Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-314false2023-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Property sales3falsetrue 10984458 2023-01-01 2023-12-31 10984458 2022-01-01 2022-12-31 10984458 2023-12-31 10984458 2022-12-31 10984458 c:Director1 2023-01-01 2023-12-31 10984458 d:CurrentFinancialInstruments 2023-12-31 10984458 d:CurrentFinancialInstruments 2022-12-31 10984458 d:Non-currentFinancialInstruments 2023-12-31 10984458 d:Non-currentFinancialInstruments 2022-12-31 10984458 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10984458 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10984458 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10984458 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10984458 d:ShareCapital 2023-12-31 10984458 d:ShareCapital 2022-12-31 10984458 d:RetainedEarningsAccumulatedLosses 2023-12-31 10984458 d:RetainedEarningsAccumulatedLosses 2022-12-31 10984458 c:FRS102 2023-01-01 2023-12-31 10984458 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10984458 c:FullAccounts 2023-01-01 2023-12-31 10984458 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10984458 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10984458









WMC SLOUGH LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WMC SLOUGH LTD
REGISTERED NUMBER: 10984458

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
5,484,100
5,416,751

Debtors: amounts falling due within one year
 5 
5,262
20,339

Cash at bank and in hand
  
15,251
101,435

  
5,504,613
5,538,525

Creditors: amounts falling due within one year
 6 
(9,920,603)
(7,121,894)

Net current liabilities
  
 
 
(4,415,990)
 
 
(1,583,369)

Total assets less current liabilities
  
(4,415,990)
(1,583,369)

Creditors: amounts falling due after more than one year
 7 
-
(1,600,000)

  

Net liabilities
  
(4,415,990)
(3,183,369)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(4,416,090)
(3,183,469)

  
(4,415,990)
(3,183,369)


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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.




 
Page 1

 
WMC SLOUGH LTD
REGISTERED NUMBER: 10984458
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A L Cohen
Director
Date: 2 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WMC SLOUGH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

WMC Slough Ltd is a private company limited by shares incorporated in England and Wales. 
The registered office is Wood Hall Farm Office, Woodhall Lane, Shenley, WD7 9AA, United Kingdom. 
The company's principal activity is the development of building projects.

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 Section 1A of 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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on the continued support of the directors and shareholders. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

 
WMC SLOUGH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

Page 4

 
WMC SLOUGH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Financial instruments

The company has elected to apply the provisions of Section ll 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic Financial Assets 
Basic financial assets, which include debtors and cash and bank balances, are initially reassured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of Financial Assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Impairment losses are recognised in profit or loss.
Classification of Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic Financial Liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

  
2.6

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Page 5

 
WMC SLOUGH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2022 - 4).


4.


Stocks

2023
2022
£
£

Finished goods and goods for resale
5,484,100
5,416,751



5.


Debtors

2023
2022
£
£


Other debtors
2,792
15,388

Prepayments and accrued income
2,470
4,951

5,262
20,339



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,200
16,040

Other creditors
9,913,153
7,101,070

Accruals and deferred income
3,250
4,784

9,920,603
7,121,894


Included within other creditors is a loan amounting to £4,964,684 (2022: £3,547,829) owing to a shareholder of the Company. Interest is payable on this loan at a rate of 7% above the Bank of England base rate.

Page 6

 
WMC SLOUGH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
1,600,000


The bank loan is secured by way of a fixed and floating charge over all assets of the company. Interest is payable on this loan at a rate of 5.25% above the bank base rate per annum.
As of 6 April 2023, the bank loan has been fully repaid. All registed charges have been satisfied.

 
Page 7