REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
Wilfred Developments Limited |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
Wilfred Developments Limited |
Wilfred Developments Limited (Registered number: 12732346) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
Wilfred Developments Limited |
COMPANY INFORMATION |
for the year ended 31 July 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
129 North Hill |
Plymouth |
Devon |
PL4 8JY |
Wilfred Developments Limited (Registered number: 12732346) |
BALANCE SHEET |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
Wilfred Developments Limited (Registered number: 12732346) |
BALANCE SHEET - continued |
31 July 2023 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wilfred Developments Limited (Registered number: 12732346) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Wilfred Developments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of FInancial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of fixed assets. |
Going concern |
The financial statements have been prepared on the going concern basis. This basis assumes that the company will have sufficient funding to enable it to continue to operate for the foreseeable future with the support of the directors, who believe that the going concern basis of preparation remains appropriate in the company's circumstances. |
Turnover |
Turnover represents revenue earned from rents receivable for the year. |
Rents receivable represents amounts received in the year adjusted for any amounts in advance/arrears at the balance sheet date. |
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
Furnishings | Straight line over 5 years |
Computer equipment | Straight line over 3 years |
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 Profit & Loss Account, 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. |
Wilfred Developments Limited (Registered number: 12732346) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
Provisions |
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Wilfred Developments Limited (Registered number: 12732346) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
4. | TANGIBLE FIXED ASSETS |
Computer |
Furnishings | equipment | Totals |
£ | £ | £ |
Cost |
Additions |
At 31 July 2023 |
Depreciation |
Charge for year |
At 31 July 2023 |
Net book value |
At 31 July 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 August 2022 |
Additions |
Revaluations | 49,946 |
At 31 July 2023 |
Net book value |
At 31 July 2023 |
At 31 July 2022 |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2023 | 49,946 |
Cost | 810,054 |
860,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Wilfred Developments Limited (Registered number: 12732346) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 50 | 50 |
10. | RESERVES |
Revaluation |
reserve |
£ |
Transfer to revaluation |
reserve | 49,946 |
At 31 July 2023 |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed the following amounts to related parties: |
N Eadie | Director and shareholder | £ 188,765 |
Mrs J Eadie | Director and shareholder | £ 188,764 |
12. | ULTIMATE CONTROLLING PARTY |
The company is ultimately controlled by the directors. |