Company registration number 10235016 (England and Wales)
WIDLEY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WIDLEY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WIDLEY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
Unaudited
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
4
1,514,066
Cash at bank and in hand
35
-
1,514,101
Creditors: amounts falling due within one year
5
(5,336)
(2,636)
Net current (liabilities)/assets
(5,336)
1,511,465
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(5,338)
1,511,463
Total equity
(5,336)
1,511,465
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 20 September 2024
Mr Cengizhan Karaduman
Director
Company registration number 10235016 (England and Wales)
WIDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Widley Limited is a private company limited by shares incorporated in England and Wales. The registered office is , 1 Knightsbridge Green, 5th Floor, London, SW1X 7QA.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company's previous development project was completed and sold at a loss hence the management has decided to not pursue any further development project for the foreseeable future and for that reason the company will stay dormant. The management may also consider to wind up the company in the near future if no new profitable projects are signed up. During this period, the company will be financially supported by the company's within the common control of the management and to support that has provided us the guarantee letter that loans and balances will be funded by them when necessary.
1.3
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.
1.4
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.
WIDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
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
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1
Amounts owed by group undertakings
1,513,864
Other debtors
201
1,514,066
WIDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,636
Other creditors
5,336
1,000
5,336
2,636
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Emphasis of matter :- Non going concern basis of preparation.
We draw your attention to note 1.2 in the financial statement which explains the financial statements are not prepared on going concern basis for the reason set out in that note.
Senior Statutory Auditor:
Mr Vishal Bhatt
Statutory Auditor:
BLS Burnells LLP
Date of audit report:
20 September 2024
7
Parent company
Widley Limited is 100% owned by the parent company Ant Property Investment Limited and Ant Property Investment Limited is 100% owned by Ant Yapi Sanayi Ve Ticaret A. S, which is based in Turkey. The immediate and ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Ant Yapi Sanayi Ve Ticaret A.S and copies of the consolidated financial statements can be obtained from its registered office at Istanbul province, Umraniye County, Saray District, Akcakoca Avenue No. 11, Turkey.
8
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Analysis of the effect upon equity
Own shares reserve
-
(3,826,452)
Profit and loss reserves
-
3,826,452
-
-
WIDLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Prior period adjustment
(Continued)
- 5 -
Reconciliation of changes in (loss)/profit for the previous financial period
2022
£
Adjustments to prior year
Reclassified as Loan w/back
3,826,452
Loss as previously reported
(1,831,064)
Profit as adjusted
1,995,388
Notes to reconciliation
Prior period adjustment relates to w/back of loan which was payable is now been adjusted post the acquisition of remining 50% shares of Widley limited from one of its JV partners. Loan payable to the JV partner was w/back as it was no more payable. This loan was reclassified as reserve which has now been w/back into profit and loss.