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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2018 |
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WHARF HOUSE PROPERTIES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2018 |
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FOR |
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WHARF HOUSE PROPERTIES LIMITED |
WHARF HOUSE PROPERTIES LIMITED (REGISTERED NUMBER: 10181968) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2018 |
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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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WHARF HOUSE PROPERTIES LIMITED |
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COMPANY INFORMATION |
for the year ended 31 May 2018 |
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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 |
Griffins Court |
24-32 London Road |
NEWBURY |
Berkshire |
RG14 1JX |
WHARF HOUSE PROPERTIES LIMITED (REGISTERED NUMBER: 10181968) |
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BALANCE SHEET |
31 May 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 | 8 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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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
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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. |
WHARF HOUSE PROPERTIES LIMITED (REGISTERED NUMBER: 10181968) |
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BALANCE SHEET - continued |
31 May 2018 |
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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 on
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WHARF HOUSE PROPERTIES LIMITED (REGISTERED NUMBER: 10181968) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2018 |
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1. | STATUTORY INFORMATION |
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Wharf House Properties Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling which is the functional currency of the company and rounded to the |
nearest £. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies |
have been consistently applied to all years presented unless otherwise stated. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that |
affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues |
and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those |
estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts |
recognised in the financial statements. |
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Revenue recognition |
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The key judgements made by management in respect of revenue is the point at which that revenue should be recognised. |
Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which |
to recognise revenue based upon the these terms and in particular where the risks and rewards of ownership transfer. |
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Tangible fixed assets |
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Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The |
actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual |
value assessment consider issues such as the remaining life of the asset and the projected disposal value. |
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Investment property |
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The directors have also made key assumptions in the determination of the fair value of the investment properties in |
respect of the state of the property market in the location where the property is situated and in respect of the range of |
reasonable fair value estimates of the asset. |
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Turnover |
Rents received is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value |
added tax and other sales taxes. |
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Rental income is recognised over the period to which it relates. |
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Tangible fixed assets |
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WHARF HOUSE PROPERTIES LIMITED (REGISTERED NUMBER: 10181968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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 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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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction |
price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past |
event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be |
reliably estimated. |
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
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Impairments |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet |
date. If such indication exists, the recoverable amount of the asset, or asset's cash generating unit, is estimated and |
compared to its carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is |
recognised in the profit and loss, unless it's carried at a revalued amount, where the impairment loss is a revaluation |
decrease. |
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Short-term employees benefits |
Short-term employees' benefits are recognised as an expense in the period in which they are incurred. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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WHARF HOUSE PROPERTIES LIMITED (REGISTERED NUMBER: 10181968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
Additions |
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At 31 May 2018 |
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DEPRECIATION |
Charge for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 June 2017 |
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Additions |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Investment properties were subject to valuation by the directors who are not professionally qualified valuers, but have |
recent experience in the location and class of investment properties being revalued. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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WHARF HOUSE PROPERTIES LIMITED (REGISTERED NUMBER: 10181968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
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Other creditors |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank loans |
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Bank loans are secured against the property that they relate to. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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11. | RELATED PARTY DISCLOSURES |
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At the year end, the company owed key management personnel £472,553 (2017 - £365,445). |