Registered number:
Unaudited
Information for filing with the registrar
For the year ended
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Warrprop Limited
Contents
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Warrprop Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Warrprop Limited for the year ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Warrprop Limited for the year ended 31 December 2019 which comprise the balance sheet
and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/
members/regulations-standards-and-guidance/
.
This report is made solely to the board of directors of Warrprop Limited, as a body, in accordance with the terms of our engagement letter dated
17 July 2019. Our work has been undertaken solely
to prepare for your approval the financial statements of Warrprop Limited and state those matters that we have agreed to state to the board of directors of Warrprop Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Warrprop Limited and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Warrprop Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Warrprop Limited. You consider that Warrprop Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
37 St Margaret's Street
Kent
CT1 2TU
14 May 2020
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Warrprop Limited
Registered number:
01635057
Balance sheet
As at
Page 2
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Warrprop Limited
Registered number:
01635057
Balance sheet
(continued)
As at
31 December 2019
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 May 2020
.
The notes on pages 4 to 10 form part of these financial statements.
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Warrprop Limited
Notes to the financial statements
For the year ended 31 December 2019
Warrprop Limited (company number 01635057) is a private company limited by shares and incorporated in South East of England. The address of the company's principal place of business is Channel View Road, Dover, Kent. CT17 9TP.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The financial statements are rounded to the nearest pound.
The following principal accounting policies have been applied:
The directors have a reasonable expectation that the company has adequate resources to contiue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements. Since the year end the UK economy has been adversely affected by the continuing spread of the Covid-19 virus resulting in the potential loss of jobs across all sectors in the economy. This may effect tenants abilities to pay their rent to the company which would have negative effects on profitability and cash flow. As mentioned above the directors will continue to support the company and as at the date of these accounts no requests for deferral of rental payments have been received from tenants.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
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Warrprop Limited
Notes to the financial statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model, other than freehold property, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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Warrprop Limited
Notes to the financial statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or trade debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a
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Warrprop Limited
Notes to the financial statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring an impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. 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.
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Warrprop Limited
Notes to the financial statements
For the year ended 31 December 2019
The 2019 valuations were made by the directors, on an open market value for existing use basis.
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Warrprop Limited
Notes to the financial statements
For the year ended 31 December 2019
Page 9
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Warrprop Limited
Notes to the financial statements
For the year ended 31 December 2019
Share capital
This reserve represents the nominal value of shares that have been issued.
Revaluation reserve
Profit & loss account
The company is under the control of the Warrren family which comprises, Mr and Mrs D N Warren, who are directors of the company and Messrs N and P Warren.
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