Company Registration No. 13095236 (England and Wales)
WOOLWICH HOLDCO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WOOLWICH HOLDCO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WOOLWICH HOLDCO LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Debtors
4
11,542,637
9,482,753
Creditors: amounts falling due within one year
5
(1,789,254)
(1,508,154)
Net current assets
9,753,383
7,974,599
Total assets less current liabilities
9,753,384
7,974,600
Creditors: amounts falling due after more than one year
6
(9,728,089)
(8,237,789)
Net assets/(liabilities)
25,295
(263,189)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
25,294
(263,190)
Total equity
25,295
(263,189)

The directors of the company have 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 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 member has 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 by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
Guy Ziser
Director
Company Registration No. 13095236
WOOLWICH HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Woolwich Holdco 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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
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 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.

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.

WOOLWICH HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

1.5
Equity instruments

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

1.6
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 year.

3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2023 & 31 December 2023
1
Carrying amount
At 31 December 2023
1
At 31 December 2022
1
4
Debtors
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
11,542,637
9,482,753
WOOLWICH HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
21,063
Other creditors
1,744,391
1,483,626
Accruals and deferred income
44,863
3,465
1,789,254
1,508,154
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
9,728,089
8,237,789

Other borrowings includes an amount of £3,990,584 (2022: £3,958,871) from Cogito Capital Limited which is secured against the shares and assets of the company's investment.

7
Related party transactions

Included in other debtors is the sum of £11,542,637 (2022: £9,482,753) owed by the company in which Woolwich Holdco Limited has a 50% interest.

 

Included in other creditors is £1,744,391 (2022: £1,483,626) owed to the controlling shareholder.

 

 

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