Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falseNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-0111truetruefalse 07450333 2023-01-01 2023-12-31 07450333 2022-01-01 2022-12-31 07450333 2023-12-31 07450333 2022-12-31 07450333 2022-01-01 07450333 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 07450333 1 2023-01-01 2023-12-31 07450333 e:Director1 2023-01-01 2023-12-31 07450333 c:FurnitureFittings 2023-01-01 2023-12-31 07450333 c:FurnitureFittings 2023-12-31 07450333 c:FurnitureFittings 2022-12-31 07450333 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 07450333 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07450333 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 07450333 c:FreeholdInvestmentProperty 2023-01-01 2023-12-31 07450333 c:FreeholdInvestmentProperty 2023-12-31 07450333 c:FreeholdInvestmentProperty 2022-12-31 07450333 c:CurrentFinancialInstruments 2023-12-31 07450333 c:CurrentFinancialInstruments 2022-12-31 07450333 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 07450333 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 07450333 c:ShareCapital 2023-01-01 2023-12-31 07450333 c:ShareCapital 2023-12-31 07450333 c:ShareCapital 2022-01-01 2022-12-31 07450333 c:ShareCapital 2022-12-31 07450333 c:ShareCapital 2022-01-01 07450333 c:InvestmentPropertiesRevaluationReserve 2023-01-01 2023-12-31 07450333 c:InvestmentPropertiesRevaluationReserve 2023-12-31 07450333 c:InvestmentPropertiesRevaluationReserve c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 07450333 c:InvestmentPropertiesRevaluationReserve 1 2023-01-01 2023-12-31 07450333 c:InvestmentPropertiesRevaluationReserve 2022-01-01 2022-12-31 07450333 c:InvestmentPropertiesRevaluationReserve 2022-12-31 07450333 c:InvestmentPropertiesRevaluationReserve 2022-01-01 07450333 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07450333 c:RetainedEarningsAccumulatedLosses 2023-12-31 07450333 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 07450333 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07450333 c:RetainedEarningsAccumulatedLosses 2022-12-31 07450333 c:RetainedEarningsAccumulatedLosses 2022-01-01 07450333 e:FRS102 2023-01-01 2023-12-31 07450333 e:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07450333 e:FullAccounts 2023-01-01 2023-12-31 07450333 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07450333 c:OtherDeferredTax 2023-12-31 07450333 c:OtherDeferredTax 2022-12-31 07450333 4 2023-01-01 2023-12-31 07450333 f:PoundSterling 2023-01-01 2023-12-31 07450333 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 07450333 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-12-31 07450333 c:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 07450333









WFF VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WFF VENTURES LIMITED
REGISTERED NUMBER: 07450333

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
40,000

Tangible assets
 5 
-
2,348

Investment property
 6 
-
600,000

  
-
642,348

Current assets
  

Debtors: amounts falling due within one year
 7 
-
2,669

Cash at bank and in hand
  
26,253
2,708

  
26,253
5,377

Creditors: amounts falling due within one year
 8 
(60,499)
(695,399)

Net current liabilities
  
 
 
(34,246)
 
 
(690,022)

Total assets less current liabilities
  
(34,246)
(47,674)

Provisions for liabilities
  

Deferred tax
 9 
-
(1,925)

  
 
 
-
 
 
(1,925)

Net liabilities
  
(34,246)
(49,599)

Page 1

 
WFF VENTURES LIMITED
REGISTERED NUMBER: 07450333
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
10
10

Investment property reserve
  
-
104,872

Profit and loss account
  
(34,256)
(154,481)

  
(34,246)
(49,599)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




William Frewen
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 2

 
WFF VENTURES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023 (as previously stated)
10
104,872
(94,481)
10,401

Prior year adjustment - correction of error
-
-
(60,000)
(60,000)

At 1 January 2023 (as restated)
10
104,872
(154,481)
(49,599)


Comprehensive income for the year

Profit for the year

-
-
15,353
15,353


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
15,353
15,353

Transfer from revaluation reserve
-
-
104,872
104,872

Transfer to the profit and loss reserve
-
(104,872)
-
(104,872)


Total transactions with owners
-
(104,872)
104,872
-


At 31 December 2023
10
-
(34,256)
(34,246)


The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
WFF VENTURES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
10
104,872
(40,765)
64,117


Comprehensive income for the year

Loss for the year

-
-
(113,716)
(113,716)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(113,716)
(113,716)


Total transactions with owners
-
-
-
-


At 31 December 2022
10
104,872
(154,481)
(49,599)


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
WFF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

WFF Ventures Limited is a company incorporated in the United Kingdom under the Companies Act. The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 1 London Street, Reading, Berkshire, RG1 4QW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Director Mr W Frewen has agreed not to seek repayment of amounts owing to him until repayment can be made without detriment to other creditors. He has also agreed to make funds available to enable the company to meet its liabilities as and when they fall due. Accordingly, the director considers that it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
WFF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
WFF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 7

 
WFF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 8

 
WFF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Investment in musicals

£



Cost


At 1 January 2023
90,000


Disposals
(40,000)



At 31 December 2023

50,000



Amortisation


At 1 January 2023
50,000



At 31 December 2023

50,000



Net book value



At 31 December 2023
-



At 31 December 2022
40,000







Page 9

 
WFF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings

£





At 1 January 2023
13,244


Disposals
(13,244)



At 31 December 2023

-





At 1 January 2023
10,896


Disposals
(10,896)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
2,348

Page 10

 
WFF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Investment property


Freehold investment property

£





At 1 January 2023
600,000


Disposals
(600,000)



At 31 December 2023
-



The 2022 valuations were made by the director, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 January 2023
104,872
104,872

Transfer to profit and loss account on disposal
(104,872)
-

At 31 December 2023
-
104,872



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
-
493,203

-
493,203


7.


Debtors

2023
2022
£
£


Other debtors
-
2,669

-
2,669


Page 11

 
WFF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
58,000
693,000

Accruals and deferred income
2,499
2,399

60,499
695,399


Page 12

 
WFF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(1,925)


Charged to profit or loss
1,925



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Deferred taxation on revaluation of the property
-
1,925

-
1,925


10.


Prior year adjustment

The company received £60,000 in the year ended 31 December 2022 relating to its investment in musical productions. This amount was treated as income in the 2022 accounts but it should have been treated as a repayment of the original investment. A prior period adjustment of £60,000 has been made in these accounts and retained profits brought forward and the carrying value ofthe intangible asset have both  decreased by this amount.

 
Page 13