Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3112022-04-01falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09970893 2022-04-01 2023-03-31 09970893 2021-04-01 2022-03-31 09970893 2023-03-31 09970893 2022-03-31 09970893 c:Director1 2022-04-01 2023-03-31 09970893 d:FurnitureFittings 2022-04-01 2023-03-31 09970893 d:FurnitureFittings 2023-03-31 09970893 d:FurnitureFittings 2022-03-31 09970893 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09970893 d:FreeholdInvestmentProperty 2023-03-31 09970893 d:FreeholdInvestmentProperty 2022-03-31 09970893 d:CurrentFinancialInstruments 2023-03-31 09970893 d:CurrentFinancialInstruments 2022-03-31 09970893 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09970893 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09970893 d:ShareCapital 2023-03-31 09970893 d:ShareCapital 2022-03-31 09970893 d:RetainedEarningsAccumulatedLosses 2023-03-31 09970893 d:RetainedEarningsAccumulatedLosses 2022-03-31 09970893 c:FRS102 2022-04-01 2023-03-31 09970893 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09970893 c:FullAccounts 2022-04-01 2023-03-31 09970893 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09970893 2 2022-04-01 2023-03-31 09970893 6 2022-04-01 2023-03-31 09970893 d:OtherDeferredTax 2023-03-31 09970893 d:OtherDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 09970893









WILLOW BAY INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
WILLOW BAY INVESTMENTS LIMITED
REGISTERED NUMBER: 09970893

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
36,913
42,186

Investments
 6 
2,024,741
2,004,723

Investment property
 7 
2,708,213
2,708,213

  
4,769,867
4,755,122

Current assets
  

Debtors: amounts falling due within one year
 8 
28,245,769
27,459,159

Cash at bank and in hand
 9 
37,210
52,769

  
28,282,979
27,511,928

Creditors: amounts falling due within one year
 10 
(24,623,427)
(25,458,617)

Net current assets
  
 
 
3,659,552
 
 
2,053,311

Total assets less current liabilities
  
8,429,419
6,808,433

  

Net assets
  
8,429,419
6,808,433


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
8,429,319
6,808,333

  
8,429,419
6,808,433


Page 1

 
WILLOW BAY INVESTMENTS LIMITED
REGISTERED NUMBER: 09970893
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


P Clements
Director

Date: 14 March 2024

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

Page 2

 
WILLOW BAY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Willow Bay Investments Limited is a private company limited by shares and incorporated in England (registered number 09970893). The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The principal activity of the Company is that of an investment company.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
WILLOW BAY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
WILLOW BAY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%

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.

Page 5

 
WILLOW BAY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

 
2.10

Valuation of investments

Fixed asset investments are stated at cost less provisions for diminution in value.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

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 reporting 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 Statement of financial position.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
WILLOW BAY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying 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 revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Valuation of investment properties
As described in the notes to the financial statements, investment properties are stated at fair value based on the valuation by the director. The valuer used observable market prices adjusted as necessary for any difference in the nature, location or condition of the specific asset.


4.


Employees

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

Page 7

 
WILLOW BAY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2022
52,733



At 31 March 2023

52,733



Depreciation


At 1 April 2022
10,547


Charge for the year on owned assets
5,273



At 31 March 2023

15,820



Net book value



At 31 March 2023
36,913



At 31 March 2022
42,186


6.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 April 2022
2,004,723


Revaluations
20,018



At 31 March 2023
2,024,741




Page 8

 
WILLOW BAY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
2,708,213



At 31 March 2023
2,708,213

The 2023 valuations were made by the 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
2,708,213
2,708,213

2,708,213
2,708,213


8.


Debtors

2023
2022
£
£


Other debtors
28,176,530
27,394,911

Prepayments and accrued income
68,932
63,941

Deferred taxation
307
307

28,245,769
27,459,159



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
37,210
52,769

37,210
52,769


Page 9

 
WILLOW BAY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
183,503
257,347

Other taxation and social security
9,175
13,009

Other creditors
24,366,183
25,123,695

Accruals and deferred income
64,566
64,566

24,623,427
25,458,617



11.


Deferred taxation




2023


£






At beginning of year
307



At end of year
307

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax on fair value movement
307
307

307
307


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,240 (2022: £45,760).

 
Page 10