Registered number:
07292412
WILLEY ESTATE DEVELOPMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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WILLEY ESTATE DEVELOPMENTS LIMITED
REGISTERED NUMBER:
07292412
BALANCE SHEET
AS AT
31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Provisions for liabilities
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WILLEY ESTATE DEVELOPMENTS LIMITED
REGISTERED NUMBER:
07292412
BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
................................................
The Hon Mrs S L Graham
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The notes on pages 3 to 8 form part of these financial statements.
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WILLEY ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Willey Estates Developments Limited (07292412), is a private limited company limited by shares, incorporated in England and Wales, with is registered office The Estate Office, Willey, Broseley, Shropshire, TF12 5JN.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The business has not suffered adverse consequences of the COVID-19 pandemic. After making enquiries, the Directors have reasonable expectations the Company has adequate reserves to continue to trade for the foreseeable future. Therefore, the Company continues to adopt the going concern basis in preparing the Accounts.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rents receivable
Rental income is recognised in the period for which the charge for occupancy relates, provided that the amount can be reliably measured and it is probable that the Company will receive consideration due under the tenancy agreement.
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WILLEY ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment property is carried at fair value determined annually by external valuers 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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WILLEY ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Employee costs stated in these accounts represent costs recharged from trading entities within the Willey estate, and reflect the monetary value of the services provided by the estate employees to the Company in the period.
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The average monthly number of employees, including directors, during the year was
2
(2020 -
2
)
.
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Losses and other deductions
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as
(2020 - the same as)
the standard rate of corporation tax in the UK of
19
%
(2020 -
19
%)
as set out below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
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Utilisation of tax losses
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Unrelieved tax losses carried forward
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Total tax charge for the year
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Factors that may affect future tax charges
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There are taxable rental losses carried forward in the sum of £19,014 (2020: £17,973).
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WILLEY ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Freehold investment property
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The 2021 valuations were made by directors, on an open market value for existing use basis.
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Amounts owed by group undertakings
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Called up share capital not paid
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Prepayments and accrued income
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Cash and cash equivalents
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WILLEY ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Unrealised gains on investment property
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Allotted, called up and partly paid
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300
(2020 -
300
)
Ordinary
shares of £
1.00
each
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WILLEY ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Related party transactions
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Included in other debtors, is an amount due from the related parties in the sum of £2,556. This amount does not accrue interest and is repayable on demand.
Included in debtors, is an amount due to Willey Estate Energy Limited in the sum of £142. This amount does not accrue interest and is repayable on demand.
Also included in creditors is an amount due to Barrow Farms Partnership in the sum of £22,465. This amount is repayable on demand.
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