Year Ended
Registration number:
WRES Holdings Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
WRES Holdings Limited
Balance Sheet
30 June 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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WRES Holdings Limited
Balance Sheet
30 June 2023
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
WRES Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
25 Witney Road
Nuffield Industrial Estate
Poole
Dorset
BH17 0GL
These financial statements were authorised for issue by the
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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
These financial statements have been prepared using the British pound sterling (£) and have been presented to the nearest whole pound.
Exemption from preparing group accounts
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.
Revenue recognition
Turnover represents amounts chargeable in respect of that relevant to that of being a holding company, being rents receivable of property and hire of equipment.
WRES Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2023
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 corporation 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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
Plant and equipment |
20% p.a. on a reducing balance basis |
Motor vehicles |
25% p.a. on a reducing balance basis |
Freehold Property |
No depreciation charged |
Investments
Investments in subsidiaries are stated at cost less any impairment.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
WRES Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
WRES Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2023
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
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Disposals |
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- |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
- |
( |
At 30 June 2023 |
- |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Included within the net book value of land and buildings above is £2,225,432 (2022 - £1,762,233) in respect of freehold land and buildings.
WRES Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 July 2022 |
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At 30 June 2023 |
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Provision |
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At 1 July 2022 |
- |
At 30 June 2023 |
- |
Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Towngate House,
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Ordinary |
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England |
Subsidiary undertakings |
WRES Ltd The principal activity of WRES Ltd is |
WRES Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2023
Debtors |
2023 |
2022 |
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Trade debtors |
- |
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Amounts due from group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Corporation tax |
57,163 |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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WRES Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2023
Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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200 |
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200 |
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2 |
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2 |
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The Ordinary A shares carry no voting rights.