Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-05-12106741034472023380000057000003760333555820811660617ensure the operation of its subsidiary companies is conducted in an efficient manner, and coordinated as a group, especially with regard to taxation The Company's principal activity is to ensure the operation of its subsidiary companies is conducted in an efficient manner, and coordinated as a group, especially with regard to taxation.02022-04-01false02023-03-31087508780.190.19 08750878 2022-04-01 2023-03-31 08750878 1 2022-04-01 2023-03-31 08750878 2021-04-01 2022-03-31 08750878 1 2021-04-01 2022-03-31 08750878 2023-03-31 08750878 2022-03-31 08750878 2021-04-01 08750878 d:Director1 2022-04-01 2023-03-31 08750878 d:Director1 2023-03-31 08750878 d:Director2 2022-04-01 2023-03-31 08750878 d:Director2 2023-03-31 08750878 d:Director4 2022-04-01 2023-03-31 08750878 d:Director5 2022-04-01 2023-03-31 08750878 d:Director5 2023-03-31 08750878 d:Director6 2022-04-01 2023-03-31 08750878 d:Director6 2023-03-31 08750878 d:Director7 2022-04-01 2023-03-31 08750878 d:Director7 2023-03-31 08750878 d:RegisteredOffice 2022-04-01 2023-03-31 08750878 e:CurrentFinancialInstruments 2023-03-31 08750878 e:CurrentFinancialInstruments 2022-03-31 08750878 e:Non-currentFinancialInstruments 2023-03-31 08750878 e:Non-currentFinancialInstruments 2022-03-31 08750878 e:ShareCapital 2022-04-01 2023-03-31 08750878 e:ShareCapital 2023-03-31 08750878 e:ShareCapital 2021-04-01 2022-03-31 08750878 e:ShareCapital 2022-03-31 08750878 e:ShareCapital 2021-04-01 08750878 e:CapitalRedemptionReserve 2022-04-01 2023-03-31 08750878 e:CapitalRedemptionReserve 2023-03-31 08750878 e:CapitalRedemptionReserve 2021-04-01 2022-03-31 08750878 e:CapitalRedemptionReserve 2022-03-31 08750878 e:CapitalRedemptionReserve 2021-04-01 08750878 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 08750878 e:RetainedEarningsAccumulatedLosses 2023-03-31 08750878 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 08750878 e:RetainedEarningsAccumulatedLosses 2022-03-31 08750878 d:OrdinaryShareClass1 2022-04-01 2023-03-31 08750878 d:OrdinaryShareClass1 2023-03-31 08750878 d:OrdinaryShareClass1 2022-03-31 08750878 d:FullIFRS 2022-04-01 2023-03-31 08750878 d:Audited 2022-04-01 2023-03-31 08750878 d:FullAccounts 2022-04-01 2023-03-31 08750878 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08750878 e:Subsidiary1 2022-04-01 2023-03-31 08750878 e:Subsidiary2 2022-04-01 2023-03-31 08750878 e:Subsidiary3 2022-04-01 2023-03-31 08750878 e:ContinuingOperations 2022-04-01 2023-03-31 08750878 e:ContinuingOperations 2021-04-01 2022-03-31 08750878 1 2022-04-01 2023-03-31 08750878 11 2022-04-01 2023-03-31 08750878 e:Subsidiary1 2021-04-01 2022-03-31 08750878 e:Subsidiary2 2021-04-01 2022-03-31 08750878 e:Subsidiary3 2021-04-01 2022-03-31 08750878 11 2022-04-01 2023-03-31 08750878 13 2022-04-01 2023-03-31 08750878 10 2022-04-01 2023-03-31 08750878 30 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registered number: 08750878









WBC (HOLDINGS) LIMITED









DIRECTORS REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
WBC (HOLDINGS) LIMITED
 
 
 
COMPANY INFORMATION


 
Directors
G M Ebers 
S Conway (appointed 7 June 2022)
P Bray (appointed 7 June 2022)




Registered number
08750878



Registered office
Council Offices
Shute End

Wokingham

Berkshire

RG40 1BN




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
WBC (HOLDINGS) LIMITED
 
 
 
CONTENTS



Page
Directors' Report
 
1
Directors' Responsibilities Statement
 
2
Independent Auditors' Report
 
3 - 6
Statement of Profit or Loss and Other Comprehensive Income
 
7
Statement of Financial Position
 
8 - 9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11
Notes to the Financial Statements
 
12 - 23
Detailed Profit and Loss Account and Summaries
 
23
 

 
WBC (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Principal activity

The Company's principal activity is to ensure the operation of its subsidiary companies is conducted in an efficient manner, and coordinated as a group, especially with regard to taxation.

