Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-303truetruetrue32023-05-01falsefalsetruefalse 8478907 2023-05-01 2024-04-30 8478907 2022-05-01 2023-04-30 8478907 2024-04-30 8478907 2023-04-30 8478907 2022-05-01 8478907 1 2023-05-01 2024-04-30 8478907 1 2022-05-01 2023-04-30 8478907 d:Exceptional 2023-05-01 2024-04-30 8478907 d:Exceptional 2022-05-01 2023-04-30 8478907 e:CompanySecretary1 2023-05-01 2024-04-30 8478907 e:Director1 2023-05-01 2024-04-30 8478907 e:Director2 2023-05-01 2024-04-30 8478907 e:Director3 2023-05-01 2024-04-30 8478907 e:Director4 2023-05-01 2024-04-30 8478907 e:RegisteredOffice 2023-05-01 2024-04-30 8478907 d:CurrentFinancialInstruments 2024-04-30 8478907 d:CurrentFinancialInstruments 2023-04-30 8478907 d:Non-currentFinancialInstruments 2024-04-30 8478907 d:Non-currentFinancialInstruments 2023-04-30 8478907 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 8478907 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 8478907 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 8478907 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 8478907 d:ReportableOperatingSegment1 2023-05-01 2024-04-30 8478907 d:ReportableOperatingSegment1 2022-05-01 2023-04-30 8478907 d:ReportableOperatingSegment2 2023-05-01 2024-04-30 8478907 d:ReportableOperatingSegment2 2022-05-01 2023-04-30 8478907 d:ReportableOperatingSegment3 2023-05-01 2024-04-30 8478907 d:ReportableOperatingSegment3 2022-05-01 2023-04-30 8478907 f:UnitedKingdom 2023-05-01 2024-04-30 8478907 f:UnitedKingdom 2022-05-01 2023-04-30 8478907 d:UKTax 2023-05-01 2024-04-30 8478907 d:UKTax 2022-05-01 2023-04-30 8478907 d:ShareCapital 2023-05-01 2024-04-30 8478907 d:ShareCapital 2024-04-30 8478907 d:ShareCapital 2022-05-01 2023-04-30 8478907 d:ShareCapital 2023-04-30 8478907 d:ShareCapital 2022-05-01 8478907 d:SharePremium 2023-05-01 2024-04-30 8478907 d:SharePremium 2024-04-30 8478907 d:SharePremium 2022-05-01 2023-04-30 8478907 d:SharePremium 2023-04-30 8478907 d:SharePremium 2022-05-01 8478907 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 8478907 d:RetainedEarningsAccumulatedLosses 2024-04-30 8478907 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 8478907 d:RetainedEarningsAccumulatedLosses 2023-04-30 8478907 d:RetainedEarningsAccumulatedLosses 2022-05-01 8478907 e:OrdinaryShareClass1 2023-05-01 2024-04-30 8478907 e:OrdinaryShareClass1 2024-04-30 8478907 e:FRS102 2023-05-01 2024-04-30 8478907 e:Audited 2023-05-01 2024-04-30 8478907 e:FullAccounts 2023-05-01 2024-04-30 8478907 e:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 8478907 2 2023-05-01 2024-04-30 8478907 6 2023-05-01 2024-04-30 8478907 g:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 8478907










WPG TREASURY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024



 
WPG TREASURY LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mark Pears 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
8478907



REGISTERED OFFICE
12th Floor
Aldgate Tower

2 Leman Street

London

E1W 9US




INDEPENDENT AUDITORS
Gravita II LLP
Chartered Accountants & Statutory Auditor

Aldgate Tower

2 Leman Street

London

E1 8FA





 
WPG TREASURY LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 21


 
WPG TREASURY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report and financial statements for the year ended 30 April 2024.    

REVIEW OF THE BUSINESS
 
The company's turnover for the year increased to £40.6m (2023 - £32.8m). Operating profit before tax increased to £32m (2023 - £22.1m) for the year.
The company's net impairment charge on loans and advances was £8.6m (2023: £4.7m).            
During the year amounts written back to investments and accrued income was £4.2m (2023: charged £1.5m).
There was an exchange gain of £2.6m during the year (2023: loss £0.5m).
The management of the business and execution of the company's strategy are subject to a number of risks.
The principal risks are:
 

CREDIT RISK
 
This is the risk that counterparties will be unable or unwilling to meet their obligations to the company as they fall due. It arises from lending transactions. The Board seeks to mitigate credit risk by focusing on niche market segments where it has specific expertise and through limiting exposures.

LIQUIDITY RISK

This is the risk that the company is not able to meet its financial obligations as they fall due, or can do so only at excessive cost.  The company finances its operations through a mixture of retained reserves and loans from a related company. The company's management ensure that sufficient facilities are in place to finance its operation.

OPERATIONAL RISK

This is the risk of loss arising from inadequate or failed internal process or systems, human error or external events.  Operational risk is managed by senior management having responsibility for understanding how operational risk impacts within their business area and for putting in place appropriate controls and other mitigating factors. 

