Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312024-05-222024-05-222023-12-312024-05-22false2023-01-0100falsefalse 05586506 2023-01-01 2023-12-31 05586506 2022-01-01 2022-12-31 05586506 2023-12-31 05586506 2022-12-31 05586506 2022-01-01 05586506 1 2023-01-01 2023-12-31 05586506 1 2022-01-01 2022-12-31 05586506 5 2023-01-01 2023-12-31 05586506 5 2022-01-01 2022-12-31 05586506 d:CompanySecretary1 2023-01-01 2023-12-31 05586506 d:Director2 2023-01-01 2023-12-31 05586506 d:Director3 2023-01-01 2023-12-31 05586506 d:RegisteredOffice 2023-01-01 2023-12-31 05586506 e:PlantMachinery 2023-01-01 2023-12-31 05586506 e:PlantMachinery 2023-12-31 05586506 e:PlantMachinery 2022-12-31 05586506 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05586506 e:FurnitureFittings 2023-01-01 2023-12-31 05586506 e:FurnitureFittings 2023-12-31 05586506 e:FurnitureFittings 2022-12-31 05586506 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05586506 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05586506 e:FreeholdInvestmentProperty 2023-12-31 05586506 e:FreeholdInvestmentProperty 2022-12-31 05586506 e:CurrentFinancialInstruments 2023-12-31 05586506 e:CurrentFinancialInstruments 2022-12-31 05586506 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05586506 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05586506 e:ShareCapital 2023-01-01 2023-12-31 05586506 e:ShareCapital 2023-12-31 05586506 e:ShareCapital 2022-01-01 2022-12-31 05586506 e:ShareCapital 2022-12-31 05586506 e:ShareCapital 2022-01-01 05586506 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05586506 e:RetainedEarningsAccumulatedLosses 2023-12-31 05586506 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05586506 e:RetainedEarningsAccumulatedLosses 2022-12-31 05586506 e:RetainedEarningsAccumulatedLosses 2022-01-01 05586506 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05586506 d:OrdinaryShareClass1 2023-12-31 05586506 d:OrdinaryShareClass1 2022-12-31 05586506 d:OrdinaryShareClass2 2023-01-01 2023-12-31 05586506 d:OrdinaryShareClass2 2023-12-31 05586506 d:OrdinaryShareClass2 2022-12-31 05586506 d:OrdinaryShareClass3 2023-01-01 2023-12-31 05586506 d:OrdinaryShareClass3 2023-12-31 05586506 d:OrdinaryShareClass3 2022-12-31 05586506 d:OrdinaryShareClass4 2023-01-01 2023-12-31 05586506 d:OrdinaryShareClass4 2023-12-31 05586506 d:OrdinaryShareClass4 2022-12-31 05586506 d:OrdinaryShareClass5 2023-01-01 2023-12-31 05586506 d:OrdinaryShareClass5 2023-12-31 05586506 d:OrdinaryShareClass5 2022-12-31 05586506 d:FRS102 2023-01-01 2023-12-31 05586506 d:Audited 2023-01-01 2023-12-31 05586506 d:FullAccounts 2023-01-01 2023-12-31 05586506 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05586506 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05586506 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05586506 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 05586506 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 05586506 e:RetirementBenefitObligationsDeferredTax 2023-12-31 05586506 e:RetirementBenefitObligationsDeferredTax 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05586506









WEXAS INVESTMENTS LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WEXAS INVESTMENTS LIMITED
 
 
COMPANY INFORMATION


Directors
M N Wilson 
J E Wilson 




Company secretary
M N Wilson



Registered number
05586506



Registered office
Runway East Borough Market
20 St. Thomas Street

London

SE1 9RS




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
WEXAS INVESTMENTS LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Income Statement
7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10 - 11
Statement of Cash Flows
12
Notes to the Financial Statements
13 - 20


 
WEXAS INVESTMENTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company's principal activity during the year continued to be that of a property investment company.

Results and dividends

The profit for the year, after taxation, amounted to £51,586 (2022 - £1,047,795).

No dividends will be distributed for the year ended 31 December 2023.

Directors

The directors who served during the year were:

M N Wilson 
J E Wilson 

Page 1

 
WEXAS INVESTMENTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 May 2024 and signed on its behalf.
 