Results and dividends

The loss for the year, after taxation, amounted to £533,705 (2022 - profit £172,360).

No dividends have been paid during the year and the directors do not propose any dividend. 

Directors

The directors who served during the year were:

J S Kaiser (resigned 9 June 2022)
W Smith (resigned 9 June 2022)
G M Ebers 
S Conway (appointed 7 June 2022)
P Bray (appointed 7 June 2022)
C R Jones (appointed 7 June 2022, resigned 12 May 2023)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Small companies' exemption note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. The directors have also taken advantage of the small companies exemption under section 414B in relation to the preparation of a strategic report.

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 November 2023 and signed on its behalf.
 



G M Ebers
Director
Page 1

 
WBC (HOLDINGS) LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

The directors are responsible for preparing the Directors' Report and the financial statements, in accordance with applicable law.

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Page 2

 
WBC (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WBC (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of WBC (Holdings) Limited for the year ended 31 March 2023 which comprise the Statement of Profit or Loss and Other Comprehensive Incomethe Statement of Financial Positionthe Statement of Cash Flowsthe Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 13 - 15. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its loss for the year then ended;

have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and

have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.  responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3

 
WBC (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WBC (HOLDINGS) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.  responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006


In our opinion, based on the work undertaken in the course of the audit: 

the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Page 4

 
WBC (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WBC (HOLDINGS) LIMITED (CONTINUED)


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the directors' responsibilities statement on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

 objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
•    had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and tax legislation etc; and
•      do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We obtained an understanding of the nature of the company’s business and its control environment, and enquired of management about their own identification and assessment of the risks of irregularities and any instances of actual or potential non-compliance.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
 
Page 5

 
WBC (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WBC (HOLDINGS) LIMITED (CONTINUED)



In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing this risk we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
•     reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
•     performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
•      reading minutes of meetings of those charged with governance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




 
 
Christina Georgiou (Senior Statutory Auditor)
  
for and on behalf of
Haslers
 
Chartered Accountants
Statutory Auditor
  
Old Station Road
Loughton
Essex
IG10 4PL

7 November 2023
Page 6

 
WBC (HOLDINGS) LIMITED
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022
Note
£
£

  

Revenue
 6 
84,000
336,000

Gross profit
  
84,000
336,000

  

Administrative expenses
  
(149,285)
(119,524)

(Loss)/profit from operations
  
(65,285)
216,476

  

Finance income
 8 
181,912
754,096

Finance expense
 8 
(650,332)
(798,212)

(Loss)/profit before tax
  
(533,705)
172,360

  

(Loss)/profit for the year
  
(533,705)
172,360


Total comprehensive income
  
(533,705)
172,360

The notes on pages 13 to 23 form part of these financial statements.

Page 7

 
WBC (HOLDINGS) LIMITED
REGISTERED NUMBER: 08750878
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023


2023
2022
Note
£
£

Assets

Non-current assets
  

Other non-current investments
 10 
1,656,826
1,656,826

Trade and other receivables
 12 
15,647,346
17,809,968

  
17,304,172
19,466,794

Current assets
  

Trade and other receivables
 12 
1,034,786
1,463,283

Cash and cash equivalents
 19 
4,661
43,824

  
1,039,447
1,507,107

  

Total assets

  

18,343,619
20,973,901
Page 8

 
WBC (HOLDINGS) LIMITED
REGISTERED NUMBER: 08750878
 
 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023


2023
2022
Note
£
£

Liabilities

Non-current liabilities
  

Trade and other liabilities
 13 
18,084,638
19,433,557

  
18,084,638
19,433,557

Current liabilities
  

Trade and other liabilities
 13 
239,146
986,805

  
239,146
986,805

  

Total liabilities
  
18,323,784
20,420,362

  

  

Net assets
  
19,835
553,539


Issued capital and reserves
  

Share capital
 15 
1
1

Capital reserve
  
1,900,000
1,900,000

Retained earnings
  
(1,880,166)
(1,346,462)

TOTAL EQUITY
  
19,835
553,539

The financial statements on pages 7 to 23 were approved and authorised for issue by the board of directors on 7 November 2023 and were signed on its behalf by:




G M Ebers
Director

The notes on pages 13 to 23 form part of these financial statements.

