REGISTERED NUMBER: |
Wigmore Investments (UK) Limited |
Directors' Report and |
Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Wigmore Investments (UK) Limited |
Directors' Report and |
Financial Statements |
for the Year Ended 31 December 2023 |
Wigmore Investments (UK) Limited (Registered number: 05398919) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Directors' Report | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
Wigmore Investments (UK) Limited |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Wigmore Investments (UK) Limited (Registered number: 05398919) |
Directors' Report |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the Company for the year ended 31 December 2023. |
Dividends |
No dividends will be distributed for the year ended 31 December 2023. |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Political donations and expenditure |
Donations were made in the period of £nil (2022: £26,500). |
Statement of directors' responsibilities |
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
On behalf of the board: |
Wigmore Investments (UK) Limited (Registered number: 05398919) |
Income Statement |
for the year ended 31 December 2023 |
2023 | 2022 |
£ | £ |
Turnover |
Administrative expenses | ( |
) |
(32,159 | ) | 13,943 |
Other operating income |
Gain/loss on revaluation of investments | (1,211,704 | ) | - |
Operating (loss)/profit | ( |
) |
Income from shares in group undertakings |
Interest receivable and similar income |
784,911 | 46,851 |
Interest payable and similar expenses | ( |
) | ( |
) |
Profit before taxation |
Tax on profit | ( |
) | ( |
) |
Profit for the financial year |
Wigmore Investments (UK) Limited (Registered number: 05398919) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 7 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wigmore Investments (UK) Limited (Registered number: 05398919) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Wigmore Investments (UK) Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found in the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Wigmore Investments (UK) Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates, will by definition seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
i. Impairment of assets and investments |
The Company considers whether assets and investments are impaired. Where an indication of impairment is identified the estimation of recoverable values requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present values of those cash flows. |
ii. Recoverability of intercompany receivables |
At the end of each reporting period, management assesses the ability of the Group entities to repay any receivable and consider the support from the Parent Company. |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Wigmore Investments (UK) Limited (Registered number: 05398919) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities a re recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash at bank, trade and other receivables, equity investments and trade and other payables. The Company and the Company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full. |
Financial assets - classified as basic financial instruments |
(i) Cash at bank and in hand |
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement. |
(iii) Equity investments |
Equity investments comprise ordinary shares in subsidiaries and associates. Equity investments are initially recognised at cost, which is the transaction price excluding transaction costs and reviewed annually for impairment. Any impairment is recognised in the Income Statement. |
Financial Liabilities - classified as basic financial instruments |
(i) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Wigmore Investments (UK) Limited (Registered number: 05398919) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
In the opinion of the Directors, based on the Company's budgets and financial projections, they have satisfied themselves that the business is a going concern. The Directors have reasonable expectations that the Company has adequate resources to continue for a period of at least 12 months from authorisation of the financial statements and therefore consider that the going concern basis of accounting is applicable. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Fixed asset investments |
Shares in |
group | Interest in |
undertakings | associate | Totals |
£ | £ | £ |
Cost or valuation |
At 1 January 2023 | 1,212,105 |
Revaluations | ( |
) | (1,211,704 | ) |
At 31 December 2023 | 401 |
Net book value |
At 31 December 2023 | 401 |
At 31 December 2022 | 1,212,105 |
Cost or valuation at 31 December 2023 is represented by: |
Shares in |
group | Interest in |
undertakings | associate | Totals |
£ | £ | £ |
Valuation in 2023 | (1,211,704 | ) | - | (1,211,704 | ) |
Cost | 1,211,905 | 200 | 1,212,105 |
201 | 200 | 401 |
Wigmore Investments (UK) Limited (Registered number: 05398919) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Directors' loan accounts | 1,334,121 | 716,989 |
Called up share capital not paid |
Prepayments and accrued income |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Tax |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.1 | 223 | 223 |
Shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights on redemption. |
8. | Related party disclosures |
As at the year end the Group has a number of balances outstanding with related parties. These have been summarised below, with positive balances indicating debtors and negative balances indicating creditors. |
Company | Relation | 2023 | 2022 |
Delph Property Developments Limited | Company under common control | (101,716 | ) |
Pearl Finance Limited* | Company under common control | 9,680 | 9,680 |
Delph Management Company Limited | Company under common control | (1,045 | ) |
DCD Lending Limited * | Company under common control | (458 | ) | (458 | ) |
Pearl Property Limited * | Company under common control |
P Crocker | Director | (12,907 | ) | (11,107 | ) |
H Crocker | Director | 1,334,121 | 716,989 |
Family members of directors | Family members of directors | (1,073,245 | ) | - |
O Crocker | Family members of directors | (63,852 | ) | - |
All loans marked with an asterisk are secured against the properties, with the capital element of the loan bearing interest at 2.5% above the Bank of England base rate, and are repayable at the date of disposal of the properties. |
All other loans are unsecured, interest free and repayable on demand. |