REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WF PEARCE PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WF PEARCE PROPERTIES LIMITED |
WF PEARCE PROPERTIES LIMITED (REGISTERED NUMBER: 10942467) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WF PEARCE PROPERTIES LIMITED |
COMPANY INFORMATION |
for the year ended 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 High Street |
Thatcham |
Berks |
RG19 3JG |
WF PEARCE PROPERTIES LIMITED (REGISTERED NUMBER: 10942467) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | 8 |
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. |
WF PEARCE PROPERTIES LIMITED (REGISTERED NUMBER: 10942467) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WF PEARCE PROPERTIES LIMITED (REGISTERED NUMBER: 10942467) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Wf Pearce Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | (5,000 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
WF PEARCE PROPERTIES LIMITED (REGISTERED NUMBER: 10942467) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 DECEMBER 2023 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2018 | 13,534 |
Valuation in 2020 | 53,051 |
Valuation in 2021 | 65,000 |
Valuation in 2022 | 310,947 |
Valuation in 2023 | (5,000 | ) |
Cost | 1,162,468 |
1,600,000 |
One of the investment properties was purchased in 2017 for £265,000. The above valuation includes capital expenditure totalling £86,466. |
Another was purchased in 2020 for £316,948 which was subsequently developed and includes land for a new build. |
A further investment property was purchased and developed in 2021 for £105,650. The above valuation includes capital expenditure of £388,404. |
The above valuation also includes revaluations performed on 31 December 2023 to open market values totalling £437,532. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 50,000 |
WF PEARCE PROPERTIES LIMITED (REGISTERED NUMBER: 10942467) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 DECEMBER 2023 |
8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 456,973 |
Deficit for the year | ( |
) | ( |
) |
Gains/(losses) on revaluation | 88,131 | (88,131 | ) | - |
At 31 December 2023 | 445,302 |
9. | CONTINGENT LIABILITIES |
There were no contingent liabilities at the balance sheet date or at 31 December 2022. |
10. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owed the directors the following amounts; |
W D Pearce & Mrs S Pearce £500,498 (2022 : £484,736) J R Pearce £499,077 (2022 : £483,810) |
These balances are shown within other creditors, amounts falling due after more than one year. |
Included within creditors at the balance sheet date is an amount of £116,587 (2022 : £126,587) owing to W.F. Pearce & Co Limited, a company also controlled by the directors. |
During the year purchases of goods and labour totalling £Nil (2022 : £13,935) were acquired from W.F. Pearce & Co Limited. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is considered to be the directors by virtue of their share capital. |