Page 9

 
WBC (HOLDINGS) LIMITED

 
 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Share capital
Capital reserve
Retained earnings
Total equity


£
£
£
£

At 1 April 2022
1
1,900,000
(1,346,462)
553,539

Comprehensive income for the year



Loss for the year
-
-
(533,705)
(533,705)

Total comprehensive income for the year
-
-
(533,705)
(533,705)

At 31 March 2023
1
1,900,000
(1,880,167)
19,834



Share capital
Capital reserve
Retained earnings
Total equity


£
£
£
£

At 1 April 2021
1
1,900,000
(1,518,822)
381,179

Comprehensive income for the year



Profit for the year
-
-
172,360
172,360

Total comprehensive income for the year
-
-
172,360
172,360

At 31 March 2022
1
1,900,000
(1,346,462)
553,539

The notes on pages 13 to 23 form part of these financial statements.

Page 10

 
WBC (HOLDINGS) LIMITED

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022
Note
£
£

Cash flows from operating activities
  

(Loss)/profit for the year
  
(533,705)
172,360

Adjustments for
  

Finance income
 8 
(181,912)
(754,096)

Finance expense
 8 
687,786
798,212

  
(27,831)
216,476

Movements in working capital:
  

Decrease/(increase) in trade and other receivables
  
336,000
(493,912)

(Decrease)/increase in trade and other payables
  
(49,167)
90,622

Cash generated from operations
  
259,002
(186,814)

  

Net cash from/(used in) operating activities

  
259,002
(186,814)

Cash flows from investing activities
  

Amounts advanced to related parties
  
(1,570,428)
2,748,135

Repayments by related parties
  
2,306,395
-

Interest received
  
2,074,647
-

Net cash from investing activities

  
2,810,614
2,748,135

Cash flows from financing activities
  

Proceeds from borrowings
  
1,570,428
(2,550,224)

Repayment of borrowings
  
(2,567,108)
-

Interest paid on loans
  
(2,112,099)
-

Net cash used in financing activities
  
(3,108,779)
(2,550,224)

Net (decrease)/increase in cash and cash equivalents
  
(39,163)
11,097

  

Cash and cash equivalents at the beginning of year
  
43,824
32,727

Cash and cash equivalents at the end of the year
 19 
4,661
43,824

The notes on pages 13 to 23 form part of these financial statements.

Page 11

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


Reporting entity

WBC (Holdings) Limited (the 'Company') is a private company, limited by shares and incorporated in England and Wales. The Company's registered office is at Council Offices, Shute End, Wokingham, Berkshire, RG40 1BN. The Company's principal activity is ensure the operation of its subsidiary companies is conducted in an efficient manner, and coordinated as a group, especially with regard to taxation.


2.


Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 07 November 2023.

Details of the Company's accounting policies, including changes during the year, are included in note 3.

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.


2.1 Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following items,
which are measured on an alternative basis on each reporting date.


Items



2.2 Changes in accounting policies

i) New standards, interpretations and amendments effective from 1 April 2022

The following relevant standards and amendments to IFRSs became effective for the annual reporting
period beginning on 1 April 2022 and did not have a material impact on the financial statements:
• Amendment to IAS 37, ‘Provisions, contingent liabilities and contingent assets’. The amendment relates to the clarification of costs that an entity should include as the cost of fulfilling a contract when assessing whether a contract is onerous.
Management’s review to determine the impact of this amendment is ongoing, however this is not expected to have a material impact.
• Amendment to IAS 16, ‘Property, plant and equipment’. The amendment relates to proceeds from selling items produced while bringing an asset into the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 12

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Basis of preparation (continued)

ii) 

New standards, interpretations and amendments not yet effective

The following new standards, interpretations and amendments, which are not yet effective and have not been adopted early in these financial statements, will or may have an effect on the Company's future financial statements:

New standard, interpretation or amendment        Mandatory effective date (period beginning)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
Amendments to IAS 12                                                                                        1 January 2023
Definition of Accounting Estimates Amendments to IAS 8                                  1 January 2023
Disclosure of Accounting Policies Amendments to IAS 1
and IFRS Practice Statement 2                                                                           1 January 2023
Recognition, measurement and disclosure of leases
Amendments to IAS 16                                                                                        1 January 2024
The directors anticipate that the adoption of these Standards, interpretations and amendments in future periods are unlikely to have a material impact on the results and net assets of the Company.


3.Accounting policies

 
3.1

Revenue

Revenue is measured based on the consideration assigned to the services provided by the Company on behalf of its subsidiaries during the period. The Company recognises revenue when it transfers control over a service to it's subsidiaries.

