Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue22023-01-01falseProperty investment2falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13730353 2023-01-01 2023-12-31 13730353 2021-11-08 2022-12-31 13730353 2023-12-31 13730353 2022-12-31 13730353 c:Director2 2023-01-01 2023-12-31 13730353 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 13730353 d:FreeholdInvestmentProperty 2023-12-31 13730353 d:FreeholdInvestmentProperty 2022-12-31 13730353 d:CurrentFinancialInstruments 2023-12-31 13730353 d:CurrentFinancialInstruments 2022-12-31 13730353 d:Non-currentFinancialInstruments 2023-12-31 13730353 d:Non-currentFinancialInstruments 2022-12-31 13730353 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13730353 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13730353 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13730353 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13730353 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 13730353 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 13730353 d:ShareCapital 2023-12-31 13730353 d:ShareCapital 2022-12-31 13730353 d:RetainedEarningsAccumulatedLosses 2023-12-31 13730353 d:RetainedEarningsAccumulatedLosses 2022-12-31 13730353 c:FRS102 2023-01-01 2023-12-31 13730353 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13730353 c:FullAccounts 2023-01-01 2023-12-31 13730353 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13730353 2 2023-01-01 2023-12-31 13730353 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 13730353










WOOL TAILOR PROPCO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WOOL TAILOR PROPCO LIMITED
REGISTERED NUMBER: 13730353

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
                                                                             Note
£
£

Fixed assets
  

Investment property
 4 
27,715,282
27,713,282

Current assets
  

Debtors: amounts falling due within one year
 5 
506,822
573,921

Cash at bank and in hand
 6 
4,091
3,320

  
510,913
577,241

Creditors: amounts falling due within one year
 7 
(1,133,253)
(604,725)

Net current liabilities
  
 
 
(622,340)
 
 
(27,484)

Total assets less current liabilities
  
27,092,942
27,685,798

Creditors: amounts falling due after more than one year
 8 
(30,156,777)
(28,427,360)

  

Net liabilities
  
(3,063,835)
(741,562)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(3,063,836)
(741,563)

  
(3,063,835)
(741,562)


Page 1

 
WOOL TAILOR PROPCO LIMITED
REGISTERED NUMBER: 13730353
    
STATEMENT OF FINANCIAL POSITION (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: 


T P Yantz
Director

Date: 26 November 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
WOOL TAILOR PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wool Tailor PropCo Limited is a private company limited by shares and registered in England and Wales. The Company's registration number 13730353. The registered office and trading address is 50 Great Marlborough Street, London, England, W1F 7JS.
The principal activity of the Company is that of property investment.
The Company's functional and presentational currency is GBP.

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

The financial statements have been prepared on a going concern basis. The parent company has confirmed that Wool Tailor PropCo Limited will continue to be supported financially for at least 12 months following the accounts being signed.

 
2.3

Revenue

Rental income from investment property leased out under operating leases is recognised in the statement of comprehensive income on an accruals basis over the term of the lease.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

 
2.6

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 3

 
WOOL TAILOR PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is measured initially at its cost, including related transaction costs such as advisory costs, notary costs, transfer taxes and borrowing costs.
After initial recognition, investment property is carried at fair value determined annually 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. Changes in fair value are recognised in the statement of comprehensive income.
Investment property is derecognised when it has been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Gains and losses on disposal of the investment property is recognised in the statement of comprehensive income in the year of disposal.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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.

 
2.10

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.

 
2.11

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 Statement of Financial Position 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
Page 4

 
WOOL TAILOR PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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.

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 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.

Page 5

 
WOOL TAILOR PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

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


4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
27,713,282


Additions at cost
2,000



At 31 December 2023
27,715,282

There has been no valuation of the investment property by an independent valuer. The directors are of the opinion that the initial cost remains the fair value of the property based on the market conditions at the balance sheet date.




5.


Debtors

2023
2022
£
£


Trade debtors
2,438
-

Amounts owed by group undertakings
1
-

Other debtors
485,355
573,921

Prepayments
19,028
-

506,822
573,921



6.


Cash

2023
2022
£
£

Cash at bank and in hand
4,091
3,320


Page 6

 
WOOL TAILOR PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
24,489
2,400

Other taxation and social security
59,993
29,683

Other creditors
-
50,000

Accruals
1,048,771
522,642

1,133,253
604,725



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,435,403
15,600,000

Amounts owed to group undertakings
15,721,374
11,996,371

Other creditors
-
830,989

30,156,777
28,427,360


The following liabilities were secured:

2023
2022
£
£



Bank loan
14,435,403
15,600,000



Page 7

 
WOOL TAILOR PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due after 2-5 years

Bank loan
14,435,403
15,600,000

Shareholder loan
15,721,374
11,996,371

30,156,777
27,596,371


Interest is charged at a fixed rate of 6.82% per annum on the above bank loan. Interest is payable on a quarterly basis. The loan is secured on the property. The carrying amount of the shareholder loan at the year end is £14,435,403 of which £14,700,000 is the nominal loan less deferred transaction costs of £264,597.


10.


Related party transactions

Included in Creditors due after more than one year, is £15,721,374 (2022: £11,996,371) owed to Wool Tailor HoldCo Limited, the immediate holding company. This shareholder loan is unsecured and incurs interest at 15%. The shareholder loan terminates on 23 June 2027, or such earlier date as specified by the lender.


11.


Controlling party

The Company's immediate holding company is Wool Tailor HoldCo Limited, which is registered in England and Wales.
The ultimate controlling party is Meadow Evergreen LP, which is registered in Delaware, US.

Page 8