REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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WARDBRIGHT PROPERTIES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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FOR |
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WARDBRIGHT PROPERTIES LIMITED |
WARDBRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 01964872) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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WARDBRIGHT PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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WARDBRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 01964872) |
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BALANCE SHEET |
30 SEPTEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 13 |
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Retained earnings | 13 |
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SHAREHOLDERS' FUNDS |
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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. |
WARDBRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 01964872) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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WARDBRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 01964872) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Wardbright Properties Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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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. |
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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. |
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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. |
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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. |
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Administration fees are recognised as they are charged. Commissions are deducted directly from payments made to landlords. |
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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. |
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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% |
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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. |
WARDBRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 01964872) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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WARDBRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 01964872) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 October 2019 |
and 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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6. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
2020 | 2019 |
£ | £ |
Grovehill Trust | 278,334 | 278,334 |
Croft Ward Holdings | 234,147 | 234,147 |
Ward Right Holdings | 184,485 | 184,485 |
696,966 | 696,966 |
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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. |
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There are no listed investments (2019 - £NIL). |
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7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2019 |
and 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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WARDBRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 01964872) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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7. | INVESTMENT PROPERTY - continued |
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Fair value at 30 September 2020 is represented by: |
£ |
Valuation in 2010 | 978,921 |
Valuation in 2017 | 2,178,281 |
Valuation in 2018 | 280,000 |
Valuation in 2019 | 813,210 |
Cost | 7,431,088 |
11,681,500 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 7,431,088 | 7,431,088 |
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Investment property was valued on an open market value basis on 30 September 2019 by Allied Surveyors and throughout the year. . |
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The directors have also reviewed the valuations of investment property as at 30 September 2020 and made judgements as to the fair value of those assets which were not professionally valued during the year. |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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The bank loan is secured. |
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Included in other creditors are amounts due to the directors of £142,581 (2019 - £172,581). |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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WARDBRIGHT PROPERTIES LIMITED (REGISTERED NUMBER: 01964872) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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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. |
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12. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 761,583 | 761,583 |
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Deferred |
tax |
£ |
Balance at 1 October 2019 |
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Provision on revaluation |
Balance at 30 September 2020 |
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13. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2019 |
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6,339,253 |
Profit for the year |
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At 30 September 2020 |
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6,706,801 |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The directors have given a personal guarantee of £100,000 each to the bank as security for the bank loan. |