Willow Properties Warrington Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09749405 (England and Wales)

WILLOW PROPERTIES WARRINGTON LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M Wilkie

J Wilkie

J Lowry

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

09749405 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Property, plant and equipment

4

2,581

2,896

Investment property

5

1,052,451

676,885

1,055,032

679,781

CURRENT ASSETS

Debtors

6

2,687

2,307

Cash at bank and in hand

1,768

63,108

4,455

65,415

CREDITORS

Amounts falling due within one year

7

(263,564

)

(242,002

)

NET CURRENT LIABILITIES

(259,109

)

(176,587

)

TOTAL ASSETS LESS CURRENT LIABILITIES

795,923

503,194

CREDITORS

Amounts falling due after more than one year

8

(768,508

)

(498,438

)

NET ASSETS

27,415

4,756

CAPITAL AND RESERVES

Called up share capital

2,250

2,250

Other reserves

7,959

7,959

Retained earnings

17,206

(5,453

)

27,415

4,756

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 17 December 2020 and were signed on its behalf by:

J Wilkie - Director

1.	STATUTORY INFORMATION

Willow Properties Warrington Limited is a private company, limited by shares, registered in England and Wales. The company's registration number is 09749405. The registered office is The Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.

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 company is dependent upon the support of the directors who provide finance via their loan accounts. The directors have confirmed that they will leave sufficient funds within the company to serve its ongoing requirements for at least the next twelve months. As such, no adjustments have been made to the financial statements should this support be withdrawn. For these reasons they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

The directors have considered the impact of the global Covid-19 pandemic on the company and recognise that the future cannot be predicted with certainty. However, the directors expect the company to continue trading. Should demand for property fall, the company would have minimal overhead costs to cover and would make use of any government funding available to them.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Determining the fair value of investment properties as at the year end date.

Revenue

Rental income is recognised on a straight line basis over the term of the lease. Lease incentives are recognised as a reduction to the income over the term of the lease.

Property, plant and equipment

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

Plant and machinery etc

-

33% on reducing balance and 10% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Investment properties

Investment properties are recognised at purchase price which is deemed to be the fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

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 the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2019

4,453

Additions

170

At 31 March 2020

4,623

DEPRECIATION

At 1 April 2019

1,557

Charge for year

485

At 31 March 2020

2,042

NET BOOK VALUE

At 31 March 2020

2,581

At 31 March 2019

2,896

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

676,885

Additions

375,566

At 31 March 2020

1,052,451

NET BOOK VALUE

At 31 March 2020

1,052,451

At 31 March 2019

676,885

Fair value at 31 March 2020 is represented by:

£

Valuation in 2018

7,959

Cost

1,044,492

1,052,451

The Investment Properties have been valued by the Directors

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,500

1,520

Other debtors

1,187

787

2,687

2,307

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

1,320

676

Taxation and social security

4,753

-

Other creditors

257,491

241,326

263,564

242,002

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

768,508

498,438

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Mortgages

768,508

498,438

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Mortgages

768,508

498,438

Mortgages are secured on the related properties.