WRES Holdings Limited 05315458 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is to hold property and to provide management services to WRES Limited. Digita Accounts Production Advanced 6.30.9574.0 false false 05315458 2022-07-01 2023-06-30 05315458 2023-06-30 05315458 bus:OrdinaryShareClass1 2023-06-30 05315458 bus:OrdinaryShareClass2 2023-06-30 05315458 core:RetainedEarningsAccumulatedLosses 2023-06-30 05315458 core:ShareCapital 2023-06-30 05315458 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 05315458 core:CurrentFinancialInstruments 2023-06-30 05315458 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 05315458 core:Non-currentFinancialInstruments 2023-06-30 05315458 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 05315458 core:CostValuation 2023-06-30 05315458 core:ProvisionsForImpairmentInvestments 2023-06-30 05315458 core:LandBuildings 2023-06-30 05315458 core:MotorVehicles 2023-06-30 05315458 core:OtherPropertyPlantEquipment 2023-06-30 05315458 bus:SmallEntities 2022-07-01 2023-06-30 05315458 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 05315458 bus:FullAccounts 2022-07-01 2023-06-30 05315458 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 05315458 bus:RegisteredOffice 2022-07-01 2023-06-30 05315458 bus:Director1 2022-07-01 2023-06-30 05315458 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 05315458 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 05315458 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05315458 core:LandBuildings 2022-07-01 2023-06-30 05315458 core:MotorVehicles 2022-07-01 2023-06-30 05315458 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 05315458 core:PlantMachinery 2022-07-01 2023-06-30 05315458 core:Subsidiary1 2022-07-01 2023-06-30 05315458 core:Subsidiary1 countries:England 2022-07-01 2023-06-30 05315458 countries:EnglandWales 2022-07-01 2023-06-30 05315458 2022-06-30 05315458 core:CostValuation 2022-06-30 05315458 core:ProvisionsForImpairmentInvestments 2022-06-30 05315458 core:LandBuildings 2022-06-30 05315458 core:MotorVehicles 2022-06-30 05315458 core:OtherPropertyPlantEquipment 2022-06-30 05315458 2021-07-01 2022-06-30 05315458 2022-06-30 05315458 bus:OrdinaryShareClass1 2022-06-30 05315458 bus:OrdinaryShareClass2 2022-06-30 05315458 core:RetainedEarningsAccumulatedLosses 2022-06-30 05315458 core:ShareCapital 2022-06-30 05315458 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-06-30 05315458 core:CurrentFinancialInstruments 2022-06-30 05315458 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 05315458 core:Non-currentFinancialInstruments 2022-06-30 05315458 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 05315458 core:LandBuildings 2022-06-30 05315458 core:MotorVehicles 2022-06-30 05315458 core:OtherPropertyPlantEquipment 2022-06-30 05315458 core:Subsidiary1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

WRES Holdings Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2023

Registration number: 05315458

 

WRES Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

WRES Holdings Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,777,280

2,409,786

Investments

5

101

101

 

2,777,381

2,409,887

Current assets

 

Debtors

6

821,121

766,841

Cash at bank and in hand

 

325,084

527,439

 

1,146,205

1,294,280

Creditors: Amounts falling due within one year

7

(319,492)

(386,420)

Net current assets

 

826,713

907,860

Total assets less current liabilities

 

3,604,094

3,317,747

Creditors: Amounts falling due after more than one year

7

(350,344)

(438,898)

Provisions for liabilities

(90,386)

(114,441)

Net assets

 

3,163,364

2,764,408

Capital and reserves

 

Called up share capital

202

202

Profit and loss account

3,163,162

2,764,206

Shareholders' funds

 

3,163,364

2,764,408

 

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:

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 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 Board on 26 February 2024 and signed on its behalf by:
 

.........................................
A Hamer
Director

 

WRES Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 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:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

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 Board on 26 February 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 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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

WRES Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

1,762,233

96,789

1,718,088

3,577,110

Additions

463,199

34,762

6,495

504,456

Disposals

-

(28,241)

-

(28,241)

At 30 June 2023

2,225,432

103,310

1,724,583

4,053,325

Depreciation

At 1 July 2022

-

66,804

1,100,520

1,167,324

Charge for the year

-

10,593

124,272

134,865

Eliminated on disposal

-

(26,144)

-

(26,144)

At 30 June 2023

-

51,253

1,224,792

1,276,045

Carrying amount

At 30 June 2023

2,225,432

52,057

499,791

2,777,280

At 30 June 2022

1,762,233

29,985

617,568

2,409,786

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

5

Investments

2023
£

2022
£

Investments in subsidiaries

101

101

Subsidiaries

£

Cost or valuation

At 1 July 2022

101

At 30 June 2023

101

Provision

At 1 July 2022

-

At 30 June 2023

-

Carrying amount

At 30 June 2023

101

At 30 June 2022

101

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

     

2023

2022

Subsidiary undertakings

WRES Ltd

Towngate House,
2-8 Parkstone Road,
Poole, Dorset,
BH15 2PW

Ordinary

100%

100%

 

England

     

Subsidiary undertakings

WRES Ltd

The principal activity of WRES Ltd is welding services and metal fabricator.

 

WRES Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

6

Debtors

2023
£

2022
£

Trade debtors

 

-

279

Amounts due from group undertakings

820,306

748,208

Other debtors

 

815

18,354

 

821,121

766,841

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

82,114

167,084

Trade creditors

 

-

6,960

Corporation tax

 

57,163

-

Other creditors

 

175,057

208,776

Accruals and deferred income

 

5,158

3,600

 

319,492

386,420

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

350,344

438,898

 

WRES Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2023

8

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

285,395

345,113

HP and finance lease liabilities

64,949

93,785

350,344

438,898

2023
£

2022
£

Current loans and borrowings

Bank borrowings

53,278

138,247

Hire purchase contracts

28,836

28,837

82,114

167,084

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200

Ordinary A Shares of £1 each

2

2

2

2

 

202

202

202

202

The Ordinary A shares carry no voting rights.