 
3.2

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

 
3.3

Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

Page 13

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.Accounting policies (continued)


3.3
Financial assets (continued)


(i) Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at amortised cost:

the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and

the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (FVOCI):

the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and

the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

By default, all other financial assets are subsequently measured at fair value through profit or loss (FVTPL).

Despite the aforegoing, the Company may make the following irrevocable election/designation at initial recognition of a financial asset:

the Company may irrevocably elect to present subsequent changes in fair value of an equity instrument in other comprehensive income if certain criteria are met; and

the Company may irrevocably designate a debt investment that meets the amortised cost or FVOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.

 
3.4

Financial liabilities and equity instruments


(i) Classification as debt or equity

Debt and equity instruments issued by an entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.


(ii) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by an entity are recognised at the proceeds received, net of direct issue costs.

Repurchase of the Company's own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.

Page 14

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.Accounting policies (continued)


3.4
Financial liabilities and equity instruments (continued)


(iii) Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.


4.


Functional and presentation currency

These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.


5.


Accounting estimates and judgements

5.1 Judgement


In applying accounting policies set out earlier, the company has made no significant judgements about complex transactions or those involving uncertainty about future events.


5.2 Estimates and assumptions


The Statement of Accounts contains estimated figures that are based on assumptions made by Directors about the future or that are otherwise uncertain. Estimates are made taking into accounts historical experience, current trends and other relevant factors. However, because balances cannot be determined with certainty, actual results could be materially different from the assumptions and estimates.
There are no items in WBC (Holdings) Limited's Statement of Financial Position at 31 March 2023 for which there is a significant material adjustment in the forthcoming financial year.

Page 15

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Revenue


The following is an analysis of the Company's revenue, which was all generated in the United Kingdom,  for the year from continuing operations:


2023
2022
£
£


Management charges
84,000
336,000

84,000
336,000


7.


Auditors remuneration

2023
2022
£
£



Fees payable to the Company's auditors for the audit of the Company's financial statements
5,296
4,860

Fees payable to the company's auditors for non audit services, excluding taxation
2,899
-

Fees payable to the Company's auditors for taxation services.
850
700

9,045
5,560

Page 16

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Finance income and expense

Recognised in profit or loss


2023
2022
£
£
Finance income



Other loan interest receivable
181,912
754,096

Total finance income

181,912
754,096

Finance expense

Other loan interest payable
650,332
798,212

Total finance expense
650,332
798,212


Net finance expense recognised in profit or loss
(468,420)
(44,116)






Page 17

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Tax expense

9.1 Income tax recognised in profit or loss








The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:


2023
2022
£
£


(Loss)/profit for the year
(533,704)
172,360

(Loss)/profit before income taxes
(533,704)
172,360


Tax using the Company's domestic tax rate of 19% (2022:19%)
(101,404)
32,748

Utilisation of tax losses
-
(63,840)

Group relief
101,404
31,092

Total tax expense
-
-

Changes in tax rates and factors affecting the future tax charges

During March 2021 the UK chancellor announced an expected change to UK main corporation tax rate from 19% to 25% and this was enacted into the Finance Act in June 2021. The rate will increase to 25% from 1 April 2023 and will impact the corporation tax provision of the Company from that date.


10.

Other non-current investments

2023
2022
Note
£
£

Investments in subsidiary companies
 11 
1,656,826
1,656,826

  
1,656,826
1,656,826

Page 18

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Subsidiaries

Details of the Company's material subsidiaries at the end of the reporting period are as follows:

Name of subsidiary

Principal activity
Place of incorporation and operation
Proportion of ownership interest and voting power held by the Company (%)



2023
2022








1Wokingham Housing Limited

Building services

England and Wales
 
100

100

2Loddon Homes Limited

Housing services

England and Wales
 
100

100

3Berry Brook Homes Limited

Housing services

England and Wales
 
100

100



12.


Trade and other receivables


2023
2022
£
£


Receivables from related parties
1,034,786
1,127,283

Loans to related parties
15,647,346
17,809,968

Total financial assets other than cash and cash equivalents classified as loans and receivables
16,682,132
18,937,251

Prepayments and accrued income
-
336,000

Total trade and other receivables
16,682,132
19,273,251

Less: current portion - prepayments and accrued income
-
(336,000)

Less: current portion - receivables from related parties
(1,034,786)
(1,127,283)

Total current portion
(1,034,786)
(1,463,283)

Total non-current portion
15,647,346
17,809,968

Interest is charged at a fixed rate of 3.5% on this loan.
The carrying value of loans and borrowing classified as financial liabilities measured at amortised cost approximates to their fair value.

