Company Registration No. 09018533 (England and Wales)
WC INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
31 December 2022
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WC INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 5
WC INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,243,367
1,384,226
Current assets
Stocks
50,000
-
Cash at bank and in hand
111,389
4,863
161,389
4,863
Creditors: amounts falling due within one year
5
(420,177)
(371,017)
Net current liabilities
(258,788)
(366,154)
Total assets less current liabilities
984,579
1,018,072
Creditors: amounts falling due after more than one year
6
(425,094)
(571,295)
Provisions for liabilities
(152,583)
(133,250)
Net assets
406,902
313,527
Capital and reserves
Called up share capital
1
1
Other non-distributable reserve
7
459,048
401,050
Profit and loss reserves
(52,147)
(87,524)
Total equity
406,902
313,527
The directors of the company have 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 by the board of directors and authorised for issue on 30 September 2023 and are signed on its behalf by:
R T Watson
Director
Company Registration No. 09018533
WC INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2021
1
369,850
(83,027)
286,824
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
26,703
26,703
Transfers
-
31,200
(31,200)
-
Balance at 31 December 2021
1
401,050
(87,524)
313,527
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
93,375
93,375
Transfers
-
57,998
(57,998)
-
Balance at 31 December 2022
1
459,048
(52,147)
406,902
WC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
WC Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spark Studio, 208-210 Great Clowes Street, Salford, M7 2ZS.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents property rental income and is recognised evenly over the period of the lease, excluding sales taxes. The value of any incentive provided, recognised over the minimum period of the lease.
1.3
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. Changes in fair value are recognised in profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.5
Cash at bank and in hand
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.
1.6
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.
WC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged in the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Investment properties
Investment property valuation is based on a judgement from directors. All investment properties are recognised at fair value and any changes in valuation is recognised in profit or loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
4
Investment property
2022
£
Fair value
At 1 January 2022
1,384,226
Disposals
(230,557)
Revaluations
89,698
At 31 December 2022
1,243,367
WC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Investment property
(Continued)
- 5 -
The valuations were made by the Directors, on an open market value for existing use basis.
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
30,966
37,001
Trade creditors
2,670
1,754
Amounts owed to group undertakings
380,291
328,312
Accruals and deferred income
6,250
3,950
420,177
371,017
Amounts owed to group undertakings are interest free and repayable on demand.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
425,094
571,295
Bank loans are secured by the company via a fixed and floating charge.
Amounts included above which fall due after five years are as follows:
Payable by instalments
301,229
424,427
7
Revaluation reserve
2022
2021
£
£
At the beginning of the year
401,050
369,850
Transfer from retained earnings
57,998
31,200
At the end of the year
459,048
401,050
8
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.
Senior Statutory Auditor:
Ceri Dixon BSc ACA
Statutory Auditor:
PM+M Solutions for Business LLP