INTEREST RATE RISK

This is the risk that the value of the company's assets and liabilities or profitability will fluctuate because of changes in market rate. The company manages interest rate risk by lending to borrowers at commercial rates of interest and accepts the risk that this entails. 

EXCHANGE RATE RISK

This is the risk that the value of the company's loan portfolio denominated in USD will fluctuate because of any significant movement in the US dollar/sterling rate of exchange which will impact our reported results.
The fall in the value of sterling relative to the US dollar in the financial year was 0.16% (2023 - 0.12%). The company accepts the risk that this entails.


Page 1

 
WPG TREASURY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

FINANCIAL KEY PERFORMANCE INDICATORS

The company's key performance indicators during the year were as follows:-
Turnover                            £40.6m (2023- £32.8m)
Profit after tax                    £30.7m (2023- £24.7m)
Shareholders' Funds     £212.3m (2023- £181.6m)
 

This report was approved by the board on 13 January 2025 and signed on its behalf.






David Pears
Director

Page 2

 
WPG TREASURY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The principal activity of the company is the provision of finance.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £30,670,748 (2023 -£24,704,720).

The company did not pay a dividend during the year under review (2023- £Nil).

DIRECTORS

The directors who served during the year were:

Mark Pears 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 

FUTURE DEVELOPMENTS

The directors consider the company is well positioned for business in the future.

Page 3

 
WPG TREASURY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This report was approved by the board on 13 January 2025 and signed on its behalf.
 






William Bennett
Secretary

Page 4

 
WPG TREASURY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WPG TREASURY LIMITED
 


OPINION

We have audited the financial statements of WPG Treasury Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity,  and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the  year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.
Page 5

 
WPG TREASURY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WPG TREASURY LIMITED (CONTINUED)


OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS
 
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Page 6

 
WPG TREASURY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WPG TREASURY LIMITED (CONTINUED)


The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the finance sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including, but not limited to, the Companies Act 2006,  and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

understanding the business model as part of the control and business environment;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims;
reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations; and
reading the minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentations or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Page 7

 
WPG TREASURY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WPG TREASURY LIMITED (CONTINUED)


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.







Ian Hughes ACA (Senior statutory auditor)
for and on behalf of
Gravita II LLP
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
15 January 2025
Page 8

 
WPG TREASURY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 3 
40,623,480
32,814,530

GROSS PROFIT
  
40,623,480
32,814,530

Administrative expenses
  
(45,763)
(40,602)

Net impairment charge on loans and advances
  
(8,559,279)
(4,683,008)

OPERATING PROFIT
 4 
32,018,438
28,090,920

Income from participating interests
  
25
1,097,334

Income from fixed assets investments
 6 
6,200,366
1,485,675

Amounts written back /(written off) investments and accrued income
  
4,150,217
(1,485,675)

Interest receivable and similar income
 7 
302,633
19,555

Interest payable and similar charges
 8 
(10,678,419)
(7,138,234)

PROFIT BEFORE TAX
  
31,993,260
22,069,575

Tax on profit
 9 
(1,322,512)
2,635,145

PROFIT FOR THE FINANCIAL YEAR
  
30,670,748
24,704,720

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
30,670,748
24,704,720

The notes on pages 12 to 21 form part of these financial statements.

Page 9

 
WPG TREASURY LIMITED
REGISTERED NUMBER: 8478907

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 10 
60,000,000
10,150,000

  
60,000,000
10,150,000

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 11 
171,228,189
392,373,328

Cash at bank and in hand
  
16,063,181
2,205,940

  
187,291,370
394,579,268

Creditors: amounts falling due within one year
 12 
(34,810,503)
(53,119,149)

NET CURRENT ASSETS
  
 
 
152,480,867
 
 
341,460,119

TOTAL ASSETS LESS CURRENT LIABILITIES
  
212,480,867
351,610,119

Creditors: amounts falling due after more than one year
 13 
(200,000)
(170,000,000)

  

NET ASSETS
  
212,280,867
181,610,119


CAPITAL AND RESERVES
  

Called up share capital 
 14 
100
100

Share premium account
 15 
99,999,900
99,999,900

Profit and loss account
 15 
112,280,867
81,610,119

TOTAL EQUITY
  
212,280,867
181,610,119


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 January 2025.




David Pears
Director

The notes on pages 12 to 21 form part of these financial statements.

Page 10

 
WPG TREASURY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
100
99,999,900
81,610,119
181,610,119


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
30,670,748
30,670,748
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
30,670,748
30,670,748


AT 30 APRIL 2024
100
99,999,900
112,280,867
212,280,867



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
100
99,999,900
56,905,399
156,905,399


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
24,704,720
24,704,720
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
24,704,720
24,704,720


AT 30 APRIL 2023
100
99,999,900
81,610,119
181,610,119


The notes on pages 12 to 21 form part of these financial statements.

Page 11

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

WPG Treasury Limited is a private company limited by shares incorporated in England and Wales. The  
registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, EC1W 9US. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.

