Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-3022022-12-01falseActivities of financial services holding companies2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12339484 2022-12-01 2023-11-30 12339484 2021-12-01 2022-11-30 12339484 2023-11-30 12339484 2022-11-30 12339484 2021-12-01 12339484 c:RestatedAmount 2022-11-30 12339484 d:Director1 2022-12-01 2023-11-30 12339484 c:CurrentFinancialInstruments 2023-11-30 12339484 c:CurrentFinancialInstruments 2022-11-30 12339484 c:Non-currentFinancialInstruments 2023-11-30 12339484 c:Non-currentFinancialInstruments 2022-11-30 12339484 c:CurrentFinancialInstruments c:WithinOneYear 2023-11-30 12339484 c:CurrentFinancialInstruments c:WithinOneYear 2022-11-30 12339484 c:Non-currentFinancialInstruments c:AfterOneYear 2023-11-30 12339484 c:Non-currentFinancialInstruments c:AfterOneYear 2022-11-30 12339484 c:ShareCapital 2023-11-30 12339484 c:ShareCapital 2022-11-30 12339484 c:ShareCapital 2021-12-01 12339484 c:SharePremium 2022-12-01 2023-11-30 12339484 c:SharePremium 2023-11-30 12339484 c:SharePremium 2022-11-30 12339484 c:SharePremium c:RestatedAmount 2022-11-30 12339484 c:SharePremium 2021-12-01 12339484 c:OtherMiscellaneousReserve 2022-12-01 2023-11-30 12339484 c:OtherMiscellaneousReserve 2023-11-30 12339484 c:OtherMiscellaneousReserve 2021-12-01 2022-11-30 12339484 c:OtherMiscellaneousReserve 2022-11-30 12339484 c:OtherMiscellaneousReserve c:RestatedAmount 2022-11-30 12339484 c:OtherMiscellaneousReserve 2021-12-01 12339484 c:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 12339484 c:RetainedEarningsAccumulatedLosses 2023-11-30 12339484 c:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 12339484 c:RetainedEarningsAccumulatedLosses 2022-11-30 12339484 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2022-11-30 12339484 c:RetainedEarningsAccumulatedLosses 2021-12-01 12339484 d:FRS102 2022-12-01 2023-11-30 12339484 d:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 12339484 d:FullAccounts 2022-12-01 2023-11-30 12339484 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12339484 6 2022-12-01 2023-11-30 12339484 c:SharePremium c:PriorPeriodErrorIncreaseDecrease 2022-12-01 2023-11-30 12339484 c:OtherMiscellaneousReserve c:PriorPeriodErrorIncreaseDecrease 2022-12-01 2023-11-30 12339484 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2022-12-01 2023-11-30 12339484 c:PriorPeriodErrorIncreaseDecrease 2022-12-01 2023-11-30 12339484 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
Registered number: 12339484






FALCO WMH LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










img1b2b.png

 
FALCO WMH LIMITED
REGISTERED NUMBER:12339484

BALANCE SHEET
AS AT 30 NOVEMBER 2023

As restated
2023
2022
£
£

Fixed assets
  

Investments
 5 
1,000,000
1,000,000

  
1,000,000
1,000,000

Current assets
  

Debtors
 6 
11,769,200
11,194,268

Cash at bank and in hand
  
49
49

  
11,769,249
11,194,317

Creditors: amounts falling due within one year
 7 
(651,899)
(549,954)

Net current assets
  
 
 
11,117,350
 
 
10,644,363

Total assets less current liabilities
  
12,117,350
11,644,363

Creditors: amounts falling due after more than one year
 8 
(9,185,146)
(8,544,335)

  

Net assets
  
2,932,204
3,100,028


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
 9 
9,900
9,900

Other reserves
 9 
805,034
1,445,846

Profit and loss account
 9 
2,117,170
1,644,182

  
2,932,204
3,100,028


Page 1

 
FALCO WMH LIMITED
REGISTERED NUMBER:12339484
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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: 




R Anderson
Director

Date: 12 September 2024

Page 2

 
FALCO WMH LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 December 2021
100
9,900
2,041,950
1,147,428
3,199,378



Loss for the year
-
-
-
(99,350)
(99,350)

Transfer to/from profit and loss account
-
-
(596,104)
596,104
-



At 1 December 2022 (as previously stated)
100
9,900
1,445,846
1,801,700
3,257,546

Prior year adjustment - correction of error
-
-
-
(157,518)
(157,518)


At 1 December 2022 (as restated)
100
9,900
1,445,846
1,644,182
3,100,028



Loss for the year
-
-
-
(167,824)
(167,824)

Transfer to/from profit and loss account
-
-
(640,812)
640,812
-


At 30 November 2023
100
9,900
805,034
2,117,170
2,932,204


Page 3

 
FALCO WMH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Falco WMH 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 during the period was that of the investment in a project for the acquisition and development of build to rent properties.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises interest receivable on amounts loaned to group undertakings.

 
2.3

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.

 
2.4

Borrowing costs

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

 
2.5

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 balance sheet date in the countries where the Company operates and generates income.

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.7

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 4

 
FALCO WMH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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 5

 
FALCO WMH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors determine that there are no key judgments or key sources of estimation uncertainty in preparing the financial statements.

Page 6

 
FALCO WMH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 -2).


5.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 December 2022
1,000,000



At 30 November 2023
1,000,000




Page 7

 
FALCO WMH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Debtors


As restated
2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
11,157,090
10,675,590

Due within one year

Amounts owed by group undertakings
576,128
496,340

Other debtors
35,982
22,338

11,769,200
11,194,268



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
633,026
545,358

Amounts owed to group undertakings
16,253
596

Accruals and deferred income
2,620
4,000

651,899
549,954



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
9,185,146
8,544,335

9,185,146
8,544,335


Page 8

 
FALCO WMH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Reserves

Share premium account

The share premium reserves represent the amount above the nominal value received for shares sold, less transaction costs.

Other reserves

The company has shares issued at a premium and a loan from each of the shareholders.  The loan did not have any interest attached to it and in accordance with FRS102 the loan has been discounted to present value. The difference between the amount received and the present value has been recognised as a capital contribution in other reserves.  The reserves in respect of the capital contribution are not distributable.  An annual transfer to the profit and loss reserve for the amount that has been realised is made at each year end.

Profit and loss account

The profit and loss reserve comprises the cumulative retained profits and losses.  All reserves in respect of profit and loss are distributable.


10.


Prior year adjustment

The interest receivable has been restated by £193,500 to correctly reflect the interest receivable on amounts due from group undertakings. The effect of this has reduced the amounts owed to group undertakings within debtors. This has resulted in a reduction in corporation tax of £35,982.

 
Page 9