Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30No description of principal activitytrue2022-12-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false22truefalse 12993115 2022-12-01 2023-11-30 12993115 2021-12-01 2022-11-30 12993115 2023-11-30 12993115 2022-11-30 12993115 2021-12-01 12993115 c:Director3 2022-12-01 2023-11-30 12993115 d:FreeholdInvestmentProperty 2022-12-01 2023-11-30 12993115 d:FreeholdInvestmentProperty 2023-11-30 12993115 d:FreeholdInvestmentProperty 2022-11-30 12993115 d:CurrentFinancialInstruments 2023-11-30 12993115 d:CurrentFinancialInstruments 2022-11-30 12993115 d:Non-currentFinancialInstruments 2023-11-30 12993115 d:Non-currentFinancialInstruments 2022-11-30 12993115 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 12993115 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 12993115 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 12993115 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 12993115 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 12993115 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 12993115 d:ShareCapital 2022-12-01 2023-11-30 12993115 d:ShareCapital 2023-11-30 12993115 d:ShareCapital 2021-12-01 2022-11-30 12993115 d:ShareCapital 2022-11-30 12993115 d:ShareCapital 2021-12-01 12993115 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 12993115 d:RetainedEarningsAccumulatedLosses 2023-11-30 12993115 d:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 12993115 d:RetainedEarningsAccumulatedLosses 2022-11-30 12993115 d:RetainedEarningsAccumulatedLosses 2021-12-01 12993115 c:OrdinaryShareClass1 2022-12-01 2023-11-30 12993115 c:OrdinaryShareClass1 2023-11-30 12993115 c:OrdinaryShareClass1 2022-11-30 12993115 c:FRS102 2022-12-01 2023-11-30 12993115 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 12993115 c:FullAccounts 2022-12-01 2023-11-30 12993115 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12993115 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12993115









WG LONDON PROPERTY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
WG LONDON PROPERTY LIMITED
REGISTERED NUMBER: 12993115

BALANCE SHEET
AS AT 30 NOVEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investment property
 3 
13,716,154
9,115,915

  
13,716,154
9,115,915

Current assets
  

Stocks
 4 
19,263,297
12,802,610

Debtors: amounts falling due within one year
 6 
109,524
51,661

Cash at bank and in hand
 8 
296,979
32,519

  
19,669,800
12,886,790

Creditors: amounts falling due within one year
 9 
(9,206,312)
(7,160,349)

Net current assets
  
 
 
10,463,488
 
 
5,726,441

Total assets less current liabilities
  
24,179,642
14,842,356

Creditors: amounts falling due after more than one year
 10 
(24,299,325)
(14,884,868)

  

Net liabilities
  
(119,683)
(42,512)


Capital and reserves
  

Called up share capital 
 12 
2
2

Profit and loss account
  
(119,685)
(42,514)

  
(119,683)
(42,512)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its
Page 1

 
WG LONDON PROPERTY LIMITED
REGISTERED NUMBER: 12993115
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

behalf by: 




Ishmael Saidy
Director

Date: 7 August 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 

 
WG LONDON PROPERTY LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 December 2021
2
(10,942)
(10,940)



Comprehensive income for the year


Loss for the year
-
(31,572)
(31,572)

Total comprehensive income for the year
-
(31,572)
(31,572)





At 1 December 2022
2
(42,514)
(42,512)



Comprehensive income for the year


Loss for the year
-
(77,171)
(77,171)

Total comprehensive income for the year
-
(77,171)
(77,171)



At 30 November 2023
2
(119,685)
(119,683)



The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
WG LONDON PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

WG London Property Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is1 Kings Avenue, London, N21 3NA.
The finanacial statements are presented in Sterling, which is the functional and presentational currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements.
The directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the director considers it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
WG LONDON PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
9,115,915


Additions at cost
4,600,239



At 30 November 2023
13,716,154

The 2023 valuations were made by the directors, on an open market value for existing use basis.



At 30 November 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:



Page 5

 
WG LONDON PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Stocks

As restated
2023
2022
£
£

Work in progress
19,263,297
12,802,610

19,263,297
12,802,610


Included in work in progress is £1,974,120 of loan interest (2022 - £656,260).


5.


Prior period adjustment

Items that have been previously posted to stocks have been reclassified as fixed assets because the directors feel that it's a more appropriate treatment, meaning that £9,115,915 was reclassified from stocks to investment property as a prior period adjustment.


6.


Debtors

2023
2022
£
£


Other debtors
109,524
51,661

109,524
51,661



7.


Capitalized loan interst






8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
296,979
32,519

296,979
32,519


Page 6

 
WG LONDON PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,397,571
109,075

Other creditors
7,804,741
7,048,274

Accruals and deferred income
4,000
3,000

9,206,312
7,160,349



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,299,325
14,884,868

24,299,325
14,884,868



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
24,299,325
14,884,867


24,299,325
14,884,867


24,299,325
14,884,867



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


 
Page 7