Company Registration No. 10485673 (England and Wales)
GCL WILDE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
GCL WILDE HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr G P Wilde
Company number
10485673
Registered office
19 Providence Road
Bromsgrove
Worcestershire
B61 8EL
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank plc
8 Foregate Street
Chester
CH1 1XP
GCL WILDE HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GCL WILDE HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GCL WILDE HOLDINGS LIMITED FOR THE YEAR ENDED 30 APRIL 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GCL Wilde Holdings Limited for the year ended 30 April 2022 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 GCL Wilde Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of GCL Wilde Holdings Limited and state those matters that we have agreed to state to the Board of Directors of GCL Wilde Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GCL Wilde Holdings Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that GCL Wilde Holdings 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 GCL Wilde Holdings Limited. You consider that GCL Wilde Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of GCL Wilde Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
25 July 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
GCL WILDE HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2022
30 April 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
971
Investment properties
5
192,163
Investments
4
30
30
30
193,164
Current assets
Debtors
6
385,461
221,900
Cash at bank and in hand
360,406
298,766
745,867
520,666
Creditors: amounts falling due within one year
7
(172,138)
(286,173)
Net current assets
573,729
234,493
Total assets less current liabilities
573,759
427,657
Provisions for liabilities
8
(184)
Net assets
573,759
427,473
Capital and reserves
Called up share capital
9
200
200
Profit and loss reserves
573,559
427,273
Total equity
573,759
427,473
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GCL WILDE HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2022
30 April 2022
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 25 July 2022.
Mr G P Wilde
Director
Company Registration No. 10485673
GCL WILDE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 4 -
1
Accounting policies
Company information
GCL Wilde Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Providence Road, Bromsgrove, Worcestershire, B61 8EL.
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 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
GCL WILDE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 5 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2021 - 1).
GCL WILDE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2021
2,370
Disposals
(2,370)
At 30 April 2022
Depreciation and impairment
At 1 May 2021
1,399
Eliminated in respect of disposals
(1,399)
At 30 April 2022
Carrying amount
At 30 April 2022
At 30 April 2021
971
4
Fixed asset investments
2022
2021
£
£
Investments
30
30
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2021 & 30 April 2022
30
Carrying amount
At 30 April 2022
30
At 30 April 2021
30
5
Investment property
2022
£
Fair value
At 1 May 2021
192,163
Disposals
(192,163)
At 30 April 2022
GCL WILDE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 7 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
385,210
221,900
Other debtors
251
385,461
221,900
7
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
170,180
244,334
Taxation and social security
501
Other creditors
1,958
41,338
172,138
286,173
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
184
9
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
95 Ordinary of £1 each
95
95
95 Ordinary Deferred of £1 each
95
95
10 Ordinary Preferred of £1 each
10
10
200
200
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Ultimate controlling party
The ultimate controlling party is Mr G P Wilde and Mrs C J Wilde.