REGISTERED NUMBER: |
W M G INVESTMENTS LIMITED |
Unaudited Financial Statements |
for the Period 1 April 2022 to 30 June 2023 |
REGISTERED NUMBER: |
W M G INVESTMENTS LIMITED |
Unaudited Financial Statements |
for the Period 1 April 2022 to 30 June 2023 |
W M G INVESTMENTS LIMITED (REGISTERED NUMBER: 09154215) |
Contents of the Financial Statements |
for the period 1 April 2022 to 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
W M G INVESTMENTS LIMITED |
Company Information |
for the period 1 April 2022 to 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
W M G INVESTMENTS LIMITED (REGISTERED NUMBER: 09154215) |
Balance Sheet |
30 June 2023 |
30/6/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
W M G INVESTMENTS LIMITED (REGISTERED NUMBER: 09154215) |
Balance Sheet - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
W M G INVESTMENTS LIMITED (REGISTERED NUMBER: 09154215) |
Notes to the Financial Statements |
for the period 1 April 2022 to 30 June 2023 |
1. | STATUTORY INFORMATION |
W M G Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's balance sheet reflects net current liabilities at 31st March 2023. However, included in creditors due within one year, are loans from a Trust. The Trustees have provided assurances that they will not request repayment of their loans until such time as the company has returned to a solvent position. |
The company's investments have been affected by various world events over th period under review but the directors are confident that these will recover during the financial year ended 30th June 2024 and beyond. |
Accordingly the directors consider the going concern basis of preparation to be appropriate. |
Significant judgements and estimates |
The Directors exercise their expertise and judgement in the appointment of investment managers and the monitoring of their performance with regard to the company's investment portfolio. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Fixed asset investments |
The company values its investments at fair value at each balance sheet date, such fair values being obtained by an annual report produced by the financial institution charged with managing such investments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
W M G INVESTMENTS LIMITED (REGISTERED NUMBER: 09154215) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 June 2023 |
4. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 March 2022 |
Fixed asset investments are valued at their fair value as at the balance sheet date based on the valuation provided by the external company with whom the investments are made. Their original cost amounted to £11,687,140 ( 2022 : £11,847,483 ). |
Fixed asset investments comprise several portfolio's of investments. The investments are valued at each year end to their fair value using their bid price for unit trusts. For investment trusts and company shares the mid-price between the bid and offer price is used. After taking into account any units encashed to pay ongoing management fees, the difference between the share portfolio carrying value and the annual 30th June valuation provided by the investment managers is taken to a fair value reserve so as to include the portfolio at its fair value at the balance sheet date. Any deferred tax provision is then calculated by reference to the fair value of investments less original costs and any indexation allowance where applicable. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 31/3/22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 31/3/22 |
£ | £ |
Taxation and social security |
Other creditors |
Included in other creditors are loans from a Trust which are unsecured, carry no interest charge and are not subject to a formal agreement. Accordingly such loans are treated as repayable on demand and accounted for at cost less impairment. |
7. | RELATED PARTY DISCLOSURES |
The company has loans outstanding to the W M Griggs No 1 Discretionary Settlement which are unsecured, carry no interest and have no set repayment date. Accordingly these loans are classed as repayable on demand. |
The amount owed to the Trust at 30 June 2023 was £12,196,414 ( 2022 : £12,196,414 ). |