REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
WQP HORIZONS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
WQP HORIZONS LIMITED |
WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WQP HORIZONS LIMITED |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
( |
) |
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. |
WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
WQP Horizons Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Rental income is recognised in line with the lease agreements in place. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks includes properties held for sale and are stated at lower of cost and net realisable value. Cost comprises of purchase consideration of the property and where applicable other costs incurred in acquisition. Net realisable value is calculated as estimated selling price of the property as an arm's length transaction. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss account. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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. |
WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company is primarily financed by bank loans and loans from its parent company. The company continues to comply with the terms of its bank loan and forecasts to continue to do so for at least 12 months from the date of signing these financial statements. While the loan from the parent company is classified as due within one year, the directors have confirmed that the parent company will not seek full repayment of the loan for a period of at least 12 months from the date of signing these financial statements. |
The company's main tenant has continued to report a material uncertainty related to the going concern assumption in its financial statements, which report that a restructuring agreement has been entered into in order to maintain going concern and the deadline for its implementation was 31 October 2022. |
The company's forecasts assume that its main tenant will continue to pay its rent as it falls due. Given the significance of this income, the main tenant's circumstances represents a material uncertainty regarding the company's ability to continue as a going concern, as it could put the company at risk of not having sufficient funds to meet its obligations as they fall due. However, the directors believe that the company's main tenant is taking appropriate action to mitigate the risk. |
Having considered all the matters above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
WQP HORIZONS LIMITED (REGISTERED NUMBER: SC478302) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are interest free and repayable on demand. |
The bank loan attracts interest at 5.75% per annum and is repayable December 2023. The loan is secured over the company's assets. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
8. | ULTIMATE CONTROLLING PARTY |
The controlling party is Cromdale Limited. |
The ultimate controlling party is |