4 13 September 2024 true false false false true false false false false false false true false false 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 20 20 20 6 6 6 xbrli:pure xbrli:shares iso4217:GBP 01792483 2023-01-01 2023-12-31 01792483 2023-12-31 01792483 2022-12-31 01792483 2022-01-01 2022-12-31 01792483 2022-12-31 01792483 2021-12-31 01792483 bus:Consolidated 2023-01-01 2023-12-31 01792483 bus:Consolidated core:Subsidiary1 2023-01-01 2023-12-31 01792483 bus:Consolidated core:Subsidiary2 2023-01-01 2023-12-31 01792483 bus:Consolidated core:Subsidiary3 2023-01-01 2023-12-31 01792483 core:PlantMachinery 2023-01-01 2023-12-31 01792483 bus:Consolidated core:PlantMachinery 2023-01-01 2023-12-31 01792483 core:FurnitureFittings 2023-01-01 2023-12-31 01792483 bus:Consolidated core:FurnitureFittings 2023-01-01 2023-12-31 01792483 core:MotorVehicles 2023-01-01 2023-12-31 01792483 bus:Consolidated core:MotorVehicles 2023-01-01 2023-12-31 01792483 bus:Director1 2023-01-01 2023-12-31 01792483 bus:Consolidated 2023-12-31 01792483 bus:Consolidated core:PlantMachinery 2022-12-31 01792483 bus:Consolidated core:FurnitureFittings 2022-12-31 01792483 bus:Consolidated core:MotorVehicles 2022-12-31 01792483 bus:Consolidated 2022-12-31 01792483 bus:Consolidated core:PlantMachinery 2023-12-31 01792483 bus:Consolidated core:FurnitureFittings 2023-12-31 01792483 bus:Consolidated 2022-12-31 01792483 bus:Consolidated core:WithinOneYear 2023-12-31 01792483 bus:Consolidated core:WithinOneYear 2022-12-31 01792483 core:WithinOneYear 2023-12-31 01792483 core:WithinOneYear 2022-12-31 01792483 core:AfterOneYear bus:Consolidated 2023-12-31 01792483 core:AfterOneYear bus:Consolidated 2022-12-31 01792483 core:AfterOneYear 2023-12-31 01792483 core:AfterOneYear 2022-12-31 01792483 bus:Consolidated core:ShareCapital 2023-12-31 01792483 bus:Consolidated core:ShareCapital 2022-12-31 01792483 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-12-31 01792483 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-12-31 01792483 core:ShareCapital 2023-12-31 01792483 core:ShareCapital 2022-12-31 01792483 core:RetainedEarningsAccumulatedLosses 2023-12-31 01792483 core:RetainedEarningsAccumulatedLosses 2022-12-31 01792483 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 01792483 core:Non-currentFinancialInstruments 2023-12-31 01792483 core:Non-currentFinancialInstruments 2022-12-31 01792483 bus:Consolidated core:PlantMachinery 2022-12-31 01792483 bus:Consolidated core:FurnitureFittings 2022-12-31 01792483 bus:Consolidated core:MotorVehicles 2022-12-31 01792483 bus:SmallEntities 2023-01-01 2023-12-31 01792483 bus:Audited 2023-01-01 2023-12-31 01792483 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01792483 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01792483 bus:FullAccounts 2023-01-01 2023-12-31 01792483 bus:Consolidated 2022-01-01 2022-12-31 01792483 core:ComputerEquipment bus:Consolidated 2023-01-01 2023-12-31 01792483 core:ComputerEquipment 2023-01-01 2023-12-31 01792483 core:ComputerEquipment bus:Consolidated 2022-12-31 01792483 core:ComputerEquipment bus:Consolidated 2023-12-31 01792483 core:AllSubsidiaries bus:Consolidated 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 01792483
Wey Holdings Limited
Filleted Financial Statements
31 December 2023
Wey Holdings Limited
Consolidated Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
135,447
33,718
Current assets
Stocks
8,427,273
8,378,274
Debtors
7
84,704
223,846
Investments
8
5,987
5,987
Cash at bank and in hand
59,331
2,117
------------
------------
8,577,295
8,610,224
Creditors: amounts falling due within one year
9
( 2,265,543)
( 2,381,865)
------------
------------
Net current assets
6,311,752
6,228,359
------------
------------
Total assets less current liabilities
6,447,199
6,262,077
Creditors: amounts falling due after more than one year
10
( 3,205,085)
( 3,352,977)
------------
------------
Net assets
3,242,114
2,909,100
------------
------------
Capital and reserves
Called up share capital
300,002
300,002
Profit and loss account
2,942,112
2,609,098
------------
------------
Shareholders funds
3,242,114
2,909,100
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
MP Hamburger
Director
Company registration number: 01792483
Wey Holdings Limited
Company Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
6
6
6
Current assets
Debtors
7
2,634,868
2,698,940
Cash at bank and in hand
1,861
------------
------------
2,634,868
2,700,801
Creditors: amounts falling due within one year
9
( 932,867)
( 916,387)
------------
------------
Net current assets
1,702,001
1,784,414
------------
------------
Total assets less current liabilities
1,702,007
1,784,420
Creditors: amounts falling due after more than one year
10
( 1,226,351)
( 1,221,331)
------------
------------
Net assets
475,656
563,089
------------
------------
Capital and reserves
Called up share capital
300,002
300,002
Profit and loss account
175,654
263,087
---------
---------
Shareholders funds
475,656
563,089
---------
---------
The loss for the financial year of the parent company was £ 67,433 (2022: £ 67,110 ).
