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Registration number: 11208525

Wallaby FIC Limited

Unaudited Filleted Financial Statements

for the Period from 1 March 2022 to 31 March 2023

 

Wallaby FIC Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Wallaby FIC Limited

Company Information

Director

Mr C Hedger

Registered office

Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Wallaby FIC Limited

(Registration number: 11208525)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

363

745

Investments

5

1,971

268

 

2,334

1,013

Current assets

 

Debtors

6

3,363,267

2,711,015

Cash at bank and in hand

 

1,937

469,968

 

3,365,204

3,180,983

Creditors: Amounts falling due within one year

7

(3,130,258)

(2,926,130)

Net current assets

 

234,946

254,853

Net assets

 

237,280

255,866

Capital and reserves

 

Called up share capital

100

100

Retained earnings

237,180

255,766

Shareholders' funds

 

237,280

255,866

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 November 2023
 

.........................................
Mr C Hedger
Director

 

Wallaby FIC Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ
England

These financial statements were authorised for issue by the director on 22 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Wallaby FIC Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Wallaby FIC Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 March 2022

1,160

1,160

At 31 March 2023

1,160

1,160

Depreciation

At 1 March 2022

415

415

Charge for the period

382

382

At 31 March 2023

797

797

Carrying amount

At 31 March 2023

363

363

At 28 February 2022

745

745

5

Investments

2023
£

2022
£

Investments in joint ventures

1,871

168

Investments in LLP

100

100

1,971

268

 

Wallaby FIC Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

Joint ventures

£

Cost

At 1 March 2022

168

Additions

1,703

At 31 March 2023

1,871

Provision

At 1 March 2022

-

At 31 March 2023

-

Carrying amount

At 31 March 2023

1,871

At 28 February 2022

168

LLP investment

£

Cost

At 1 March 2022

100

At 31 March 2023

100

Provision

At 1 March 2022

-

At 31 March 2023

-

Carrying amount

At 31 March 2023

100

At 28 February 2022

100

LLP

The principal activity of the LLP is funding third party litigation claims. The year end of the LLP is 31 March.

 

Wallaby FIC Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Joint ventures

Alpabrix Investments Limited

42-46 Station Road, Edgware,

Ordinary £1 shares

50%

50%

 

England

     

Burbage Property Investments Limited

42-46 Station Road, Edgware

Ordinary £1 shares

39%

39%

 

England

     

Herne Hill Developments Limited

42-46 Station Road, Edgware

Ordinary £1 shares

40%

40%

 

England

     

Alphabrix Homes Limited

42-46 Station Road, Edgware

Ordinary A £1 shares

40.1%

0%

 

England

     

Alphabrix Ventures Limited

42-46 Station Road, Edgware

Ordinary A £1 shares

40.1%

0%

 

England

     

Alphabrix Projects Limited

42-46 Station Road, Edgware

Ordinary A & Ordinary B £1 shares

50%

0%

 

England

     

Parkville Holdings Limited

42-46 Station Road, Edgware

Ordinary A £1 shares

40.1%

0%

 

England

     

Alphabrix Construction Limited

42-46 Station Road, Edgware

Ordinary £1 shares

50%

50%

 

England

     

Joint ventures

The principal activities of the joint ventures are development of building projects.

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

8

3,290,971

2,517,220

Other debtors

 

72,296

193,795

   

3,363,267

2,711,015

 

Wallaby FIC Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other creditors

8

3,130,258

2,926,130

8

Related party transactions

Other transactions with the director

At the balance sheet date, the company owed to the director £3,122,234 (2022: £2,924,462). There are no fixed repayment terms or interest charged.

Summary of transactions with joint ventures

Included in debtors are loans made to the joint ventures of £3,189,142 (2022: £2,360,206).

The loans are repayable the earlier of 3 months written notice or date agreed between both parties.

No interest is payable on the loans until one month's written notice is given. Interest will be payable in accordance with the notice provided the rate of interest shall not be in excess of 6% above the Bank of England base rate per annum.

 

Summary of transactions with other related parties

Included in debtors is a loan of £101,829 (2022: £157,014) made to the LLP in which the company has an investment in. The loan is repayable on demand.