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Wildmoor (Cirencester) Limited
04343342
2016-03-29
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855338
2118286
2150315
2
2
1294975
1294975
2118286
2150315
2118286
2150315
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5399132
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5399132
5228235
Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company's assets comprise commercial investment property in Cirencester which generates rental income. The director notes the following in his deliberations on whether the going concern is appropriate for the financial statements.
Results
The company made an operating loss before other income of £32,030 (2015: £111,063) and has interest charges of £113,485 (2015: £113,351).
Loan facility
The company's bank loans are secured on its investment properties and serviced by rental income from the tenants. The Bank loans are renewed annually and the director is of the opinion that the company will receive the continuing support of the bank. However should the bank withdraw the loan facilities the company's ability to continue to meet its obligations as they fall due would depend on it obtaining replacement finance.
Financial support
The working capital requirement of the company does result in it relying on the continued support of group companies, related companies and the director.
Forecasts
The director has been actively working up a development scheme for the properties which is expected to unlock valuation gains at its commencement. The scheme was granted planning approval in November 2014.
The director has a reasonable expectation that the company has adequate resources and support to manage its business risks and to continue in operational existence for the foreseeable future. Accordingly the financial statements have been prepared on a going concern basis as it is the view of the director that this is the most appropriate basis of preparation.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax.
Rental income is recognised when it falls due and is apportioned over the life of the lease to cover lease incentives.
Investment properties
Investment properties are revalued annually at their open market value in accordance with FRSSE (effective January 2015). The surplus or deficit on revaluation is transferred to a revaluation reserve.
No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of the FRSSE (effective January 2015) in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the loss for the year would have been increased by depreciation.
However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Equipment
Method for Equipment
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5228235
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71
0
71
5399203
5228235
170968
71
0
71
Ordinary
2
1
2
2
Ordinary
1
2
2
2
At the balance sheet date there are loan balances outstanding with companies owned by the director, Mr M D Booth. Unless noted these amounts are unsecured, unless noted interest free and repayable on demand and they reflect transfers of cash between the related companies.
- Balance owed to Swan Yard (Cirencester) Limited £14,847 (2015 : £52,096).
- Balance owed to Wildmoor (Kings Head Hotel, Cirencester) Limited £86,457 (2015 : £87,323).
- Balance owed to Corn Hall Arcade Limited £nil (2015 : £470).
- Balance owed to/(from) PO (Estates) Limited £(647) (2015 : £161).
- Balance owed to Wildmoor Property Management Limited £278,365 (2015 : £199,226).
- Balance owed from Forsters Shelfco 220 Limited £nil (2015 : £39,885).
Mr M D Booth is a director and shareholder of WMProp Group No 1 Limited.
2017-06-14
Mr M D Booth
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xbrli:shares
iso4217:GBP
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Wildmoor (Cirencester) Limited
2015-04-01
2016-03-29
Wildmoor (Cirencester) Limited
2014-04-01
2015-03-31
Wildmoor (Cirencester) Limited
2014-03-31
Wildmoor (Cirencester) Limited
2015-03-31
Wildmoor (Cirencester) Limited
2015-03-31
Wildmoor (Cirencester) Limited
2016-03-29
2017-06-16