Company registration number 05077855 (England and Wales)
WILDBROOK INVESTMENTS (CALNE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WILDBROOK INVESTMENTS (CALNE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WILDBROOK INVESTMENTS (CALNE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,704
Investment property
5
4,875,000
4,300,000
4,875,000
4,317,704
Current assets
Debtors
6
26,763
895
Creditors: amounts falling due within one year
7
(1,600,536)
(1,267,011)
Net current liabilities
(1,573,773)
(1,266,116)
Total assets less current liabilities
3,301,227
3,051,588
Provisions for liabilities
(267,572)
(252,069)
Net assets
3,033,655
2,799,519
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
3,033,653
2,799,517
Total equity
3,033,655
2,799,519
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.
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. 05077855
WILDBROOK INVESTMENTS (CALNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Wildbrook Investments (Calne) 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.
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:
Motor vehicles
25% on cost
1.5
Investment properties
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 investment properties are also recognised in the income statement.
1.6
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.
WILDBROOK INVESTMENTS (CALNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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, loans from fellow group companies and preference shares that are classified as debt, 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
WILDBROOK INVESTMENTS (CALNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
49,990
Disposals
(49,990)
At 31 December 2023
Depreciation and impairment
At 1 January 2023
32,286
Eliminated in respect of disposals
(32,286)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
17,704
WILDBROOK INVESTMENTS (CALNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Investment property
2023
£
Fair value
At 1 January 2023
4,300,000
Additions
612,388
Revaluations
(37,388)
At 31 December 2023
4,875,000
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
3,562,537
2,950,149
Accumulated depreciation
-
-
Carrying amount
3,562,537
2,950,149
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,000
537
Other debtors
8,763
358
26,763
895
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,306
27,488
Amounts owed to group undertakings
1,454,247
1,053,659
Taxation and social security
73,355
101,814
Other creditors
64,628
84,050
1,600,536
1,267,011
WILDBROOK INVESTMENTS (CALNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
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
-
30,900
Revaluations
267,572
221,169
267,572
252,069
9
Secured debts
The following secured debts are included within creditors:
Hire purchase liability - £nil (2022 - £30,856)
The hire purchase liability was secured on the asset to which it relates.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
11
Financial commitments, guarantees and contingent liabilities
The company has signed a composite guarantee in favour of Aldermore Bank PLC with its fellow subsidiaries and its parent. At the year end the total liability amounts to £4,829,013 (2022 - £4,929,931).
12
Parent company
The immediate and ultimate parent company is Wildbrook Investments Limited, a company incorporated in England and Wales. Its registered office is 4 Burraton Yard, Poundbury, Dorchester, Dorset, United Kingdom, DT1 3GR.