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Registration number: 08618424

WSD 1 Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

WSD 1 Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

WSD 1 Ltd

Company Information

Directors

Mr KS Digva

Mr BS Digva

Mr SS Digva

Registered office

DB House
Rani Drive
Nottingham
Nottinghamshire
NG5 1RF

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

WSD 1 Ltd

(Registration number: 08618424)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

11,114

11,114

Tangible assets

5

121,677

13,529

Investment property

6

23,313,137

20,184,589

 

23,445,928

20,209,232

Current assets

 

Debtors

7

137,766

101,810

Cash at bank and in hand

 

1,317,776

2,242,397

 

1,455,542

2,344,207

Creditors: Amounts falling due within one year

8

(9,493,942)

(10,171,802)

Net current liabilities

 

(8,038,400)

(7,827,595)

Total assets less current liabilities

 

15,407,528

12,381,637

Creditors: Amounts falling due after more than one year

8

(8,194,009)

(5,478,592)

Provisions for liabilities

(1,127,229)

(2,570)

Net assets

 

6,086,290

6,900,475

Capital and reserves

 

Called up share capital

1

1

Retained earnings

6,086,289

6,900,474

Shareholders' funds

 

6,086,290

6,900,475

 

WSD 1 Ltd

(Registration number: 08618424)
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 15 January 2024 and signed on its behalf by:
 

.........................................
Mr SS Digva
Director

 

WSD 1 Ltd

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:
DB House
Rani Drive
Nottingham
Nottinghamshire
NG5 1RF

These financial statements were authorised for issue by the Board on 15 January 2024.

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 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the letting of the company's investment property and the disposal of property developments.

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.

Tax

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

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 taxable income.

 

WSD 1 Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

10% Straight Line

Plant and Machinery

25% Reducing Balance

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Assets

Not provided

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

WSD 1 Ltd

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 3 (2022 - 3).

 

WSD 1 Ltd

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

11,114

11,114

At 31 July 2023

11,114

11,114

Amortisation

Carrying amount

At 31 July 2023

11,114

11,114

At 31 July 2022

11,114

11,114

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

6,544

-

8,333

14,877

Additions

-

103,546

15,000

118,546

At 31 July 2023

6,544

103,546

23,333

133,423

Depreciation

At 1 August 2022

654

-

694

1,348

Charge for the year

1,155

7,333

1,910

10,398

At 31 July 2023

1,809

7,333

2,604

11,746

Carrying amount

At 31 July 2023

4,735

96,213

20,729

121,677

At 31 July 2022

5,890

-

7,639

13,529

 

WSD 1 Ltd

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

6

Investment properties

2023
£

At 1 August

15,709,643

Additions

3,216,254

Fair value adjustments

4,387,240

At 31 July

23,313,137

The investment properties have been valued by the directors based on current market values and rent yields.

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

55,934

54,085

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

1

1

Prepayments

 

73,972

47,724

Other debtors

 

7,859

-

 

137,766

101,810

 

WSD 1 Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

275,409

328,116

Trade creditors

 

158,900

12,711

Taxation and social security

 

103,636

144,398

Accruals and deferred income

 

1,454,637

1,017,247

Other creditors

 

7,501,360

8,669,330

 

9,493,942

10,171,802

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

8,194,009

5,478,592

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

275,409

328,116

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

8,194,009

5,478,592

Secured Liabilities

The loans of £8,469,418 (2022: £5,806,708) are secured by a fixed and floating charge over the company's properties.

 

WSD 1 Ltd

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

10

Related party transactions

Included within other creditors are the following balances , in respect of companies which are related by virtue of common ownership and directorships:

As at 31 July 2023 £1,483,240 (2022: £2,436,278) was owed to Chartwell Properties.

As at 31 July 2023 £191,167 was owed to In Phase International Limited. As at 31 July 2022 £188,654 was owed by In Phase International Limited.

As at 31 July 2023 £602,107 (2022: £584,607) was owed to Space Data Centres Limited.

As at 31 July 2023 £4,024,362 was owed to WSD Property Holdings LLP. As at 31 July 2022 £4,824,199 was owed from WSD Property Holdings LLP.

11

Parent and ultimate parent undertaking

The company's immediate parent is WSD (Holdings) Ltd, incorporated in England and Wales.