Company registration number 01253109 (England and Wales)
Wispville Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Wispville Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Wispville Limited
BALANCE SHEET
As At 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
1,301,936
1,311,562
Investments
5
609,454
609,454
1,911,391
1,921,017
Current assets
Stocks
452,475
528,006
Debtors
568,651
370,326
Cash at bank and in hand
736,959
1,410,282
1,758,085
2,308,614
Creditors: amounts falling due within one year
(1,915,252)
(2,175,817)
Net current (liabilities)/assets
(157,167)
132,797
Total assets less current liabilities
1,754,224
2,053,814
Creditors: amounts falling due after more than one year
(914,778)
(965,817)
Net assets
839,446
1,087,997
Capital and reserves
Called up share capital
30,000
30,000
Revaluation reserve
72,296
72,296
Other reserves
314,655
314,655
Profit and loss reserves
422,495
671,046
Total equity
839,446
1,087,997

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

Wispville Limited
BALANCE SHEET (CONTINUED)
As At 30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 January 2025 and are signed on its behalf by:
Mr A Walia
Director
Company registration number 01253109 (England and Wales)
Wispville Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 April 2024
- 3 -
1
Accounting policies
Company information

Wispville Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 26/4 Silicon Centre, 26-28 Wadsworth Road, Perivale UB6 7JD.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation provided
Short leashold property
Straight line over the life of the lease
Long leashold property
Straight line over the life of the lease
Fixtures and fittings
20% - 25% Straight line
Wispville Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments
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, bank loans, loans from fellow group companies and preference shares that 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Wispville Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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.

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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
23
23
Wispville Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
147,537
Amortisation and impairment
At 1 May 2023 and 30 April 2024
147,536
Carrying amount
At 30 April 2024
1
At 30 April 2023
1
4
Tangible fixed assets
Freehold land and buildings
Short leashold property
Long leashold property
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
1,075,622
193,872
276,777
568,765
2,115,036
Depreciation and impairment
At 1 May 2023
82,178
149,442
14,391
557,463
803,474
Depreciation charged in the year
-
0
4,440
1,107
4,079
9,626
At 30 April 2024
82,178
153,882
15,498
561,542
813,100
Carrying amount
At 30 April 2024
993,444
39,990
261,279
7,223
1,301,936
At 30 April 2023
993,444
44,430
262,386
11,302
1,311,562
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
609,454
609,454
6
Significant undertakings
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Packaging Environmental Ltd
United Kingdom
Environment Packaging
Ordinary B shares
50.00
The aggregate capital and reserves and the result for the year of significant undertakings noted above was as follows:
Wispville Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
6
Significant undertakings
(Continued)
- 7 -
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Packaging Environmental Ltd
1,578,892
5,137,052
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
27,250
32,000
8
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Wispville Properties Limited
149,631
119,957
-
0
-
0
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