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

Unaudited Financial Statements

for the Year Ended 28 February 2018

for

Wilbur Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Nock

M/s C Nock

Ms R C Massoudi

SECRETARY:

Ms S Wadey

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

1,913,831

1,914,073

Investments

5

5

5

1,913,836

1,914,078

CURRENT ASSETS

Stocks

6

500,118

154,217

Debtors

7

1,325,479

1,790,887

Cash at bank and in hand

2

145,997

1,825,599

2,091,101

CREDITORS

Amounts falling due within one year

8

6,518,027

5,712,095

NET CURRENT LIABILITIES

(4,692,428

)

(3,620,994

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,778,592

)

(1,706,916

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

10

(2,778,692

)

(1,707,016

)

SHAREHOLDERS' FUNDS

(2,778,592

)

(1,706,916

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 23 October 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors consider the going concern basis to be appropriate because in the opinion of the Board,

the company will continue to obtain sufficient funding to enable it to pay its debts as they arise.If the

company were unable to obtain this funding and this did affect the ability of the company to trade going

forward, then the directors recognise that adjustments to the accounts would have to be made to some

assets to reduce their value to a realisable amount and there may be further liabilities to provide

against.

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.

Plant and machinery - 25% 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 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 1 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Motor

Computer

property

vehicles

equipment

Totals

£

£

£

£

COST

At 1 March 2017

1,910,342

27,200

8,624

1,946,166

Additions

-

-

1,627

1,627

At 28 February 2018

1,910,342

27,200

10,251

1,947,793

DEPRECIATION

At 1 March 2017

-

27,200

4,893

32,093

Charge for year

-

-

1,869

1,869

At 28 February 2018

-

27,200

6,762

33,962

NET BOOK VALUE

At 28 February 2018

1,910,342

-

3,489

1,913,831

At 28 February 2017

1,910,342

-

3,731

1,914,073

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

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 March 2017

and 28 February 2018

5

NET BOOK VALUE

At 28 February 2018

5

At 28 February 2017

5

6.

STOCKS

2018

2017

£

£

Work-in-progress

500,118

154,217

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Loans to investments

1,242,314

1,513,955

Other debtors

83,165

276,932

1,325,479

1,790,887

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

5,576,073

4,734,530

Trade creditors

30,851

-

VAT

7,989

21,987

Other creditors

647,444

815,751

Directors' current accounts

114,553

13,358

Accrued expenses

141,117

126,469

6,518,027

5,712,095

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loan

5,553,053

4,734,530

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

a director.

10.

RESERVES

Retained

earnings

£

At 1 March 2017

(1,707,016

)

Deficit for the year

(1,071,676

)

At 28 February 2018

(2,778,692

)

11.	RELATED PARTY DISCLOSURES

G Nock

Director

During the year fees of £20,000 (2017 - £20,000) were paid to Wilbur Consulting Ltd a company under

the control of G Nock.

12.	ULTIMATE CONTROLLING PARTY

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