Registered number
10899171
The Wise Property Group Ltd
Unaudited Filleted Accounts
31 December 2023
The Wise Property Group Ltd
Registered number: 10899171
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 946,154 754,155
Current assets
Debtors 4 534,597 526,201
Cash at bank and in hand 2,908 4,892
537,505 531,093
Creditors: amounts falling due within one year 5 (93,387) (97,823)
Net current assets 444,118 433,270
Net assets 1,390,272 1,187,425
Capital and reserves
Called up share capital 2,150 2,150
Share premium 1,098,850 1,098,850
Profit and loss account 289,272 86,425
Shareholder's funds 1,390,272 1,187,425
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 member has 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.
P A Lindley
Director
Approved by the board on 14 August 2024
The Wise Property Group Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and 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).
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 754,155
Additions 191,999
At 31 December 2023 946,154
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 488,597 480,201
Other debtors 46,000 46,000
534,597 526,201
Amounts due after more than one year included above 400,000 400,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 92,547 96,823
Other creditors 840 1,000
93,387 97,823
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 2,130 10,650
7 Controlling party
The ultimate controlling party is The Brookman Group Ltd with the registered office address: 13 Common Lane, Hemingofrd Abbots, Huntingdon, Cambs, PE28 9AN.
8 Other information
The Wise Property Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10 The Pavement
St. Ives
Cambs
PE27 5AD
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