Company Registration No. 01355691 (England and Wales)
WAFA ASSETS LIMITED
Unaudited accounts
for the year ended 31 March 2025
WAFA ASSETS LIMITED
Unaudited accounts
Contents
WAFA ASSETS LIMITED
Company Information
for the year ended 31 March 2025
Directors
Mr J Rahman
Mrs F K Rahman
Mrs F Rahman
Company Number
01355691 (England and Wales)
Registered Office
WAFA HOUSE
HILLCREST WAYE
GERRARDS CROSS
BUCKS,
SL9 8DN
Accountants
Kaushik Khiroya, AFA
LMK ACCOUNTING LTD
THE GATEHOUSE
GATEHOUSE WAY
AYLESBURY
HP19 8DB
WAFA ASSETS LIMITED
Statement of financial position
as at 31 March 2025
Tangible assets
5,883
4,553
Investment property
2,704,999
3,199,357
Inventories
531,322
531,322
Cash at bank and in hand
752,467
671,124
Creditors: amounts falling due within one year
(747,709)
(489,056)
Net current assets
543,082
713,642
Total assets less current liabilities
3,253,964
3,917,552
Provisions for liabilities
Deferred tax
(17,936)
(40,345)
Net assets
3,236,028
3,877,207
Called up share capital
200
200
Revaluation reserve
445,995
917,944
Profit and loss account
2,789,833
2,959,063
Shareholders' funds
3,236,028
3,877,207
For the year ending 31 March 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 directors acknowledge their 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 of Directors and authorised for issue on 30 December 2025 and were signed on its behalf by
Mr J Rahman
Director
Company Registration No. 01355691
WAFA ASSETS LIMITED
Notes to the Accounts
for the year ended 31 March 2025
WAFA ASSETS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 01355691. The registered office is WAFA HOUSE, HILLCREST WAYE, GERRARDS CROSS, BUCKS,, SL9 8DN.
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.
Revenue, described as turnover, represents rents receivable and sale of trading properties excluding Value added Tax. Turnover is recognised in accordance with the due dates under the terms of the lease agreement.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
10% on reducing balance
Computer equipment
25% on reducing balance
Investment properties are 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.
The investment properties have been valued by the directors.
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
WAFA ASSETS LIMITED
Notes to the Accounts
for the year ended 31 March 2025
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 section 11.
Basic financial instruments, which include trade and other receivables and payables, cash and bank balances, are recognised at amortised costs.
Advanced financial instruments which include interest rate swap and forward foreign exchange contracts, are initially recorded at cost and thereafter at a fair value with changes recognised in profit and loss.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2024
25,008
-
25,008
At 31 March 2025
25,008
1,998
27,006
At 1 April 2024
20,455
-
20,455
Charge for the year
455
213
668
At 31 March 2025
20,910
213
21,123
At 31 March 2025
4,098
1,785
5,883
At 31 March 2024
4,553
-
4,553
Fair value at 1 April 2024
3,199,357
Net loss from fair value adjustments
(494,358)
At 31 March 2025
2,704,999
The investment properties were valued by the directors on an open market basis.
Amounts falling due within one year
Accrued income and prepayments
6,750
-
WAFA ASSETS LIMITED
Notes to the Accounts
for the year ended 31 March 2025
7
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
42,071
29,462
Other creditors
37,819
34,241
Loans from directors
658,356
408,044
Deferred income
7,956
14,457
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Average number of employees
During the year the average number of employees was 3 (2024: 3).