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Unaudited Financial Statements |
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for the Year Ended 30 June 2017 |
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for |
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Waltham Cross Investments Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 June 2017 |
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for |
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Waltham Cross Investments Limited |
Waltham Cross Investments Limited (Registered number: 03659957) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Waltham Cross Investments Limited |
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Company Information |
for the Year Ended 30 June 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants |
Titanium 1 |
King's Inch Place |
Renfrew |
PA4 8WF |
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BANKERS: |
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Glasgow City Branch |
10 Gordon Street |
Glasgow |
Lanarkshire |
G1 3PL |
Waltham Cross Investments Limited (Registered number: 03659957) |
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Balance Sheet |
30 June 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Fair value reserve | 10 |
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( |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Waltham Cross Investments Limited (Registered number: 03659957) |
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Balance Sheet - continued |
30 June 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Waltham Cross Investments Limited (Registered number: 03659957) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2017 |
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1. | STATUTORY INFORMATION |
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Waltham Cross Investments Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is pound sterling (£). |
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Monetary amounts in these financial statements are rounded to the nearest £. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has transitioned to FRS 102 from previously exant UK GAAP as at 01 April 2015. Please see |
the Reconciliation of Equity for changes made to the financial position in the previous period. |
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At the year end the company had net liabilities of £10,000. During the year, the properties owned by the |
company were sold. It was agreed that the company was released from liability with the remaining bank |
debt. |
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With the continued support of the associated companies, the director considers it appropriate to prepare |
these accounts on a going concern basis. |
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Significant judgements and estimates |
The preparation of Financial Statements required management to make judgements, estimates and |
assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, |
income and expenses. Actual results may differ from these estimates. Estimates and assumptions are |
reviewed on an ongoing basis and revisions to estimates are recognised in the period in which the estimate |
is revised and in any future periods affected. |
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The estimates, assumptions and judgements that have a significant risk of causing a material adjustment to |
the carrying amount of assets and liabilities within the financial statements within the next financial year are |
addressed below: |
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Investment property valuations |
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Investment properties are included at fair value. A review of the carrying value is undertaken at each |
balance sheet date and any movement in value adjusted accordingly. |
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Turnover |
Turnover represents net invoiced rental income and sales of services, excluding value added tax. |
Waltham Cross Investments Limited (Registered number: 03659957) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2016 |
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Disposals | ( |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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If Investment properties had not been revalued, they would have been included at a cost of £nil (2016: |
£773,121). |
Waltham Cross Investments Limited (Registered number: 03659957) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The bank loan from the Royal Bank of Scotland plc was secured by a legal charge over properties at 3 |
Churchill Precinct, Dudley and 125 High Street, Waltham Cross in favour of the Royal Bank of Scotland |
plc. |
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The facilities was further secured by a debenture and a letter of pledge over cash deposits. |
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During the year, the investment properties were sold. The bank has agreed to release the company from |
liability in respect of the remaining bank loan. The amount written off is shown as an Exceptional Item. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 |
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Waltham Cross Investments Limited (Registered number: 03659957) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 July 2016 |
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( |
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Deficit for the year | ( |
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Release in year | - |
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203,121 |
At 30 June 2017 | ( |
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(10,002 | ) |
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Fair value reserve: this reserve records the value of investment property revaluations and fair value |
movements recognised in the income statement net of deferred tax provisions. It is a non-distributable |
reserve. |
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11. | RELATED PARTY DISCLOSURES |
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Other related parties under common control |
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2017 | 2016 |
£ | £ |
Amounts due to related party | 39,867 | 34,312 |
Management charges from related party | 20,000 | 16,250 |
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12. | ULTIMATE CONTROLLING PARTY |
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13. | FIRST YEAR ADOPTION |
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For all periods up to and including the year ended 30 June 2016, the Company prepared its financial |
statements in accordance with previously exant United Kingdom generally accepted accounting practice |
(UK GAAP). These financial statements, for the year ended 30 June 2017, are the first year the Company |
has prepared in accordance with FRS102. The significant accounting policies in meeting those |
requirements are described in relevant notes. |