Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01false2No description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11707446 2023-01-01 2023-12-31 11707446 2022-01-01 2022-12-31 11707446 2023-12-31 11707446 2022-12-31 11707446 c:Director2 2023-01-01 2023-12-31 11707446 d:CurrentFinancialInstruments 2023-12-31 11707446 d:CurrentFinancialInstruments 2022-12-31 11707446 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11707446 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11707446 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11707446 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11707446 d:ShareCapital 2023-12-31 11707446 d:ShareCapital 2022-12-31 11707446 d:RetainedEarningsAccumulatedLosses 2023-12-31 11707446 d:RetainedEarningsAccumulatedLosses 2022-12-31 11707446 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11707446 c:OrdinaryShareClass1 2023-12-31 11707446 c:OrdinaryShareClass1 2022-12-31 11707446 c:FRS102 2023-01-01 2023-12-31 11707446 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11707446 c:FullAccounts 2023-01-01 2023-12-31 11707446 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11707446 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11707446










WANDLE WAY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WANDLE WAY LIMITED
REGISTERED NUMBER: 11707446

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
13,094,555
9,399,709

Debtors: amounts falling due within one year
 5 
20,237
150,688

Cash at bank and in hand
 6 
6,369
83,837

  
13,121,161
9,634,234

Creditors: amounts falling due within one year
 7 
(7,388,503)
(9,859,047)

Net current assets/(liabilities)
  
 
 
5,732,658
 
 
(224,813)

Total assets less current liabilities
  
5,732,658
(224,813)

Creditors: amounts falling due after more than one year
  
(6,150,454)
-

  

Net liabilities
  
(417,796)
(224,813)


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
(417,798)
(224,815)

  
(417,796)
(224,813)


Page 1

 
WANDLE WAY LIMITED
REGISTERED NUMBER: 11707446
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider 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 directors acknowledge their 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 by 





Nicholas Mason
Director
Date: 25 September 2024

Page 2

 
WANDLE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wandle Way Limited is a private company, limited by shares, incorporated in England within the United Kingdom. The address of the registered office is Manderley, South Park, South Godstone, RH9 8LF. 
The principal activity of the company during the period was rental of commercial units until planning permission was obtained at which point demolition commenced for the construction of residential and commercial buildings.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The functional and presentational currency used is GBP, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. During the year, planning permission was obtained for the  construction of residential and commercial buildings. The Directors have considered the viability of the project in their assessment and are satisfied the company has the required resources available to support the completion of the project. 
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. 

 
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:

Rental income earned on the properties prior to the formal project commencement is included as other operating income.

 
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.

 
2.5

Borrowing costs

All borrowing costs directly attributable to the construction of a qualifying asset are capitalised as part of the cost of the asset.

Page 3

 
WANDLE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 4

 
WANDLE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 5

 
WANDLE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Stocks

2023
2022
£
£

Work in progress (properties under construction for sale)
13,094,555
9,399,709


Included within work in progress is £406,414 (2022: £Nil) of directly attributable borrowing costs incurred in the period, in relation to the development of a qualifying asset (the properties). All borrowing costs incurred in the period have been capitalised

Page 6

 
WANDLE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Other debtors
20,237
59,262

Prepayments and accrued income
-
91,426

20,237
150,688



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,369
83,837



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
5,280,000

Shareholder loans
6,655,010
4,504,868

Other taxation and social security
-
14,072

Accruals and deferred income
733,493
60,107

7,388,503
9,859,047


The bank loan of £5,280,000 was with Investec and was secured by way of a fixed and floating charge on the assets of the company. Interest accrued at 3.25% + SONIA (Sterling Overnight Index Average). During the year, this loan was transferred into a longer term Development Facility to support with the financing of the project.
Shareholder loans of £6,655,010 (2022: £4,504,868) are unsecured, interest free and repayable on demand. 


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


Page 7

 
WANDLE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

The company has taken advantage of the exemption available in Financial Reporting Standard 102 Section 33.1A whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 
Page 8