0
11,273
11,273
Eliminated in respect of disposals
-
0
(27,506)
(27,506)
At 31 March 2025
14,834
38,156
52,990
Carrying amount
At 31 March 2025
125,563
62,350
187,913
At 31 March 2024
125,563
39,698
165,261
4
Investment property
2025
£
Fair value
At 1 April 2024
15,166,693
Revaluations
236,000
At 31 March 2025
15,402,693

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by a director who is a Chartered Surveyor. The valuation in respect of the properties was made on an open market value basis.

5
Debtors
2025
2024
Amounts falling due within one year
£
£
Trade debtors
5,099
3,276
Other debtors
3,379
3,379
Prepayments and accrued income
206
206
8,684
6,861
WORTHINGTON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
24,023
2,446
Corporation tax
96,180
104,704
Other taxation and social security
30,717
28,048
Other creditors
136,140
141,133
Accruals and deferred income
37,905
48,430
324,965
324,761
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
69,592
69,592
69,592
69,592
8
Audit report information

As the profit and loss account has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Paul Barnett FCCA.
The auditor was Newby Castleman LLP.
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