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Unaudited Financial Statements |
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for the Year Ended 31 October 2019 |
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for |
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Widmore Properties Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 October 2019 |
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for |
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Widmore Properties Limited |
Widmore Properties Limited (Registered number: 09049116) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2019 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Statement of Financial Position | 3 | to | 4 |
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Notes to the Financial Statements | 5 | to | 7 |
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Widmore Properties Limited |
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Company Information |
for the Year Ended 31 October 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Widmore Properties Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Widmore Properties Limited for the year ended 31 October 2019 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Widmore Properties Limited, as a body, in accordance with the terms of our engagement letter dated 15 April 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Widmore Properties Limited and state those matters that we have agreed to state to the Board of Directors of Widmore Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Widmore Properties Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Widmore Properties Limited 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 profit of Widmore Properties Limited. You consider that Widmore Properties Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Widmore Properties Limited. 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 financial statements. |
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Chartered Accountants |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
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Widmore Properties Limited (Registered number: 09049116) |
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Statement of Financial Position |
31 October 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 9 |
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Retained earnings |
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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. |
Widmore Properties Limited (Registered number: 09049116) |
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Statement of Financial Position - continued |
31 October 2019 |
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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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Widmore Properties Limited (Registered number: 09049116) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2019 |
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1. | STATUTORY INFORMATION |
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Widmore Properties Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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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Other operating income |
Rental income is recognised on a straight line basis over the life of the lease. |
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Going concern |
The directors acknowledge the uncertainty concerning Covid-19 and the impact that this could have on the company's operational existence. At the time of approving the financial statements, Covid-19 has not had a significant detrimental impact on the activities of the company and the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors deem it appropriate to continue to adopt the going concern basis in preparing the financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
Widmore Properties Limited (Registered number: 09049116) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 November 2018 |
and 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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Fair value at 31 October 2019 is represented by: |
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£ |
Valuation in 2017 | 152,308 |
Cost | 677,692 |
830,000 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Amounts owed to related parties |
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Taxation and social security |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 200,168 | 234,424 |
Widmore Properties Limited (Registered number: 09049116) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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The bank loan is secured by way of a fixed charge over all investment property, including a negative pledge. |
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9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 November 2018 |
and 31 October 2019 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The company was owed £50 (2018 : £50) by directors at the year end. |
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11. | RELATED PARTY DISCLOSURES |
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Intercleanse Limited, a company under common control. |
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Included within creditors is a loan of £99,776 (2018 : £130,526) owed to Intercleanse Limited. The loan is unsecured, interest free and repayable on demand. |
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Rent of £72,000 (2018 : £72,000) was invoiced to Intercleanse Limited during the year. At the year end the company was owed £NIL (2018: £12,000) by Intercleanse Limited. The companies trade under normal commercial terms. |