COMPANY REGISTRATION NO. 03564565 (England and Wales)
WEST & WALES PROPERTY MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
WEST & WALES PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WEST & WALES PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
-
1,382
Current assets
Debtors
4
-
537,123
Creditors: amounts falling due within one year
5
(725)
(725)
Net current (liabilities)/assets
(725)
536,398
Total assets less current liabilities
(725)
537,780
Capital and reserves
Called up share capital
6
396,302
396,302
Share premium account
1,282
1,282
Profit and loss reserves
(398,309)
140,196
Total equity
(725)
537,780
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 and signed by the director and authorised for issue on 17 September 2019
Mr A M Darlow
Director
Company Registration No. 03564565
WEST & WALES PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
West & Wales Property Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
UHY Hacker Young, Lanyon House, Mission Court, Newport, South Wales, United Kingdom, NP20 2DW.
1.1
Accounting convention
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.
1.2
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.
1.3
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.
2
Fixed asset investments
2018
2017
£
£
Investments
-
1,382
WEST & WALES PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
2
Fixed asset investments
(Continued)
- 3 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018 & 31 December 2018
1,382
Impairment
At 1 January 2018
-
Impairment losses
1,382
At 31 December 2018
1,382
Carrying amount
At 31 December 2018
-
At 31 December 2017
1,382
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Llanhennock Investments Limited
England & Wales
Investment and development of property and land
Ordinary
0
On 27 June 2018 Llanhennock Investments Limited was placed into receivership as a result of which West & Wales Property Management Limited's investment in the company was written off in full.
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
537,123
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
725
725
WEST & WALES PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
396,302 Ordinary shares of £1 each
396,302
396,302
7
Related party transactions
Included in debtors at 31 December 2018 is £nil (2017 - £537,123) owed to the company by Llanhennock Investments Limited, a 100% owned subsidiary of West & Wales Property Management Limited.
On 27 June 2018 Llanhennock Investments Limited was placed into receivership and the amount of £537,123 owed to West & Wales Property Management Limited was deemed unrecoverable and written off in full.