Company registration number 03188665 (England and Wales)
WENDON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WENDON LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
WENDON LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
519,785
586,509
Investment property
5
16,600,785
16,817,931
17,120,570
17,404,440
Current assets
Debtors
6
318,288
184,590
Cash at bank and in hand
-
0
22,947
318,288
207,537
Creditors: amounts falling due within one year
7
(1,660,082)
(977,526)
Net current liabilities
(1,341,794)
(769,989)
Total assets less current liabilities
15,778,776
16,634,451
Creditors: amounts falling due after more than one year
8
(4,260,949)
(4,632,865)
Provisions for liabilities
(2,134,079)
(2,262,306)
Net assets
9,383,748
9,739,280
Capital and reserves
Called up share capital
10
100
100
Fair value reserve
5,946,453
6,597,635
Profit and loss reserves
3,437,195
3,141,545
Total equity
9,383,748
9,739,280

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr R Parker
Director
Company Registration No. 03188665
WENDON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
100
6,597,635
2,940,046
9,537,781
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
401,499
401,499
Dividends
-
-
(200,000)
(200,000)
Balance at 30 April 2023
100
6,597,635
3,141,545
9,739,280
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
(155,532)
(155,532)
Dividends
-
-
(200,000)
(200,000)
Transfers
-
(651,182)
651,182
-
Balance at 30 April 2024
100
5,946,453
3,437,195
9,383,748
WENDON LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Wendon Limited is a private company limited by shares incorporated in England and Wales. The registered office is Drysgoed Farm, Efail Isaf, Pontypridd, Mid Glamorgan, United Kingdom, CF38 1SN.

2.1
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

2.2
Going concern

At the time of approving the financial statements, the directors expect that the company's current tenants will continue to pay their rentals over the next 12 months, enabling the company to meet their liabilities as and when they fall due. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

2.3
Turnover and revenue recognition

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.

WENDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2
Accounting policies
(Continued)
- 4 -
2.4
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:

Plant and machinery
10% straight line
Motor Vehicles
20% straight line

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.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.5
Investment properties

Investment properties are measured initially at cost, which comprises its purchases price and any directly attributable expenditure such as legal and brokerage fees, property transfer taxes and other transaction costs.

 

Subsequent measurement of investments properties is at fair value (which can be measured reliably without undue cost or effort), measured at each reporting date. Any changes in fair value are recognised in the Statement of Comprehensive Income.

 

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order for the financial statements to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than calculation of systematic annual depreciation.

 

Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might have been included cannot be separately identified or quantified.

2.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

WENDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Accounting policies
(Continued)
- 5 -
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.

Classification of financial liabilities

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

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.8
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.

WENDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Accounting policies
(Continued)
- 6 -
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.

2.9
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2.11

Related party borrowings

Interest-bearing related party borrowings are recognised initially at fair value less attributable transactions costs. Subsequent to initial recognition, interest is charged to the income statement at a rate of 10% per annum of the outstanding balance due.

2.12

Bank borrowings

Interest-bearing bank loans and overdrafts are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing bank loans and overdrafts are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the income statement over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
WENDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Motor Vehicles
Total
£
£
£
Cost
At 1 May 2023
834,251
121,761
956,012
Additions
20,539
-
0
20,539
At 30 April 2024
854,790
121,761
976,551
Depreciation and impairment
At 1 May 2023
366,415
3,088
369,503
Depreciation charged in the year
74,911
12,352
87,263
At 30 April 2024
441,326
15,440
456,766
Carrying amount
At 30 April 2024
413,464
106,321
519,785
At 30 April 2023
467,836
118,673
586,509
5
Investment properties
2024
£
Fair value
At 1 May 2023
16,817,931
Additions
434,036
Revaluations
(651,182)
At 30 April 2024
16,600,785

Investment properties were revalued to fair value on 30 April 2024 by Savills, independent valuers not connected with the company. The valuation was prepared in accordance with the RICS Valuation, incorporating the International Valuation Standards, and were predominantly arrived at by reference to market evidence for comparable property. The valuation was carried out assuming the occupational tenants are capable of meeting their obligations, and that there are no arrears of rent or undisclosed breaches of covenant.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
242,765
113,440
Prepayments and accrued income
75,523
71,150
318,288
184,590
WENDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdraft
462,759
210,353
Obligations under finance leases
55,893
82,050
Trade creditors
118,244
11,222
Corporation tax
125,677
73,213
Other taxation and social security
50,825
50,144
Other creditors
836,134
541,694
Accruals and deferred income
10,550
8,850
1,660,082
977,526

Included within other creditors are directors loan accounts amounting to £348,367 (2023: £422,732).

8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdraft
4,167,905
4,496,379
Obligations under finance leases
93,044
136,486
4,260,949
4,632,865

A cross guarantee and debenture exists in favour of Barclays Bank Plc at the balance sheet date between Gwalia Healthcare Limited and Wendon Limited. At 30 April 2024, Wendon Limited owed £4,504,375 (2023: £4,706,732,) and Gwalia Healthcare Limited owed £Nil (2023: £Nil) to Barclays Bank Plc.

 

The company has an overdraft facility of £200,000 provided by Barclays Bank plc who hold a debenture over the assets and undertakings of the company. The bank loans are secured by a fixed and floating charge over the assets of the company.

 

Barclays Bank Plc also has a charge over a property known as "the Boathouse", the units at Treforest and the freehold and leasehold land.

9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
323,954
322,053
Investment properties
1,810,125
1,940,253
2,134,079
2,262,306
WENDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 May 2023
2,262,306
Credit to profit or loss
(160,894)
Liability at 30 April 2024
2,101,412
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Craig Yearsley FCCA
Statutory Auditor:
Azets Audit Services
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Gwalia Healthcare Limited is a related party due to common ownership and control and is registered in England and Wales.

 

Gwalia Healthcare Limited occupies a property owned by Wendon Limited. There is no lease agreement in place between Wendon Limited and Gwalia Healthcare Limited for the rental of the property. At 30 April 2024, Wendon Limited owed Gwalia Healthcare Limited £487,767 (2023: £118,962).

13
Directors' transactions
Dividends totalling £200,000 (2023 - £200,000) were paid in the year in respsect of shares held by the company's directors.

None of the director's loan accounts were overdrawn during the year. The director's loan accounts are included within other creditors - see note 7.

 

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