Company registration number 03222265 (England and Wales)
WILDBROOK INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WILDBROOK INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
WILDBROOK INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
119,574
7,227
Investment property
5
5,975,000
5,645,000
Investments
6
4
6
6,094,578
5,652,233
Current assets
Debtors
7
7,224,247
6,456,237
Cash at bank and in hand
151,405
431,838
7,375,652
6,888,075
Creditors: amounts falling due within one year
8
(689,638)
(605,295)
Net current assets
6,686,014
6,282,780
Total assets less current liabilities
12,780,592
11,935,013
Creditors: amounts falling due after more than one year
9
(4,784,225)
(4,799,848)
Provisions for liabilities
(371,813)
(261,403)
Net assets
7,624,554
6,873,762
Capital and reserves
Called up share capital
12
50
50
Capital redemption reserve
50
50
Profit and loss reserves
7,624,454
6,873,662
Total equity
7,624,554
6,873,762

The director of the company has 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

WILDBROOK INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 September 2024
Mr G Maber
Director
Company Registration No. 03222265
WILDBROOK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Wildbrook Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Burraton Yard, Poundbury, Dorchester, Dorset, United Kingdom, DT1 3GR.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income and management fees receivable, excluding value added tax.

 

Rental income is recognised on an accruals basis. Income arising on the sale of investment property is recognised on legal exchange of contracts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Fixtures and fittings
8% on cost
Office equipment
25% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

WILDBROOK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is shown at open market value. Any aggregate surplus or deficit arising from changes in market value is recognised in the income statement. Surpluses or deficits realised on the disposal of investment properties are recognised in the income statement.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans 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.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WILDBROOK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.12

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

1.13

Leasing commitments

Rentals received and paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

WILDBROOK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property

Investment property is shown at open market value with any aggregate surplus or deficit arising from changes in market value recognised in the income statement. Determining the market value of the investment property is considered a key judgement.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
WILDBROOK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
9,145
19,190
11,413
-
0
39,748
Additions
15,500
-
0
1,490
114,338
131,328
Disposals
-
0
-
0
(1,696)
-
0
(1,696)
At 31 December 2023
24,645
19,190
11,207
114,338
169,380
Depreciation and impairment
At 1 January 2023
7,382
14,073
11,066
-
0
32,521
Depreciation charged in the year
2,701
1,535
453
14,292
18,981
Eliminated in respect of disposals
-
0
-
0
(1,696)
-
0
(1,696)
At 31 December 2023
10,083
15,608
9,823
14,292
49,806
Carrying amount
At 31 December 2023
14,562
3,582
1,384
100,046
119,574
At 31 December 2022
1,763
5,117
347
-
0
7,227
5
Investment property
2023
£
Fair value
At 1 January 2023
5,645,000
Revaluations
330,000
At 31 December 2023
5,975,000

Investment property was valued on an open market basis on 31 December 2023 by the director.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
4,750,731
4,750,731
Accumulated depreciation
-
-
Carrying amount
4,750,731
4,750,731
WILDBROOK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
4
6
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 January 2023
6
Disposals
(2)
At 31 December 2023
4
Carrying amount
At 31 December 2023
4
At 31 December 2022
6

The company disposed the holding in one of its subsidiaries, Wildbrook Investments (Industrial) Limited, on 25 April 2023 with the subsidiary dissolved on that date.

7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
24,006
74,029
Amounts owed by group undertakings
1,454,247
1,053,659
Other debtors
4,449,034
4,130,398
5,927,287
5,258,086
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
1,296,960
1,198,151
Total debtors
7,224,247
6,456,237
WILDBROOK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
130,083
130,083
Trade creditors
9,650
20,394
Amounts owed to group undertakings
2
4
Taxation and social security
429,869
315,735
Other creditors
120,034
139,079
689,638
605,295
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
4,698,930
4,799,848
Other creditors
85,295
-
0
4,784,225
4,799,848
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
378,599
479,518
Payable other than by instalments
3,800,000
3,800,000
4,178,599
4,279,518
10
Operating lease commitments

Minimum lease payments under non- cancellable operating leases fall due as follows:

2023
2022
£
£
500
6,500
11
Secured debts

The following secured debts are included within creditors:

 

Bank loans - £4,829,013 (2022 - £4,929,931)

Hire purchase liability - £92,750 (2022 - £nil)

 

The bank loans are secured by way of a cross guarantee with the group companies Wildbrook Investments (Thornbury) Limited and Wildbrook Investments (Calne) Limited together with a fixed and floating charge on the properties to which the loan relates.

 

The hire purchase liability was secured on the asset to which it relates.

WILDBROOK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50
50
50
50
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
65,746
37,835
Revaluations
306,067
223,568
371,813
261,403
14
Related party transactions

At the year end the company was owed £12,990 (2022 - £12,990) by a company under common control. This balance is fully provided against.

 

At the year end, the company was owed £149,750 (2022 - £147,427) by a company under common control. This balance is fully provided against.

15
Directors' transactions

The following advances and credits to the director subsisted during the year ended 31 December 2023 and are included within other debtors falling due within one year:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Director's loan
2.50
4,039,553
199,184
93,583
4,332,320
4,039,553
199,184
93,583
4,332,320
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