Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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12,455,717 | 21,128,727 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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5,473,485 | 3,803,280 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 3,202,409 | 672,732 | ||
Total assets less current liabilities | 15,658,126 | 21,801,459 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Share premium account |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Wildwood Capital UK (registered number:
Patrick R Gammell
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Wildwood Capital UK (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O TURCAN CONNELL, Princes Exchange 1 Earl Grey Street, Edinburgh, EH3 9EE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
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.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account. No impairments were noted in the year.
Listed investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.
Unlisted investments and investments in subsidiaries are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2023 | |
£ | |
Transfer to investment in subsidiaries | 6,570,395 |
At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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Investments in subsidiaries are held at cost less impairment because their fair value cannot be measured reliably.
Listed investments | Investments in associates | Other investments | Total | ||||
£ | £ | £ | £ | ||||
Cost or valuation before impairment | |||||||
At 01 January 2023 |
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Additions |
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Disposals |
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Movement in fair value |
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Transfer to investment in subsidiaries and associates |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £304,180. Investments in associates are held at cost less impairment because their fair value cannot be measured reliably.
2023 | 2022 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Amounts owed by related parties |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with entities in which the entity itself has a participating interest
2023 | 2022 | ||
£ | £ | ||
Amounts owed by group companies | 4,700,000 | 0 |
The above loan is repayable on demand and does not bear interest.