Page 19

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Trade and other payables


2023
2022
£
£


Payables to related parties
18,280,346
20,267,846

Accruals
43,438
152,516

Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
18,323,784
20,420,362

Less: current portion - payables to related parties
(195,708)
(834,289)

Less: current portion - accruals
(43,438)
(152,516)

Total current portion
(239,146)
(986,805)

Total non-current position
18,084,638
19,433,557


14.

Loans and borrowings

2023
2022
        £
        £
Secured - at amortised cost

Loans from related parties

18,246,273

20,267,846
 

18,246,273

20,267,846
 

Interest is charged at a fixed rate of 3.5% on this loan.
The carrying value of loans and borrowings classified as financial liabilities measured at amortised cost approximates to their fair value.

15.


Share capital

Authorised

2023
2023
2022
2022
Number
£
Number
£

Shares treated as equity
ordinary shares shares of £1.00 each

1

1

1
 
1
 
1

1

1
 
1
 

Page 20

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.Share capital (continued)

Issued and fully paid


2023
2023
2022
2022
Number
£
Number
£

ordinary shares shares of £1.00 each

At 1 April and 31 March
1

1

1
 
1
 


16.


Reserves

Reserves represents the cumulative amount of share capital issued and retained earnings.
Retained earnings
Retained earnings represents the cumulative net profit and losses recognised in the Statement of Comprehensive Income net of amounts recognised directly in equity.







17.


Financial instruments - fair values and risk management

17.1 Accounting classifications and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.


Carrying amount
31 March 2023
Note
Amortised cost
Total


        £
        £

Financial assets not measured at fair value


  




Loans and other receivbles to related parties

 12 

16,682,132

16,682,132

Cash and cash equivalents

 19 

4,661

4,661



  


16,686,793
16,686,793
Financial liabilities not measured at fair value


  




Loan from related parties

  

(18,246,273)

(18,246,273)

Trade and other payables

 13 

(85,100)

(85,100)


  


(18,331,373)
(18,331,373)

Page 21

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.Financial instruments - fair values and risk management (continued)


17.1 Accounting classifications and fair values (continued)


Carrying amount
31 March 2022
Note
Amortised cost
Total


        £
        £

Financial assets not measured at fair value


  




Trade and other receivables

 12 

19,273,251

19,273,251

Cash and cash equivalents

 19 

43,824

43,824



  


19,317,075
19,317,075
Financial liabilities not measured at fair value


  




Loan from associate

  

(20,267,846)

(20,267,846)

Trade payables

 13 

(152,516)

(152,516)


  


(20,420,362)
(20,420,362)


17.2 Credit risk management

Credit risk arise from deposits with banks and financial institutions, as well as credit exposures to the Company's customers.



17.3 Liquidity risk management

Wokingham Borough Council  (WBC) as the parent entity has a comprehensive cash flow management system that seeks to ensure that cash is available as needed. If unexpected movement happen, WBC has ready access to borrowings from the Money Markets and the Public Works Loans Board. There is therefore no significant risk that Wokingham Borough Council (WBC) will be unable to raise finance to meet its commitments under financial instruments. 

Page 22

 
WBC (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Related party transactions

At 31 March 2023, loans were due (to)/from the following related parties.

18.1 Loans to related parties


2023
2022
£
£

Long Term Loans

Wokingham Borough Council
(18,084,639)
(19,433,557)

Berry Brook Homes Limited
7,821,675
9,055,291

Loddon Homes Limited
7,825,671
8,754,676

(1,598,217)
(1,330,596)

Short Term Loans

Berry Brook Homes Limited
540,132
316,015

Loddon Homes Limited
494,652
437,268

Wokingham Borough Council
(195,708)
(834,289)

Wokingham Housing Limited
-
374,000

(1,598,217)
(1,330,596)


19.

Notes supporting statement of cash flows

2023
2022
£
£


Cash at bank available on demand
4,661
43,824

Cash and cash equivalents in the statement of financial position

4,661
43,824


Cash and cash equivalents in the statement of cash flows
4,661
43,824


20.


Capital management

The Company's capital management objective is to ensure that the appropriate level of capital is available to fulfil the strategic objectives of the company. This is carried out by actively managing their cash reserves as well as obtaining long-term debt finance from its ultimate parent entity, Wokingham Borough Council.
The Company is not subject to any externally imposed capital requirements.






Page 23