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Registration number: 12764451

Wingsyard Asset Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Wingsyard Asset Management Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Wingsyard Asset Management Limited

Company Information

Directors

Ms J Han

Mr P Lyu

Registered office

Office 112
30 Red Lion Street
Richmond Upon Thames
London
TW9 1RB

Registered number

12764451

Accountants

Ripe LLP
9A Burroughs Gardens
London
NW4 4AU

 

Wingsyard Asset Management Limited

(Registration number: 12764451)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

542,060

542,060

Current assets

 

Debtors

5

1,230

-

Cash at bank and in hand

 

172,103

151,427

 

173,333

151,427

Creditors: Amounts falling due within one year

6

(715,872)

(708,484)

Net current liabilities

 

(542,539)

(557,057)

Net liabilities

 

(479)

(14,997)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(579)

(15,097)

Shareholders' deficit

 

(479)

(14,997)

 

Wingsyard Asset Management Limited

(Registration number: 12764451)
Balance Sheet as at 31 July 2023

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

Directors' responsibilities:

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

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
Ms J Han
Director

 

Wingsyard Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Office 112
30 Red Lion Street
Richmond Upon Thames
London
TW9 1RB

The principal place of business is:
26 Peldon Court
Sheen Road
Richmond
TW9 1YT
England

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.

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 financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Going concern

The financial statements have been prepared on a going concern basis assuming that related parties of the company will continue to support the company in future.

Revenue recognition

Turnover comprises the fair value of rent received or receivable on the properties and provision of services in the ordinary course of the company’s activities. Turnover is shown net of rent/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.

 

Wingsyard Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

 

Wingsyard Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Investment properties

2023
£

At 1 August

542,060

At 31 July

542,060

The directors think that there were no change in value of the investment properties during the year. Investment properties valued at £542,060 in last year.

5

Debtors

Current

2023
£

2022
£

Prepayments

1,230

-

 

1,230

-

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts due to related parties

9

712,922

705,534

Accruals

 

2,950

2,950

 

715,872

708,484

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Wingsyard Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Capital commitments

As at 31 July 2023, the company had a commitment to purchase a property for £405,000 with completion taking in place in August.

9

Related party transactions

At the balance sheet date, the company owed £712,274 (2022: £705,221) to Wings Medical (U.K.) Limited.

The company received a loan of £960,000 from Wings Medical (U.K.) Limited on 25th August 2020 repayable over the period of 10 years, at an interest rate of 1% per annum.


Transactions with the Director
At the balance sheet date, the company owed £647 (2022: £312) to Ms J Han, a director and shareholder of the company.

10

Parent and ultimate parent undertaking

The ultimate controlling parties are the directors of the company.