M N Wilson
Director

Page 2

 
WEXAS INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEXAS INVESTMENTS LIMITED
 

Opinion


We have audited the financial statements of Wexas Investments Limited (the 'Company') for the year ended 31 December 2023, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
WEXAS INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEXAS INVESTMENTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
WEXAS INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEXAS INVESTMENTS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional scepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties;
- We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 
WEXAS INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEXAS INVESTMENTS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

22 May 2024
Page 6

 
WEXAS INVESTMENTS LIMITED
 
 
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
147,352
79,475

Gross profit
  
147,352
79,475

Administrative expenses
  
(83,665)
(89,829)

Operating profit/(loss)
  
63,687
(10,354)

Surplus on revaluation of investment properties
  
-
1,163,407

Profit before tax
  
63,687
1,153,053

Tax on profit
 6 
(12,101)
(105,258)

Profit for the financial year
  
51,586
1,047,795

The notes on pages 13 to 20 form part of these financial statements.

Page 7

 
WEXAS INVESTMENTS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


Profit for the financial year

  

51,586
1,047,795

Other comprehensive income
  

Total comprehensive income for the year
  
51,586
1,047,795

The notes on pages 13 to 20 form part of these financial statements.

Page 8

 
WEXAS INVESTMENTS LIMITED
REGISTERED NUMBER: 05586506

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 7 
17,494
20,867

Investment property
 8 
7,550,000
7,550,000

  
7,567,494
7,570,867

Current assets
  

Debtors: amounts falling due within one year
 9 
3,373
8,825

Cash at bank and in hand
  
1,800
1,000

  
5,173
9,825

Creditors: amounts falling due within one year
 10 
(5,104,825)
(5,176,537)

Net current liabilities
  
 
 
(5,099,652)
 
 
(5,166,712)

Total assets less current liabilities
  
2,467,842
2,404,155

Provisions for liabilities
  

Deferred tax
 11 
(176,027)
(163,926)

  
 
 
(176,027)
 
 
(163,926)

Net assets
  
2,291,815
2,240,229


Capital and reserves
  

Called up share capital 
 12 
1,000
1,000

Profit and loss account
 13 
2,290,815
2,239,229

  
2,291,815
2,240,229


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2024.




M N Wilson
Director

The notes on pages 13 to 20 form part of these financial statements.

Page 9

 
WEXAS INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1,000
2,239,229
2,240,229


Comprehensive income for the year

Profit for the year
-
51,586
51,586


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
51,586
51,586


Total transactions with owners
-
-
-


At 31 December 2023
1,000
2,290,815
2,291,815


The notes on pages 13 to 20 form part of these financial statements.

Non-distributable reserves - Of the total balance shown above of £2,290,815 for the "profit and loss account" at 31 December 2023, an amount of £2,833,227 is undistributable at this date as it represents the net unrealised gain on investment property. This leaves a debit balance of £542,412 in the "profit and loss account".

Page 10

 
WEXAS INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1,000
1,191,434
1,192,434


Comprehensive income for the year

Profit for the year
-
1,047,795
1,047,795


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,047,795
1,047,795


Total transactions with owners
-
-
-


At 31 December 2022
1,000
2,239,229
2,240,229


The notes on pages 13 to 20 form part of these financial statements.

Page 11

 
WEXAS INVESTMENTS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
51,586
1,047,795

Adjustments for:

Depreciation of tangible assets
21,468
15,041

Taxation charge
12,101
105,258

Decrease/(increase) in debtors
5,452
(2,629)

(Decrease)/increase in creditors
(5,600)
10,170

(Decrease)/increase in amounts owed to groups
(66,112)
24,798

Surplus on revaluation of investment properties
-
(1,163,407)

Net cash generated from operating activities

18,895
37,026


Cash flows from investing activities

Purchase of tangible fixed assets
(18,095)
(32,783)

Additions to investment properties
-
(3,243)

Net cash from investing activities

(18,095)
(36,026)


Net increase in cash and cash equivalents
800
1,000

Cash and cash equivalents at beginning of year
1,000
-

Cash and cash equivalents at the end of year
1,800
1,000


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,800
1,000

1,800
1,000


The notes on pages 13 to 20 form part of these financial statements.