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


The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of William Pears Group Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

 
2.3

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the interest receivable and related foreign exchange gains and losses.

 
2.5

INTEREST INCOME

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

Page 12

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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

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 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.
Page 13

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.9
FINANCIAL INSTRUMENTS (CONTINUED)


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 payments 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 14

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.9
FINANCIAL INSTRUMENTS (CONTINUED)


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.

 
2.10

CREDITORS

Short term creditors are measured at the transaction price.


 
2.11

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'turnover'. 

 
2.12

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 15

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

TAXATION

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 reporting date in the countries where the Company operates and generates income.


3.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Exchange difference
2,607,687
(458,964)

Interest receivable
37,995,793
33,273,494

Fees receivable
20,000
-

40,623,480
32,814,530


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
40,623,480
32,814,530

40,623,480
32,814,530



4.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Fees payable to the company's auditor and its associates for the audit of
the company's annual financial statements
11,160
10,650

Net impairment charge on loans and advances
8,559,279
4,683,008

During the year, no director received any emoluments (2023 - NIL).
 
Page 16

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


EMPLOYEES




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3


6.


INCOME FROM INVESTMENTS

2024
2023
£
£

Income from fixed asset investments
6,200,366
1,485,675

6,200,366
1,485,675







7.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
302,633
19,555

302,633
19,555


8.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
2023
£
£


Other loan interest payable
6,616,073
6,274,882

Loans from group undertakings
4,062,346
863,352

10,678,419
7,138,234

Page 17

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
5,410,663
4,088,151

Adjustments in respect of previous periods
(4,088,151)
(6,723,296)


1,322,512
(2,635,145)


TOTAL CURRENT TAX
1,322,512
(2,635,145)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
1,322,512
(2,635,145)

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
31,993,260
22,069,574


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19.5%)
7,998,315
4,303,567

EFFECTS OF:


Amounts written (back)/off not allowable for tax purposes
(1,037,554)
289,575

Short-term timing difference leading to a decrease in taxation
(4,088,151)
(6,723,296)

Other timing differences leading to a decrease in taxation
-
(1,304)

Non-taxable income
(1,550,098)
(503,687)

TOTAL TAX CHARGE/(CREDIT) FOR THE YEAR
1,322,512
(2,635,145)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 18

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


FIXED ASSET INVESTMENTS





Trade investments

£



COST OR VALUATION


At 1 May 2023
29,828,982


Additions
60,000,000


Disposals
(6,904,464)



At 30 April 2024

82,924,518



IMPAIRMENT


At 1 May 2023
19,678,982


Charge for the period
3,245,536



At 30 April 2024

22,924,518



NET BOOK VALUE



At 30 April 2024
60,000,000



At 30 April 2023
10,150,000





Page 19

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


DEBTORS

2024
2023
£
£


Amounts owed by group undertakings
92,671,933
52,112,641

Amounts owed by family connected companies
66,698,567
331,213,531

Other debtors
5,764,756
1,323,244

Prepayments and accrued income
6,092,933
7,723,912

171,228,189
392,373,328



12.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Amounts owed to group undertakings
3,015,440
27,020,240

Amounts owed to family connected companies
26,716,109
24,401,974

Corporation tax
4,810,307
344,049

Other creditors
4,496
-

Accruals and deferred income
264,151
1,352,886

34,810,503
53,119,149



13.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Amounts owed to family connected company
200,000
170,000,000

200,000
170,000,000


Amounts owed to the family connected company is a loan in the amount of £200,000 (2023: £170,000,000). Interest is payable quarterly at 3% per annum. The loan is secured by way of a first ranking debenture and is repayable on 30 April 2026.


14.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 Ordinary shares of £1.00 each
100
100


Page 20

 
WPG TREASURY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


RESERVES

Share premium account

The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.  

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses.  


16.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemptions from disclosure available under section 33 of FRS102 in connection with intra group transactions.    
Debtors include an amount of £66,698,567 (2023 - £331,213,531) and loan interest receivable amounting to £962,757 (2023 - £7,683,675) owed from various companies in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.    
Loan interest received from these companies in the year amounted to £35,887,609 (2023 - £31,153,780).    
The income from fixed assets investments receivable in the year amounted to £6,200,391 (2023 - £2,583,009) and relates to dividends from companies in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.
During the year the company subscribed for £60,000,000 preference shares of £1 each in the capital of a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest. The dividend received was £4,950,000.
 
Creditors include an amount of £26,716,109 (2023 - £24,401,974) owed to various companies in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.   
Interest payable thereon in the year amounted to £1,719,826 (2023 - £871,595).
Creditors falling due after more than one year include an amount of £200,000 (2023 - £170,000,000) and loan interest payable of £NIL (2023: £1,243,562) owed to a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.
Interest payable thereon in the year amounted to £4,896,247 (2023 - £5,403,288).
 


17.


CONTROLLING PARTY

The company is a wholly owned subsidiary of The William Pears Group of Companies Limited. The company's ultimate holding company is William Pears Group Limited, a company incorporated in England. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US. 


Page 21