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Registered number: 10881759












WIDECOMBE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

 

WIDECOMBE INVESTMENTS LIMITED

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 10



 
REGISTERED NUMBER:10881759
WIDECOMBE INVESTMENTS LIMITED

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,330
1,662

Investments
 6 
1,167,104
1,000,977

Investment property
 7 
364,000
306,884

  
1,532,434
1,309,523

Current assets
  

Debtors: amounts falling due within one year
 8 
61,607
54,198

Cash at bank and in hand
  
38,241
36,445

  
99,848
90,643

Creditors: amounts falling due within one year
 9 
(1,344,944)
(1,193,273)

Net current liabilities
  
 
 
(1,245,096)
 
 
(1,102,630)

Total assets less current liabilities
  
287,338
206,893

Provisions for liabilities
  

Deferred tax
 10 
(14,279)
-

  
 
 
(14,279)
 
 
-

Net assets
  
273,059
206,893


Capital and reserves
  

Called up share capital 
 11 
100
100

Fair value reserve
 12 
42,837
-

Profit and loss account
 12 
230,122
206,793

Total equity
  
273,059
206,893


Page 1


 
REGISTERED NUMBER:10881759
WIDECOMBE INVESTMENTS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the director  and were signed by: 




J L Sinclair
Director

Date: 2 November 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 

WIDECOMBE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Widecombe Investments Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The financial statements are presented in Sterling (£), which is the functional currency of the company.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Page 3

 

WIDECOMBE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

  
2.4

Turnover

Turnover represents rents receivable and dividends from investments. Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

Investment property

Investment property 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. Fair value is determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit or loss. Deferred taxation is provided on the fair value gain at the rate expected to apply when the property is sold.

Page 4

 

WIDECOMBE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


2.10

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including other creditors and loans, 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

 

WIDECOMBE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Page 6

 

WIDECOMBE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Judgements in applying accounting policies 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 amounts 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 if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 -1).


5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 August 2022
4,058



At 31 July 2023

4,058



Depreciation


At 1 August 2022
2,396


Charge for the year
332



At 31 July 2023

2,728



Net book value



At 31 July 2023
1,330



At 31 July 2022
1,662

Page 7

 

WIDECOMBE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Fixed asset investments





Investments

£



Cost or valuation


At 1 August 2022
1,000,977


Fair value movements
166,127



At 31 July 2023
1,167,104





7.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
306,884


Fair value movements
57,116



At 31 July 2023
364,000

The 2023 valuations were made by director, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
306,884
306,884


8.


Debtors

2023
2022
£
£


Other debtors
61,607
54,198


Page 8

 

WIDECOMBE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
346
-

Corporation tax
3,915
10,828

Other creditors
1,335,066
1,178,029

Accruals
5,617
4,416

1,344,944
1,193,273



10.


Deferred taxation




2023


£






At beginning of year
-


Charged to profit or loss
(14,279)



At end of year
(14,279)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Increase in fair value of investment property
(14,279)
-


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



85 (2022 -85) A Ordinary shares of £1.00 each
85
85
5 (2022 -5) B Ordinary shares of £1.00 each
5
5
5 (2022 -5) C Ordinary shares of £1.00 each
5
5
5 (2022 -5) D Ordinary shares of £1.00 each
5
5

100

100


Page 9

 

WIDECOMBE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

12.


Reserves

Fair value reserve

The fair value reserve relates to the fair value movements of investment property, net of deferred tax. The reserve is non-distributable.

Profit and loss account

The profit and loss account comprise distributable reserves.


13.


Related party transactions

Other creditors of £1,333,466 (2022: £1,178,029) comprise amounts owed to the company director. The loan is unsecured, provided interest free, has no fixed date of repayment and is repayable on demand.

 
Page 10