Company registration number 05225349 (England and Wales)
WYNN INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WYNN INVESTMENTS LIMITED
COMPANY INFORMATION
Director
Mr P N Wynn
Secretary
Mrs M A Wynn
Company number
05225349
Registered office
Suite 1
Troyte House
Sandys Road
Malvern
Worcestershire
WR14 1JJ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
1 The Cross
Worcester
Worcestershire
WR1 3PR
WYNN INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
WYNN INVESTMENTS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WYNN INVESTMENTS LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wynn Investments Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Wynn Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wynn Investments Limited and state those matters that we have agreed to state to the board of directors of Wynn Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wynn Investments Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Wynn Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wynn Investments Limited. You consider that Wynn Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Wynn Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
12 November 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
WYNN INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
3,828,622
3,943,622
Investments
4
5,991,377
6,051,664
9,819,999
9,995,286
Current assets
Debtors
5
692,495
732,545
Cash at bank and in hand
1,038,915
130,956
1,731,410
863,501
Creditors: amounts falling due within one year
6
(3,676,447)
(3,869,565)
Net current liabilities
(1,945,037)
(3,006,064)
Total assets less current liabilities
7,874,962
6,989,222
Provisions for liabilities
7
(532,479)
(336,586)
Net assets
7,342,483
6,652,636
Capital and reserves
Called up share capital
8
200
200
Non-distributable profits reserve
9
687,430
721,180
Distributable profit and loss reserves
6,654,853
5,931,256
Total equity
7,342,483
6,652,636
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 March 2024 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.
WYNN INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 12 November 2024
Mr P N Wynn
Director
Company registration number 05225349 (England and Wales)
WYNN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Wynn Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 1, Troyte House, Sandys Road, Malvern, Worcestershire, United Kingdom, WR14 1JJ.
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in other reserves.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Listed fixed asset investments are held at the current market value.
1.4
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.
WYNN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.5
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 April 2023
3,943,622
Disposals
(115,000)
At 31 March 2024
3,828,622
The director has assessed the fair value of the investment properties at the year end and considers that there has been no material change to the fair value as disclosed in the financial statements.
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
5,991,377
6,051,664
WYNN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
6,025,664
26,000
6,051,664
Additions
2,707,078
-
2,707,078
Valuation changes
431,164
-
431,164
Disposals
(3,198,529)
-
(3,198,529)
At 31 March 2024
5,965,377
26,000
5,991,377
Carrying amount
At 31 March 2024
5,965,377
26,000
5,991,377
At 31 March 2023
6,025,664
26,000
6,051,664
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,534
Amounts owed by group undertakings
9,661
9,661
Other debtors
680,300
722,884
692,495
732,545
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
32,355
10,993
Other creditors
3,644,092
3,858,572
3,676,447
3,869,565
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
532,479
336,586
WYNN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
Ordinary B of £1 each
100
100
100
100
200
200
200
200
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
721,180
-
Non distributable profits in the year
(33,750)
721,180
At the end of the year
687,430
721,180
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is Wynn Investments Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr P N Wynn and Mrs M A Wynn by virtue of their controlling interest in the ultimate parent company.