Registered number
03523650
Weblease Limited
Filleted Accounts
31 March 2023
ARA (Bristol) Ltd t/a Adams Root & Associates
Chartered Certified Accountants
Bristol
Weblease Limited
Registered number: 03523650
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,934,639 2,934,639
Investments 4 6,100,498 6,131,586
9,035,137 9,066,225
Current assets
Debtors 5 43,453 118,802
Cash at bank and in hand 229,103 136,277
272,556 255,079
Creditors: amounts falling due within one year 6 (155,828) (178,110)
Net current assets 116,728 76,969
Total assets less current liabilities 9,151,865 9,143,194
Creditors: amounts falling due after more than one year 7 (4,220,861) (4,005,281)
Provisions for liabilities (340,500) (340,500)
Net assets 4,590,504 4,797,413
Capital and reserves
Called up share capital 200 200
Fair value reserve 9 1,486,045 1,486,045
Profit and loss account 3,104,259 3,311,168
Shareholders' funds 4,590,504 4,797,413
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A J Robb
Director
Approved by the board on 27 November 2023
Weblease Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets, liabilities and investment properties measured at fair value through profit and loss. The financial statements have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and are stated in sterling the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Freehold investment property is included at fair value within tangible fixed assets, changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on the gains at the rate expected to apply when the property is sold.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment property
£
Cost
At 1 April 2022 2,934,639
At 31 March 2023 2,934,639
Depreciation
At 31 March 2023 -
Net book value
At 31 March 2023 2,934,639
At 31 March 2022 2,934,639
Investment property: 2023 2022
£ £
Historical cost 1,108,094 1,108,094
Cumulative depreciation based on historical cost - -
1,108,094 1,108,094
The freehold land and buildings acquired by the company are included as investment property and were valued by the directors, to the fair value reflecting existing use on 31 March 2023. The revaluation created a fair value reserve on which deferred tax has been provided in these accounts.
4 Investments
Investments in Other Other Total
subsidiary Loans investments
undertakings
£ £ £ £
Cost
At 1 April 2022 52 1,684,389 4,166,362 5,850,803
Additions - - 46,383 46,383
Exchange gain/(loss) - 60,652 - 60,652
At 31 March 2023 52 1,745,041 4,212,745 5,957,838
Impairment
At 1 April 2022 - - (280,783) (280,783)
Movement on impairment - - 138,123 138,123
At 31 March 2023 - - (142,660) (142,660)
Carrying amount
At 31 March 2023 52 1,745,041 4,355,405 6,100,498
At 1 April 2022 52 1,684,389 4,447,145 6,131,586
Historical cost
At 1 April 2022 52 1,678,511 4,166,362 5,844,925
At 31 March 2023 52 1,678,511 4,212,745 5,891,308
In January 2017 Weblease Limited advanced three loans to Bristol Student Property Limited. The three loans consisted of a Euro loan of 439,435 (£386,983), a Swiss Franc loan of CHF736,129 (£650,870) and a GBP loan of £707,188. The loans are interest-only loans and have a repayment date of 31 January 2027 and carry an interest rate of 6% per annum which is paid bi-annually.

Other investments include funds invested by Weblease Limited in listed securities.
5 Debtors 2023 2022
£ £
Other debtors 43,453 118,802
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 61,064 58,904
Trade creditors - 210
Taxation and social security costs 62,133 55,194
Other creditors 32,631 63,802
155,828 178,110
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,185,861 1,170,281
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,035,000 2,835,000
4,220,861 4,005,281
On 31 January 2017, Weblease Limited entered into 2 new loans.
The loans were entered into with Handelsbanken. At 31 March 2023 the loan balances included a Euro loan of EUR384,000 (£333,888) and a Swiss Franc loan of CHF1,031,796 (£913,037). Regrading the two foreign currency loans, amounts of Euro 5,000 and CHF12,913 are repayable quarterly until 31 January 2027, on the respective foreign currency loans. The remaining balances on the foreign loans after all quarterly repayments, are repayable on maturity. Interest is charged; on the Euro loan at 2.5% over the Euro Inter Bank Offer Rate and on the Swiss Franc loan at 2.6% fixed for the term of the loan. Interest is payable quarterly.

A further loan of £900,000 was advanced by Roseland Investments Limited which is a 100% owned subsidiary of Weblease Limited. This loan is repayable on 31 January 2027, Interest is charged on the loan at 0% per annum. A further loan of £2,135,000 was advanced by Roseland Investments Limited. This loan is repayable by 31 March 2032, interest is charged on the loan at 0% per annum.
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 2,135,000 1,935,000
Secured bank loans 1,246,925 1,229,185
The above loans are secured by a fixed charge over freehold property owned by Weblease Limited.
9 Fair value reserve 2023 2022
£ £
At 1 April 2022 1,486,045 1,486,045
At 31 March 2023 1,486,045 1,486,045
10 Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Roseland Investments Limited - - (3,035,000) (2,835,000)
The company owns 100% of Roseland Investments Limited, a company in which A J Robb is a director. The terms of the loans are detailed in notes 6 and 7.
11 Controlling party
The company is controlled by its director A J Robb.
12 Other information
Weblease Limited is a private company limited by shares and incorporated in England. Its registered office is:
86 Shirehampton Road
Stoke Bishop
Bristol
BS9 2DR
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