Company Registration No. 13095862 (England and Wales)
WOOLWICH ISLAND LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WOOLWICH ISLAND LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WOOLWICH ISLAND LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
35,700,832
35,544,738
Current assets
Debtors
4
762,499
606,409
Cash at bank and in hand
48,413
256,453
810,912
862,862
Creditors: amounts falling due within one year
5
(20,659,481)
(20,575,794)
Net current liabilities
(19,848,569)
(19,712,932)
Total assets less current liabilities
15,852,263
15,831,806
Creditors: amounts falling due after more than one year
6
(23,087,346)
(18,967,391)
Net liabilities
(7,235,083)
(3,135,585)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(7,235,085)
(3,135,587)
Total equity
(7,235,083)
(3,135,585)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 3 September 2024
Guy Ziser
Director
Company Registration No. 13095862
WOOLWICH ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Woolwich Island Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9 First Floor, 224 Iverson Road, West Hampstead, London, United Kingdom, NW6 2HL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the bank agreed to extend the bank loan by 2 months to October 2024. The director is confident that the bank loan can be refinanced after the 31th October 2024 if necessary and on this basis has an expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rent receivable net of VAT.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘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 measured 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.

WOOLWICH ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 and loans from fellow group companies 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

There were no employees during the current or comparative period.

3
Investment property
2023
£
Fair value
At 1 January 2023
35,544,738
Additions
156,094
At 31 December 2023
35,700,832

In the opinion of the director, the market value of the property at 31 December 2023 is represented by the net book value above.

WOOLWICH ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Investment property
(Continued)
- 4 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
35,700,832
35,544,738
Accumulated depreciation
-
-
Carrying amount
35,700,832
35,544,738
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
121,846
189,477
Other debtors
585,825
337,319
Prepayments and accrued income
54,828
79,613
762,499
606,409
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
19,900,000
19,900,000
Trade creditors
131,130
177,392
Other creditors
28,252
33,252
Accruals and deferred income
600,099
465,150
20,659,481
20,575,794

The short-term bank loan is secured by a fixed and floating charge over the freehold property of the company.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
23,087,346
18,967,391
WOOLWICH ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Related party transactions

Included in other debtors is the sum of £145,254 (2022: £nil) owed by an indirect shareholder.

 

Included in the accounts is the sum of £23,087,346 (2022: £18,972,390) owed to shareholders.

 

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