Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-011truefalseNo description of principal activity1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10924522 2023-05-01 2024-04-30 10924522 2022-05-01 2023-04-30 10924522 2024-04-30 10924522 2023-04-30 10924522 c:Director1 2023-05-01 2024-04-30 10924522 d:FreeholdInvestmentProperty 2024-04-30 10924522 d:FreeholdInvestmentProperty 2023-04-30 10924522 d:CurrentFinancialInstruments 2024-04-30 10924522 d:CurrentFinancialInstruments 2023-04-30 10924522 d:Non-currentFinancialInstruments 2024-04-30 10924522 d:Non-currentFinancialInstruments 2023-04-30 10924522 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 10924522 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10924522 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 10924522 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 10924522 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 10924522 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 10924522 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-04-30 10924522 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-04-30 10924522 d:ShareCapital 2024-04-30 10924522 d:ShareCapital 2023-04-30 10924522 d:RevaluationReserve 2024-04-30 10924522 d:RevaluationReserve 2023-04-30 10924522 d:RetainedEarningsAccumulatedLosses 2024-04-30 10924522 d:RetainedEarningsAccumulatedLosses 2023-04-30 10924522 c:OrdinaryShareClass1 2023-05-01 2024-04-30 10924522 c:OrdinaryShareClass1 2024-04-30 10924522 c:OrdinaryShareClass1 2023-04-30 10924522 c:FRS102 2023-05-01 2024-04-30 10924522 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 10924522 c:FullAccounts 2023-05-01 2024-04-30 10924522 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10924522 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10924522










WEC PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
WEC PROPERTIES LIMITED
REGISTERED NUMBER: 10924522

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,436,000
1,436,000

  
1,436,000
1,436,000

Current assets
  

Debtors: amounts falling due within one year
 5 
840
840

Cash at bank and in hand
 6 
3,171
8,803

  
4,011
9,643

Creditors: amounts falling due within one year
 7 
(446,264)
(384,108)

Net current liabilities
  
 
 
(442,253)
 
 
(374,465)

Total assets less current liabilities
  
993,747
1,061,535

Creditors: amounts falling due after more than one year
 8 
(1,126,739)
(1,135,285)

Net liabilities
  
(132,992)
(73,750)


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
59,502
59,502

Profit and loss account
  
(192,594)
(133,352)

  
(132,992)
(73,750)


The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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.

Page 1

 
WEC PROPERTIES LIMITED
REGISTERED NUMBER: 10924522

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:




................................................
S Kheterpal
Director

Date: 31 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WEC PROPERTIES LIMITED
 

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

1.


General information

WEC Properties Limited is a private company, limited by share capital and incorporated in England & Wales.
The company's registered office address is 2 Communications Road, Greenham Buisness Park, Greenham, Newbury, Berkshire, RG19 6AB.

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

At the year end, the company had net liabilities of £132,992 (2023: £73,750) and net current liabilities of £442,253 (2023: £384,108). Included in net current liabilities is an amount due to the parent company of £270,400 (2023: £216,900). Also included within net current liabilities is a balance due to the Windsor Eye Clinic Limited, a company under common control, of £163,619 (2023: £156,713). the parent company and The Windsor Eye Clinic Limited have both confirmed that they will not recall these loans within twelve months of the date of approval of these financial statements and that they will provide additional financial support if needed. As a result, the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of the approval of the financial statements.

  
2.3

Revenue

Revenue represents rent receivable.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.6

Investment property

Investment property is carried at fair value determined annually by the directors 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. No depreciation is provided. Changes in fair value are recognised in the profit or loss.

  
2.7

Revaluation of investment properties

The investment properties owned by the company have been revalued by the directors on a fair value basis.

Page 3

 
WEC PROPERTIES LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 4

 
WEC PROPERTIES LIMITED
 

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

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
1,436,000



At 30 April 2024
1,436,000

The investment properties have been valued on a fair value basis as at 30 April 2024 by the directors, and are stated at their valuation amount. The historic cost of the investment properties was £1,438,851 (2023: £1,438,851). There are properties valued at both above and below their orginal costs.







5.


Debtors

2024
2023
£
£

Other debtors
840
840

840
840



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,171
8,803

3,171
8,803


Page 5

 
WEC PROPERTIES LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
8,945
7,165

Amounts owed to group undertakings
270,400
216,900

Other creditors
163,619
156,713

Accruals and deferred income
3,300
3,330

446,264
384,108


The bank loans are secured against the investment properties to which they relate.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,126,739
1,135,285

1,126,739
1,135,285


The bank loans are secured against the investment properties to which they relate.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
424,550
445,514

Repayable other than by instalments
655,057
655,057

1,079,607
1,100,571


Page 6

 
WEC PROPERTIES LIMITED
 

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

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
8,945
7,165

Amounts falling due 2-5 years

Bank loans
47,132
34,714

Amounts falling due after more than 5 years

Bank loans
1,079,607
1,100,571

1,135,684
1,142,450



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100



11.


Related party transactions

At the year end there was a balance of £270,400 (2023: £216,900) due to WEC Holdings Limited, the parent company.
At the year end there was a balance of £163,619 (2023: £156,713) due to The Windsor Eye Clinic Limited, a company under common control.
Both balances are interest free and repayable upon demand.


12.


Controlling party

The parent company is WEC Holdings Limited by virtue of its 100% shareholding in the company.


Page 7