Wolsey Acquisitions UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 7a, No 1 The Courtyard Earl Road, Cheadle Hulme, Cheadle, Cheshire, SK8 6GN.
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 £'000.
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.
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.
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, including creditors, loans from fellow group companies and controlling parties, 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. 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. Amounts 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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was:
The only employees employed during the year were the directors who received no remuneration.
The company conducts impairment reviews to assess the recoverability of all fixed asset investments. In 2014, following an impairment review, the investment in its subsidiary was impaired to £nil.
Registered office addresses (all UK unless otherwise indicated):
The company has taken advantage of available exemptions in Section 33.1 A of FRS 102 to not disclose transactions with wholly owned subsidiaries within the group.
At the balance sheet date an amount of £16,109,000 (2022 £16,109,000) was due to the ultimate controlling party, John Hargreaves. This balance is interest free, repayable on demand with 12 months notice and included within other borrowings due in greater than one year (2022 within other borrowings due in greater than one year).
A further balance of £6,000,000 (2022 £6,000,000) was also due to John Hargreaves at the balance sheet date. This balance accrues interest at 3% over base rate per annum, with no fixed repayment date and is included within other borrowings due in greater than one year (2022 other borrowings due in greater than one year) .
At the balance sheet date an amount of £9,950,000 (2022 £9,950,000) was due to Hargreaves Trustee Limited , in its capacity as trustee of Class Funds B and C of "The Hargreaves Family Unit Trust . " This balance is interest free, repayable with 12 months notice and included within other creditors due in greater than one year (2022 within other borrowings due in greater than one year).
At the balance sheet date an amount of £1,000,000 (2022 £1,000,000) remains due to Jamey Hargreaves, a director of the company. This balance is interest free, repayable on demand with 12 months’ notice and included within other creditors due in greater than one year (2022 within other creditors due in greater than one year).