Wicklesham Commercial Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03184903 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

WICKLESHAM COMMERCIAL PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms S Allen-Stevens

Mr T Allen-Stevens

SECRETARY:

Ms S Allen-Stevens

REGISTERED OFFICE:

Wicklesham Lodge

Faringdon

Oxfordshire

SN7 7PN

REGISTERED NUMBER:

03184903 (England and Wales)

ACCOUNTANTS:

George Hay & Company

Chartered Accountants

83 Cambridge Street

London

SW1V 4PS

FIXED ASSETS

Tangible assets

4

2,042,125

2,022,037

CURRENT ASSETS

Debtors

5

24,699

12,873

Cash at bank

88,667

128,722

113,366

141,595

CREDITORS

Amounts falling due within one year

6

(89,013

)

(95,802

)

NET CURRENT ASSETS

24,353

45,793

TOTAL ASSETS LESS CURRENT LIABILITIES

2,066,478

2,067,830

CREDITORS

Amounts falling due after more than one year

7

(1,201,484

)

(1,239,669

)

PROVISIONS FOR LIABILITIES

9

(57,621

)

(56,934

)

NET ASSETS

807,373

771,227

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

806,373

770,227

SHAREHOLDERS' FUNDS

807,373

771,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th June 2020 and were signed on its behalf by:

Ms S Allen-Stevens - Director

1.	STATUTORY INFORMATION

Wicklesham Commercial Properties Ltd 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a Going Concern basis. The company continues to be dependent upon the

ongoing support of the directors, its shareholders and its bankers for it to continue trading. The directors and shareholders

have provided the necessary assurances of continued support whilst the bank borrowings are secured on the freehold

premises and are payable by instalments.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

25% straight line

Computer equipment

-

25% straight line

No depreciation is provided on freehold properties. It is the company's practice to maintain these assets in a continual state

of sound repair and to make improvements thereto from time to time. Accordingly the directors consider that the lives of

these assets are so long and residual value so high that the depreciation is insignificant. The properties were revalued in

September 2015 and the valuation has been incorporated into the financial statements.

Financial instruments

The Company only enters into basic financial statements transactions that result in the recognition of financial assets and

liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in

non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable

right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the

liability simultaneously.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Cost -

Fixtures

Freehold

improv to

and

Computer

property

property

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1st January 2019

468,366

1,538,722

202,951

42,469

2,252,508

Additions

-

18,293

17,302

500

36,095

At 31st December 2019

468,366

1,557,015

220,253

42,969

2,288,603

DEPRECIATION

At 1st January 2019

-

-

188,483

41,988

230,471

Charge for year

-

-

15,401

606

16,007

At 31st December 2019

-

-

203,884

42,594

246,478

NET BOOK VALUE

At 31st December 2019

468,366

1,557,015

16,369

375

2,042,125

At 31st December 2018

468,366

1,538,722

14,468

481

2,022,037

Cost or valuation at 31st December 2019 is represented by:

Cost -

Fixtures

Freehold

improv to

and

Computer

property

property

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2004

386,725

-

-

-

386,725

Valuation in 2006

148,688

-

-

-

148,688

Valuation in 2011

(322,178

)

-

-

-

(322,178

)

Valuation in 2015

110,131

-

-

-

110,131

Cost

145,000

1,557,015

220,253

42,969

1,965,237

468,366

1,557,015

220,253

42,969

2,288,603

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

1,702,015

1,683,722

The directors consider the fair value of freehold land and buildings has increased by £25,381 since 4th September 2015,

when freehold land and buildings were valued on an open market basis by Savills, Chartered Surveyors.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

16,281

3,701

Accrued income

3,029

4,084

Prepayments

5,389

5,088

24,699

12,873

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

63,489

62,226

Trade creditors

944

1,976

Tax

8,074

16,451

Social security and other taxes

3,316

3,212

VAT

2,023

3,113

Other creditors

3,760

3,456

Accrued expenses

7,407

5,368

89,013

95,802

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

63,489

62,226

Bank loans - 2-5 years

190,468

186,678

Bank loans over 5 years

480,118

523,350

Other loans more 5yrs non-inst

238,994

239,000

Directors' loan accounts

228,415

228,415

1,201,484

1,239,669

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

238,994

239,000

Directors' loan accounts

228,415

228,415

467,409

467,415

Repayable by instalments

Bank loans over 5 years

480,118

523,350

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

797,564

834,480

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

57,621

56,934

Deferred

tax

£

Balance at 1st January 2019

56,934

Provided during year

687

Balance at 31st December 2019

57,621

10.	RELATED PARTY DISCLOSURES

At 31 December 2019 the company owed £138,994 (2018: £139,000) to two shareholders of the company. These loans are

not secured on company assets. In addition a close family members held a loan account balance with the company in the

sum of £100,000 (2018: £100,000). This loan is not secured on company assets and no interest was paid during the year.