Wilbur Developments Limited - Accounts to registrar (filleted) - small 18.2

Unaudited Financial Statements

for the Year Ended 28 February 2019

for

Wilbur Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Nock

M/s C Nock

Ms R C Massoudi

SECRETARY:

Miss S Osborne

REGISTERED OFFICE:

6 Grosvenor Street

London

W1K 4PZ

REGISTERED NUMBER:

03324429 (England and Wales)

ACCOUNTANTS:

Williams & Co

Chartered Accountants

8/10 South Street

Epsom

Surrey

KT18 7PF

FIXED ASSETS

Tangible assets

4

1,934,374

1,913,831

Investments

5

5

5

1,934,379

1,913,836

CURRENT ASSETS

Stocks

6

751,487

500,118

Debtors

7

1,436,679

1,325,479

Cash at bank and in hand

7,989

2

2,196,155

1,825,599

CREDITORS

Amounts falling due within one year

8

7,769,523

6,518,027

NET CURRENT LIABILITIES

(5,573,368

)

(4,692,428

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,638,989

)

(2,778,592

)

CREDITORS

Amounts falling due after more than one year

9

6,306

-

NET LIABILITIES

(3,645,295

)

(2,778,592

)

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

(3,645,395

)

(2,778,692

)

SHAREHOLDERS' FUNDS

(3,645,295

)

(2,778,592

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 22 November 2019 and were signed on its behalf by:

G Nock - Director

1.	STATUTORY INFORMATION

Wilbur Developments Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have drawn up the accounts on a going concern basis. This is dependent upon the loan

provider agreeing to maintain the company facility and not foreclosing. The directors are in discussion

with the loan provider and believe that this is achievable. A number of assets are currently on the

market in order to reduce the debt.

In the event that the loan provider forecloses then the company assets will be required to be sold under

duress and may or may not realise the values held in the accounts leading to a loss. In addition there

may be further liabilities which arise on closure.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated

useful life.

Motor vehicles - 25% on cost

Computer equipment - 33% on cost

Investment properties are carried at cost and not depreciated.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Motor

Computer

property

vehicles

equipment

Totals

£

£

£

£

COST

At 1 March 2018

1,910,342

27,200

10,251

1,947,793

Additions

-

26,105

-

26,105

Disposals

-

(6,300

)

-

(6,300

)

At 28 February 2019

1,910,342

47,005

10,251

1,967,598

DEPRECIATION

At 1 March 2018

-

27,200

6,762

33,962

Charge for year

-

3,807

1,755

5,562

Eliminated on disposal

-

(6,300

)

-

(6,300

)

At 28 February 2019

-

24,707

8,517

33,224

NET BOOK VALUE

At 28 February 2019

1,910,342

22,298

1,734

1,934,374

At 28 February 2018

1,910,342

-

3,489

1,913,831

In the opinion of the directors the land and buildings have a market value of in excess of £3.1m.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

26,105

At 28 February 2019

26,105

DEPRECIATION

Charge for year

3,807

At 28 February 2019

3,807

NET BOOK VALUE

At 28 February 2019

22,298

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 March 2018

and 28 February 2019

5

NET BOOK VALUE

At 28 February 2019

5

At 28 February 2018

5

6.

STOCKS

2019

2018

£

£

Work-in-progress

751,487

500,118

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Loans to investments

1,349,574

1,242,314

Other debtors

87,105

83,165

1,436,679

1,325,479

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts (see note 10)

6,201,908

5,576,073

Hire purchase contracts

2,371

-

Trade creditors

34,325

30,851

Social security and other taxes

(48

)

-

VAT

2,038

7,989

Other creditors

1,323,656

647,444

Directors' current accounts

49,780

114,553

Accrued expenses

155,493

141,117

7,769,523

6,518,027

Included in other creditors is a loan from Apsley House Capital Plc for £857,739 which is secured by

way of a charge of the WIP.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

6,306

-

10.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

23,020

Loans

6,201,908

5,553,053

6,201,908

5,576,073

11.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loan

6,201,908

5,553,053

The bank loans are secured by way of charges over investment properties and personal guarantees by

a director.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

13.

RESERVES

Retained

earnings

£

At 1 March 2018

(2,778,692

)

Deficit for the year

(866,703

)

At 28 February 2019

(3,645,395

)

14.	RELATED PARTY DISCLOSURES

G Nock

Director

During the year fees of £20,000 (2018 - £20,000) were paid to Wilbur Consulting Ltd a company under

the control of G Nock.

15.	ULTIMATE CONTROLLING PARTY

The company is under the control of R Massoudi & C Nock.