Wilton Real Estate Capital Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09559757 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

WILTON REAL ESTATE CAPITAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C M Metcalfe

Mrs M Metcalfe

D Collins

Ms S S Storey

J Riddell

M Saunders

REGISTERED OFFICE:

83 Cambridge Street

Pimlico

London

SW1V 4PS

REGISTERED NUMBER:

09559757 (England and Wales)

ACCOUNTANTS:

George Hay & Company

Chartered Accountants

83 Cambridge Street

London

SW1V 4PS

FIXED ASSETS

Tangible assets

4

762

1,816

Investment property

5

8,636,070

9,055,552

8,636,832

9,057,368

CURRENT ASSETS

Debtors

6

38,540

56,054

Cash at bank and in hand

101,081

16,502

139,621

72,556

CREDITORS

Amounts falling due within one year

7

4,455,110

4,698,956

NET CURRENT LIABILITIES

(4,315,489

)

(4,626,400

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,321,343

4,430,968

CREDITORS

Amounts falling due after more than one year

8

2,850,000

2,950,000

NET ASSETS

1,471,343

1,480,968

CAPITAL AND RESERVES

Called up share capital

12,383

12,383

Share premium

10

1,243,827

1,243,827

Retained earnings

10

215,133

224,758

1,471,343

1,480,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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 20th December 2022 and were signed on its behalf by:

C M Metcalfe - Director

1.	STATUTORY INFORMATION

Wilton Real Estate Capital 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.

Included within Creditors - amounts falling due within one year are directors' loan account and other creditors balances of £4,375,160 (2021: £4,630,160). These comprise of unsecured non-interest bearing loan notes with no fixed repayment dates. These loan notes could only be fully repaid from funds released by the disposal of an investment property. However, under Financial Reporting Standard 102, these loan notes are classified as current liabilities.

Going concern

The accounts have been prepared on the going concern basis as the directors have indicated their intention to continue to support the company so it can meet its liabilities as they fall due.

Turnover

Turnover represents rents receivable.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Investment property

Investment property is included at fair value. Gains & losses are recognised in the income statement. Deferred taxation is provided on these gains and losses 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st April 2021

and 31st March 2022

11,952

DEPRECIATION

At 1st April 2021

10,136

Charge for year

1,054

At 31st March 2022

11,190

NET BOOK VALUE

At 31st March 2022

762

At 31st March 2021

1,816

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2021

9,055,552

Disposals

(434,897

)

Revaluations

15,415

At 31st March 2022

8,636,070

NET BOOK VALUE

At 31st March 2022

8,636,070

At 31st March 2021

9,055,552

Fair value at 31st March 2022 is represented by:

£

Valuation in 2022

(109,251

)

Cost

8,745,321

8,636,070

If investment properties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

8,745,321

9,180,218

The investment properties were valued on an open market basis basis on 31st March 2017 by Anderson, Wilde & Harris Limited .

6.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Debtors & prepayments

6,964

20,302

Deferred tax asset

20,758

24,934

27,722

45,236

Amounts falling due after more than one year:

Other debtors

10,818

10,818

Aggregate amounts

38,540

56,054

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

-

5,104

Tax

28,667

15,675

Other creditors

59,799

61,977

Directors' loan accounts

4,316,573

4,568,183

Accrued expenses

50,071

48,017

4,455,110

4,698,956

The directors' loan accounts and other creditors primarily relate to unsecured non-interest bearing loan notes with no fixed repayment dates amounting to £4,375,160.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Mortgages

2,850,000

2,950,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Mortgages

2,850,000

2,950,000

The company's bankers have registered charges as continuing security by legal mortgage and fixed charges on a number of the company's properties and by way of a fixed and floating charge over the assets of the company securing all monies and liabilities due to the bank by the company.

10.

RESERVES

Retained Earnings are represented as follows:

£

Retained Profit/(Losses)

324,384

Revaluation Reserve

(109,251

)

-------------

215,133

=======

11.	RELATED PARTY DISCLOSURES

At 31st March 2022 the following amounts were due from the company to the directors in the form of unsecured non-interest bearing loan notes: S Storey £703,092 (2021: £743,776), C Metcalfe £1,685,459 (2021: £1,784,820), M Metcalfe £34,923 (2021: £36,943), D Collins £1,399,929 (2021: £1,480,936), J Riddell £140,294 (2021: £148,412 ) and M Saunders £352,877 (2021: £373,296).

During the year building services of £17,074 were provided by Labatt Construction Limited, a company in which the director J Riddell has a controlling interest. At 31st March 2022 an amount of £NIL (2021 £NIL) was due to Labatt Construction Limited. Included within Other Creditors is an amount of £58,587 (2021: £61,977) in respect of unsecured non-interest bearing loan notes due to Labatt Construction Limited.