Company Registration No. 06675093 (England and Wales)
WHELDONE INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
WHELDONE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WHELDONE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
1,200,000
1,200,000
Debtors
4
1,702,775
1,448,805
2,902,775
2,648,805
Creditors: amounts falling due within one year
5
(2,967,742)
(2,757,340)
Net current liabilities
(64,967)
(108,535)
Capital and reserves
Called up share capital
6
10,000
10,000
Profit and loss reserves
(74,967)
(118,535)
Total equity
(64,967)
(108,535)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 1 March 2022
Mr B Flood
Director
Company Registration No. 06675093
WHELDONE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 2 -
1
Accounting policies
Company information
Wheldone Investments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
9th Floor, 80 Mossley Street, Manchester, M2 3FX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Wheldone (Investments) Limited is a wholly owned subsidiary of
Edge Real Estate Property Investment Ltd and the results of Wheldone (Investments) Limited are included in the consolidated financial statements of Edge Real Estate Property Investment Ltd which are available from its registered office at 9th Floor, 80 Mosley Street, Manchester, M2 3FX. The ultimate controlling party is Brendan Flood.
1.2
Turnover
Turnover represents amounts receivable for rents and services.
Revenue is recognised on the commencement of and in accordance with a lease, adjusted for any incentives as required under FRS102.
A property is regarded as sold when significant risks and returns have been transferred to the buyer. For conditional exchanges, sales are recognised as the conditions are satisfied.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WHELDONE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
The directors have considered the impact of Brexit on the company and have concluded that there are no
impacts as a result of Brexit which require disclosure at the balance sheet date.
1.7
The directors have assessed the impact of Covid-19 on the company and concluded that there are no
impacts which require disclosure at the balance sheet date.
WHELDONE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
21,326
32,851
Amounts owed by group undertakings
1,681,449
1,412,474
Other debtors
3,480
1,702,775
1,448,805
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
4,140
3,080
Amounts owed to group undertakings
2,912,654
2,696,902
Taxation and social security
17,318
10,574
Other creditors
33,630
46,784
2,967,742
2,757,340
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
WHELDONE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
6
Called up share capital
(Continued)
- 5 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jonathan Brodie ACA and the auditor was Lopian Gross Barnett & Co.
8
Events after the reporting date
There were no events after the reporting period end which require disclosure at the balance sheet date.
9
Related party transactions
There were no related party transactions conducted outside the ordinary course of business which require
disclosure at the balance sheet date.