Company registration number NI636381 (Northern Ireland)
W & R PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
W & R PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
W & R PROPERTIES LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF W & R PROPERTIES LTD
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W & R Properties Ltd for the period ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/rulebook.html.

This report is made solely to the b oard of d irectors of W & R Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 22 January 2026. Our work has been undertaken solely to prepare for your approval the financial statements of W & R Properties Ltd and state those matters that we have agreed to state to the b oard of d irectors of W & R Properties Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-audit-exempt-companies-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W & R Properties Ltd and its b oard of d irectors as a body for our work or for this report.

It is your duty to ensure that W & R Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of W & R Properties Ltd. You consider that W & R Properties Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of W & R Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

PFS & Partners Limited
Chartered Certified Accountants
16 Main Street
Limavady
BT49 0EU
5 February 2026
W & R PROPERTIES LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
80,000
80,000
Tangible assets
4
20,053
18,350
Investment property
5
1,000,000
4,695,000
Investments
6
1,350,002
-
0
2,450,055
4,793,350
Current assets
Debtors
7
1,423,317
1,969,564
Cash at bank and in hand
2
-
0
1,423,319
1,969,564
Creditors: amounts falling due within one year
8
(2,709,835)
(1,512,633)
Net current (liabilities)/assets
(1,286,516)
456,931
Total assets less current liabilities
1,163,539
5,250,281
Creditors: amounts falling due after more than one year
9
(503,847)
(2,280,150)
Net assets
659,692
2,970,131
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
659,592
2,970,031
Total equity
659,692
2,970,131
W & R PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 3 -

For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 5 February 2026 and are signed on its behalf by:
Ryan McLaughlin
Director
Company registration number NI636381 (Northern Ireland)
W & R PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information

W & R Properties Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is c/o The Corner Bar Office, 41-43 Main Street, Limavady, BT49 OEP.

1.1
Reporting period

The current financial period is for a period of 18 months, with comparative figures being for a 12 month period. The change in the company's reporting period date is as a result of a demerger and to make the reporting periods of all companies within the group co-terminous. As a result, the comparative figures presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Basis of preparation

These financial statements have been prepared in accordance with 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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

W & R PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Patents & licences
not amortised
1.6
Tangible fixed assets

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

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

Fixtures and fittings
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Investment property

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. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

W & R PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

W & R PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

W & R PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

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

2024
2023
Number
Number
Total
0
0
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2023 and 30 September 2024
75,000
80,000
155,000
Amortisation and impairment
At 1 April 2023 and 30 September 2024
75,000
-
0
75,000
Carrying amount
At 30 September 2024
-
0
80,000
80,000
At 31 March 2023
-
0
80,000
80,000
W & R PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 9 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
75,000
Additions
8,650
At 30 September 2024
83,650
Depreciation and impairment
At 1 April 2023
56,650
Depreciation charged in the period
6,947
At 30 September 2024
63,597
Carrying amount
At 30 September 2024
20,053
At 31 March 2023
18,350
5
Investment property
2024
£
Fair value
At 1 April 2023
4,695,000
Disposals
(3,695,000)
At 30 September 2024
1,000,000

Investment property comprises 3 propert ies. The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 30th September 2024 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,350,002
-
0
W & R PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
6
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
-
Additions
1,350,002
At 30 September 2024
1,350,002
Carrying amount
At 30 September 2024
1,350,002
At 31 March 2023
-
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
49,877
1,180
Other debtors
1,253,347
1,836,962
1,303,224
1,838,142
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
120,093
131,422
Total debtors
1,423,317
1,969,564
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
120,000
Trade creditors
21,144
7,579
Corporation tax
95,404
118,123
Other creditors
2,593,287
1,266,931
2,709,835
1,512,633
W & R PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 11 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
503,847
2,280,150
2024-09-30 2023-04-01 false false false 05 February 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity Willis McLaughlin Ryan McLaughlin NI636381 2023-04-01 2024-09-30 NI636381 2024-09-30 NI636381 2023-03-31 NI636381 core:NetGoodwill 2024-09-30 NI636381 core:IntangibleAssetsOtherThanGoodwill 2024-09-30 NI636381 core:NetGoodwill 2023-03-31 NI636381 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 NI636381 core:OtherPropertyPlantEquipment 2024-09-30 NI636381 core:OtherPropertyPlantEquipment 2023-03-31 NI636381 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 NI636381 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI636381 core:CurrentFinancialInstruments 2024-09-30 NI636381 core:CurrentFinancialInstruments 2023-03-31 NI636381 core:Non-currentFinancialInstruments 2024-09-30 NI636381 core:Non-currentFinancialInstruments 2023-03-31 NI636381 core:ShareCapital 2024-09-30 NI636381 core:ShareCapital 2023-03-31 NI636381 core:RetainedEarningsAccumulatedLosses 2024-09-30 NI636381 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI636381 bus:Director2 2023-04-01 2024-09-30 NI636381 core:Goodwill 2023-04-01 2024-09-30 NI636381 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-09-30 NI636381 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-09-30 NI636381 core:FurnitureFittings 2023-04-01 2024-09-30 NI636381 2022-04-01 2023-03-31 NI636381 core:NetGoodwill 2023-03-31 NI636381 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 NI636381 2023-03-31 NI636381 core:OtherPropertyPlantEquipment 2023-03-31 NI636381 core:OtherPropertyPlantEquipment 2023-04-01 2024-09-30 NI636381 core:AfterOneYear 2024-09-30 NI636381 core:AfterOneYear 2023-03-31 NI636381 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-09-30 NI636381 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-09-30 NI636381 bus:FRS102 2023-04-01 2024-09-30 NI636381 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-09-30 NI636381 bus:Director1 2023-04-01 2024-09-30 NI636381 bus:FullAccounts 2023-04-01 2024-09-30 xbrli:pure xbrli:shares iso4217:GBP