Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-3061894466189446The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-07-01falseProperty investment43truetrue 08628678 2023-07-01 2024-06-30 08628678 2022-07-01 2023-06-30 08628678 2024-06-30 08628678 2023-06-30 08628678 2022-07-01 08628678 2 2023-07-01 2024-06-30 08628678 d:Director1 2023-07-01 2024-06-30 08628678 e:FreeholdInvestmentProperty 2024-06-30 08628678 e:FreeholdInvestmentProperty 2023-06-30 08628678 e:LeaseholdInvestmentProperty 2024-06-30 08628678 e:LeaseholdInvestmentProperty 2023-06-30 08628678 e:CurrentFinancialInstruments 2024-06-30 08628678 e:CurrentFinancialInstruments 2023-06-30 08628678 e:Non-currentFinancialInstruments 2024-06-30 08628678 e:Non-currentFinancialInstruments 2023-06-30 08628678 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 08628678 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 08628678 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 08628678 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 08628678 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-06-30 08628678 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-06-30 08628678 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-06-30 08628678 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-06-30 08628678 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-06-30 08628678 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-06-30 08628678 e:ShareCapital 2024-06-30 08628678 e:ShareCapital 2023-06-30 08628678 e:ShareCapital 2022-07-01 08628678 e:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 08628678 e:InvestmentPropertiesRevaluationReserve 2024-06-30 08628678 e:InvestmentPropertiesRevaluationReserve 2 2023-07-01 2024-06-30 08628678 e:InvestmentPropertiesRevaluationReserve 2023-06-30 08628678 e:InvestmentPropertiesRevaluationReserve 2022-07-01 08628678 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 08628678 e:RetainedEarningsAccumulatedLosses 2024-06-30 08628678 e:RetainedEarningsAccumulatedLosses 2 2023-07-01 2024-06-30 08628678 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 08628678 e:RetainedEarningsAccumulatedLosses 2023-06-30 08628678 e:RetainedEarningsAccumulatedLosses 2022-07-01 08628678 d:FRS102 2023-07-01 2024-06-30 08628678 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 08628678 d:FullAccounts 2023-07-01 2024-06-30 08628678 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08628678 2 2023-07-01 2024-06-30 08628678 e:OtherDeferredTax 2024-06-30 08628678 e:OtherDeferredTax 2023-06-30 iso4217:GBP xbrli:pure
Registered number: 08628678






WOLFPACK PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










img24b8.png

 
WOLFPACK PROPERTIES LIMITED
REGISTERED NUMBER:08628678

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
3,094,723
3,094,723

  
3,094,723
3,094,723

Current assets
  

Debtors: amounts falling due within one year
 5 
60,103
61,050

Cash at bank and in hand
  
39,105
11,703

  
99,208
72,753

Creditors: amounts falling due within one year
 6 
(1,334,114)
(1,380,110)

Net current liabilities
  
 
 
(1,234,906)
 
 
(1,307,357)

Total assets less current liabilities
  
1,859,817
1,787,366

Creditors: amounts falling due after more than one year
 7 
(1,078,214)
(1,001,471)

Provisions for liabilities
  

Deferred tax
 9 
(134,083)
(101,902)

  
 
 
(134,083)
 
 
(101,902)

Net assets
  
647,520
683,993


Capital and reserves
  

Called up share capital 
  
1
1

Investment property reserve
 10 
454,635
484,197

Profit and loss account
 10 
192,884
199,795

  
647,520
683,993

Page 1

 
WOLFPACK PROPERTIES LIMITED
REGISTERED NUMBER:08628678
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

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 comprehensive income 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 behalf by: 




B P Wolvaardt
Director

Date: 11 September 2024

Page 2

 
WOLFPACK PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
1
484,197
178,341
662,539


Comprehensive income for the year

Profit for the year
-
-
21,454
21,454



At 1 July 2023
1
484,197
199,795
683,993


Comprehensive income for the year

Loss for the year
-
-
(36,473)
(36,473)

Transfer from investment property revaluation reserve
-
(29,562)
29,562
-


At 30 June 2024
1
454,635
192,884
647,520


Page 3

 
WOLFPACK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Wolfpack Properties Limited is a private company limited by shares, incorporated in England and Wales.  Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of property investment.

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 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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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

 
WOLFPACK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

 
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.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Borrowing costs

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

Page 5

 
WOLFPACK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

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 balance sheet 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 Balance sheet.

 
2.12

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 balance sheet 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 balance sheet 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 balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 -3).

Page 6

 
WOLFPACK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 July 2023
2,264,723
830,000
3,094,723



At 30 June 2024
2,264,723
830,000
3,094,723


Comprising


Cost
2,126,030
379,975
2,506,005

Annual revaluation surplus/(deficit):



2017
138,693
450,025
588,718

At 30 June 2024
2,264,723
830,000
3,094,723

The 2024 valuations were made by P H H Wheaton FRICS of Fenn Wright, chartered surveyors on 6 April 2017, on an open market value for existing use basis.



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

2024
£


Freehold investment property
2,126,030

Long term leasehold investment property
379,975

2,506,005


5.


Debtors

2024
2023
£
£


Trade debtors
51,213
58,388

Other debtors
8,688
2,662

Prepayments and accrued income
202
-

60,103
61,050


Page 7

 
WOLFPACK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,217
50,800

Payments received on account
3,112
3,112

Amounts owed to group undertakings
1,259,510
1,260,642

Taxation and social security
2,344
5,033

Other creditors
833
520

Accruals and deferred income
64,098
60,003

1,334,114
1,380,110


The bank loans are secured by way of fixed and floating charges over the assets of the company.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,078,214
1,001,471

1,078,214
1,001,471



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,217
50,800

Amounts falling due 1-2 years

Bank loans
30,557
44,557

Amounts falling due 2-5 years

Bank loans
1,043,792
956,914

Amounts falling due after more than 5 years

Bank loans
3,865
-

1,082,431
1,052,271

Page 8

 
WOLFPACK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Deferred taxation




2024


£






At beginning of year
(101,902)


Charged to profit or loss
(32,181)



At end of year
(134,083)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment property revaluation
(134,083)
(101,902)

(134,083)
(101,902)


10.


Reserves

Investment property revaluation reserve

This reserve forms part of the profit and loss reserve representing the non-distributable element arising from the revaluation of investment property net of deferred tax.

Profit & loss account

All reserves in respect of profit and loss are distributable reserves.

 
Page 9