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

Unaudited Financial Statements

for the Year Ended 28 February 2022

for

Wilbur Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G Nock

SECRETARY:

Miss S Osborne

REGISTERED OFFICE:

17 Grosvenor Street

London

London

W1K 4QG

REGISTERED NUMBER:

03324429 (England and Wales)

ACCOUNTANTS:

Williams & Co

Chartered Accountants

8/10 South Street

Epsom

Surrey

KT18 7PF

FIXED ASSETS

Tangible assets

4

1,300,000

1,300,000

Investments

5

5

5

1,300,005

1,300,005

CURRENT ASSETS

Debtors

6

527,269

1,167,916

Cash at bank and in hand

23,986

7,588

551,255

1,175,504

CREDITORS

Amounts falling due within one year

7

5,542,951

6,966,779

NET CURRENT LIABILITIES

(4,991,696

)

(5,791,275

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,691,691

)

(4,491,270

)

CREDITORS

Amounts falling due after more than one year

8

-

1,149

NET LIABILITIES

(3,691,691

)

(4,492,419

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

300,000

300,000

Retained earnings

12

(3,991,791

)

(4,792,519

)

SHAREHOLDERS' FUNDS

(3,691,691

)

(4,492,419

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 15 November 2022 and were signed 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 as modified by the revaluation of certain assets.

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:

Computer equipment - 33% on cost

Investment properties are carried at fair value and not depreciated.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

Computer

property

equipment

Totals

£

£

£

COST OR VALUATION

At 1 March 2021

and 28 February 2022

1,300,000

10,251

1,310,251

DEPRECIATION

At 1 March 2021

and 28 February 2022

-

10,251

10,251

NET BOOK VALUE

At 28 February 2022

1,300,000

-

1,300,000

At 28 February 2021

1,300,000

-

1,300,000

In the opinion of the directors the land and buildings have a market value of in excess of £1.3m

Cost or valuation at 28 February 2022 is represented by:

Freehold

Computer

property

equipment

Totals

£

£

£

Valuation in 2021

300,000

-

300,000

Valuation in 2018

90,000

-

90,000

Cost

910,000

10,251

920,251

1,300,000

10,251

1,310,251

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 March 2021

and 28 February 2022

5

NET BOOK VALUE

At 28 February 2022

5

At 28 February 2021

5

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

240,000

-

Loans to investments

287,269

1,167,916

527,269

1,167,916

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 9)

4,196,883

5,899,272

Hire purchase contracts

1,149

2,650

Trade creditors

-

1

VAT

40,000

2,038

Other creditors

574,015

656,115

Directors' current accounts

693,616

367,033

Deferred income

2,618

-

Accrued expenses

34,670

39,670

5,542,951

6,966,779

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

-

1,149

9.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Loans

4,196,883

5,899,272

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loan

4,196,883

5,899,272

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

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 March 2021

(4,792,519

)

300,000

(4,492,519

)

Profit for the year

800,728

800,728

At 28 February 2022

(3,991,791

)

300,000

(3,691,791

)

13.	ULTIMATE CONTROLLING PARTY

The company is under the control of Mrs R Massoudi and Ms C Nock.