Page 12

 
WEXAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wexas Investments Limited is a private company limited by shares and incorporated in England under number 05586506. Its registered office is at Runway East Borough Market, 20 St. Thomas Street, London SE1 9RS.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover represents income from investment property transactions and is recognised as it is earned.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 13

 
WEXAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined every 3 years 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.8

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.

Page 14

 
WEXAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.


4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
2,200
2,200


5.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 15

 
WEXAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Charged to profit and loss account
12,101
105,258

Total deferred tax
12,101
105,258


Taxation on profit on ordinary activities
12,101
105,258

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
63,687
1,153,053


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
15,922
219,080

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
(221,047)

Capital allowances for year in excess of depreciation
799
(5,280)

Utilisation of tax losses
(17,271)
-

Deferred tax
12,101
105,257

Unrelieved tax losses carried forward
-
6,848

Other differences leading to an increase (decrease) in the tax charge
550
400

Total tax charge for the year
12,101
105,258


Factors that may affect future tax charges

A change to the main UK corporation tax rate, announced in the Budget on 11 March 2021, was substantively enacted on 24 May 2021, whereby the tax rate applicable for years starting from 1 April 2023
increased to 25% from current tax rate of 19%.

Page 16

 
WEXAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
13,683
84,976
98,659


Additions
-
18,095
18,095



At 31 December 2023

13,683
103,071
116,754



Depreciation


At 1 January 2023
12,424
65,368
77,792


Charge for the year on owned assets
1,226
20,242
21,468



At 31 December 2023

13,650
85,610
99,260



Net book value



At 31 December 2023
33
17,461
17,494



At 31 December 2022
1,259
19,608
20,867

Page 17

 
WEXAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
7,550,000



At 31 December 2023
7,550,000

The above investment consists of 3 properties held at following addresses:
1) Quarleston House, Bryanston, Blandford Forum DT11 ODU
2) Old Barn Quarleston, Bryanston, Blandford Forum  DT11 ODU
The above properties were revalued by Symonds & Sampson LLP, Agricultural House, Sturminster Newton, Dorset DT10 1AR on 25 January 2023.
3) 64 Royal Hospital Road, London SW3 4HS
The above property was revalued by Friend & Falcke, The Pavilion, 96 Kensington High Street, London W8 4SG on 19 January 2023.








9.


Debtors

2023
2022
£
£


Prepayments and accrued income
3,373
8,825

3,373
8,825


Page 18

 
WEXAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
5,092,402
5,158,514

Accruals and deferred income
12,423
18,023

5,104,825
5,176,537



11.


Deferred taxation




2023
2022


£

£






At beginning of year
(163,926)
(58,668)


Charged to profit or loss
(12,101)
(105,258)



At end of year
(176,027)
(163,926)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,172)
(3,780)

Tax losses carried forward
76,128
88,837

Deferred tax on revaluation of property
(248,983)
(248,983)

(176,027)
(163,926)


12.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



996 (2022 - 996) A Ordinary shares shares of £1.00 each
996
996
1 (2022 - 1) B Ordinary share share of £1.00
1
1
1 (2022 - 1) C Ordinary share share of £1.00
1
1
1 (2022 - 1) D Ordinary share share of £1.00
1
1
1 (2022 - 1) E Ordinary shares share of £1.00
1
1

1,000

1,000


Page 19

 
WEXAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Reserves

Profit and loss account

The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position and non-distributable reserves relate to unrealised gain on investment property.


14.


Related party transactions

Wexas Limited - a company 99.99% owned by the same parent Rivers (Holdings) Limited. Intercompany balance due to the related party, at the year end (included in creditors due within one year) amounted to £5,092,402 (2022: £5,158,514).


15.


Cross Company Guarantee Undertaking

There is an unlimited joint cross company guarantee with Wexas Limited, a fellow subsidiary undertaking of Rivers (Holdings) Limited.


16.


Holding company

The immediate and ultimate holding company is Rivers (Holdings) Limited, a company registered in Seychelles whose registered office is situated at Office 1, 1st Floor, Dekk Complex, PO Box 456, Mahe, Seychelles and its registered number is 114492. Rivers (Holdings) Limited is ultimately controlled by Intercontinental Trust (Seychelles) Limited.

 
Page 20