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
MP Hamburger
Director
Company registration number: 01792483
Wey Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and principal place of business is Ground Floor, 3 Tannery House, Tannery Lane, Send, Woking, Surrey, GU23 7EF, United Kingdom. The principal activity of the company in that of property development.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound.
Going concern
The directors have made appropriate enquiries and having reviewed the company and group's forecasts and projections, the directors have a reasonable expectation that the company and group has adequate resources to continue in operational existence for the foreseeable future and to meet it's obligations and settle it's liabilities as they fall due for payment (at least 12 months from the date the accounts are approved and signed). The company therefore continues to adopt the going concern basis in in preparing the company financial statements.
Exemptions
The group qualifies as a small group and as such no cash flow statement has been prepared.
Consolidation
The financial statements consolidate the financial statements of Wey Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from sale of properties are recognised at the point of legal completion of the sale. Rental income and related services charges from lettings are recognised on a time basis by reference to the agreements entered into and net of losses from voids.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Office equipment
-
20% straight line
Motor vehicles
-
20% straight line
Computer cost
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks represent land held as trading stock, stated at directors' original valuation when the property was transferred from the parent company in the year ended 31 December 1998. New building developments and further development expenses are recognised at cost. Stock is subsequently measured at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and bank overdrafts.
Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
455,742
50,599
11,137
25,767
543,245
Additions
133,403
3,157
136,560
Disposals
( 11,137)
( 11,137)
---------
--------
--------
--------
---------
At 31 December 2023
589,145
53,756
25,767
668,668
---------
--------
--------
--------
---------
Depreciation
At 1 January 2023
428,318
48,282
8,909
24,018
509,527
Charge for the year
30,237
1,650
716
32,603
Disposals
( 8,909)
( 8,909)
---------
--------
--------
--------
---------
At 31 December 2023
458,555
49,932
24,734
533,221
---------
--------
--------
--------
---------
Carrying amount
At 31 December 2023
130,590
3,824
1,033
135,447
---------
--------
--------
--------
---------
At 31 December 2022
27,424
2,317
2,228
1,749
33,718
---------
--------
--------
--------
---------
The company has no tangible assets.
6. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
6
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 1 January 2023 and 31 December 2023
6
----
At 31 December 2022
6
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Wey Estates Limited
Ordinary
100
Marshstar Limited
Ordinary
100
Tannery Studios Limited
Ordinary
100
The registered office of the above three subsidiary undertakings is that of the parent company and all subsidiaries above are included in the consolidated accounts .
7. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
1,883
136,281
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,634,868
2,698,940
Other debtors
82,821
87,565
--------
---------
------------
------------
84,704
223,846
2,634,868
2,698,940
--------
---------
------------
------------
8. Investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Other investments
5,987
5,987
-------
-------
----
----
9. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
106,467
133,489
Trade creditors
64,218
52,508
Social security and other taxes
103,131
134,036
Other creditors
1,991,727
2,061,832
932,867
916,387
------------
------------
---------
---------
2,265,543
2,381,865
932,867
916,387
------------
------------
---------
---------
10. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
1,978,734
2,075,775
Other creditors
1,226,351
1,277,202
1,226,351
1,221,331
------------
------------
------------
------------
3,205,085
3,352,977
1,226,351
1,221,331
------------
------------
------------
------------
11. Secured debts and loan details
The total amount of bank loans due in greater than 5 years was £nil (2022 - £1,617,788).The loan is repayable over 10 years with a capital only balloon repayment at the end of the 10 year period.
Included in other creditors is a loan amounting to £650,000 (2022: £650,000) which is due greater than 5 years and which is secured on a lease between group companies.
The bank loan included in creditors £2,085,201 (2022 - £2,178,105) is secured by a fixed charge over part of the property stock of the group.
12. Summary audit opinion
The auditor's report dated 13 September 2024 was unqualified .
The senior statutory auditor was Tim Hardy , for and on behalf of Shipleys LLP .
13. Related party transactions
Group
During the period, the group repaid £6,481 (2022: £4,574),to an entity in which a director of the company is also a director of the entity. At the year end the group owed £751,381 (2022: £757,867) to the entity. The loan is interest free and repayable on demand. During the previous year the group advanced £3,000 to a director. This was repaid during the year.
Company
The company has taken advantage of the disclosure exemption available under Financial Reporting Standard 102 in respect of transactions with other wholly owned undertakings within the group.