WALLIS OFFICE FURNITURE PROPERTIES LTD


Directors	OLD, Antony Mark
	OLD, Charlie John Leslie
	OLD, Jacqueline Mary
	OLD, Lee Antony
	SEES, Aimee Lauren


Registered Address	2 Colchester Road
	St Osyth
	CO16 8HA


Registered Number	07086934 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

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

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	25	-
Fixtures and fittings	-	4
Vehicles	25	-
Office Equipment	25	-

	Investment property
	The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	3		5

3.	Tangible fixed assets

	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 April 24	10,215	151,640	13,372	175,227
Additions	289	-	-	289
Disposals	-	-	(1,249)	(1,249)
At 31 March 25	10,504	151,640	12,123	174,267
Depreciation and impairment
At 01 April 24	6,521	46,774	4,923	58,218
Charge for year	996	26,217	2,560	29,773
On disposals	-	-	(1,124)	(1,124)
At 31 March 25	7,517	72,991	6,359	86,867
Net book value
At 31 March 25	2,987	78,649	5,764	87,400
At 31 March 24	3,694	104,866	8,449	117,009

4.	Investment property
	Investment property comprises 8-18 Fowler Road, Hainault, IG6 3UT. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 15 February 2024 by Mass & Co Ltd Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. There has been no change in the valuation since this was carried out.

Investment property

Investment property comprises 8-18 Fowler Road, Hainault, IG6 3UT. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 15 February 2024 by Mass & Co Ltd Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. There has been no change in the valuation since this was carried out.


		£
	Fair value at 01 April 24	4,180,000
	At 31 March 25	4,180,000

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	195,283	193,227
Other debtors	11,406	8,094
Prepayments and accrued income	26,556	26,547
Total	233,245	227,868

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	953	2,503
Amounts owed to related parties	17,186	24,048
Taxation and social security	47,401	20,537
Finance lease and HP contracts	10,537	16,688
Other creditors	48,027	74,999
Accrued liabilities and deferred income	196,879	167,513
Total	320,983	306,288

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	78,450	84,675
Total	78,450	84,675


	The other creditors due after one year represents the Hire Purchase contract.

8.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	88,987		101,363


	The Hire Purchase is secured against the asset.

9.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	735,950	743,400
Total	735,950	743,400

10.	Directors advances, credits and guarantees
	Included within other creditors are amounts owed to the directors of £48,027 (2024 - £74,998). Interest has been charged at 2.5% where drawings have exceeded £10,000 and amounts are repayable on demand.

11.	Revaluation reserve
	Included within the reserves is £2,435,154 which relates to the property revaluation and as such are non distributable (2024: £2,435,154 million non distributable).

12.	Parent-subsidiary relationships
	The balance of £17,186 (2024 - £24,048) owed to the parent company is interest free and repayable on demand.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		87,400		117,009
Investment property	4		4,180,000		4,180,000
			4,267,400		4,297,009
Current assets
Debtors	5	233,245		227,868
Cash at bank and on hand		5,007		7,511
		238,252		235,379
Creditors amounts falling due within one year	6	(320,983)		(306,288)
Net current assets (liabilities)			(82,731)		(70,909)
Total assets less current liabilities			4,184,669		4,226,100
Creditors amounts falling due after one year	7		(78,450)		(84,675)
Provisions for liabilities	9		(735,950)		(743,400)
Net assets			3,370,269		3,398,025
Capital and reserves
Called up share capital			100		100
Profit and loss account			3,370,169		3,397,925
Shareholders' funds	11		3,370,269		3,398,025