WRENDAL HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
WRENDAL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs. C. A. Kelly
Mr. E.A. Aspinall
Mrs. K. M. Titley
Mr. S.C. Kelly
Secretary
Mr E.A. Aspinall
Company number
638144 (England and Wales)
Registered office
Unit 2, Second Avenue
Poynton Industrial Estate
Poynton
Cheshire
SK12 1ND
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
WRENDAL HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
5 - 9
WRENDAL HOLDINGS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WRENDAL HOLDINGS LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wrendal Holdings Limited for the year ended 31 May 2024 set out on pages 2 to 9 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Wrendal Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wrendal Holdings Limited and state those matters that we have agreed to state to the board of directors of Wrendal Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wrendal Holdings Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Wrendal Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Wrendal Holdings Limited. You consider that Wrendal Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Wrendal Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ashworth Moulds
25 November 2024
Chartered Accountants
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
WRENDAL HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,480
Investment properties
4
1,262,518
1,262,518
Investments
5
67,580
67,580
1,331,578
1,330,098
Current assets
Debtors
6
33,984
34,224
Cash at bank and in hand
112,365
311,036
146,349
345,260
Creditors: amounts falling due within one year
7
(260,356)
(322,368)
Net current (liabilities)/assets
(114,007)
22,892
Total assets less current liabilities
1,217,571
1,352,990
Provisions for liabilities
Deferred tax liability
86,888
91,750
(86,888)
(91,750)
Net assets
1,130,683
1,261,240
Capital and reserves
Called up share capital
8
476,280
476,280
Other reserves
528,782
528,782
Capital redemption reserve
11,328
11,328
Profit and loss reserves
114,293
244,850
Total equity
1,130,683
1,261,240
The notes on pages 5 - 9 form an integral part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
WRENDAL HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
For the financial year ended 31 May 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.
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
Mrs. C. A. Kelly
Director
Company Registration No. 638144
WRENDAL HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
476,280
11,328
528,782
314,263
1,330,653
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
25,587
25,587
Dividends
-
-
-
(95,000)
(95,000)
Balance at 31 May 2023
476,280
11,328
528,782
244,850
1,261,240
Year ended 31 May 2024:
Loss and total comprehensive income for the year
-
-
-
(15,557)
(15,557)
Dividends
-
-
-
(115,000)
(115,000)
Balance at 31 May 2024
476,280
11,328
528,782
114,293
1,130,683
Other reserves
Other reserves relates to the unrealised gains (net of taxation) on investment properties stated at fair value. The changes in fair value (net of taxation) are reflected through the profit and loss account as required under FRS 102.
WRENDAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Company information
Wrendal Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Second Avenue, Poynton Industrial Estate, Poynton, Cheshire, SK12 1ND.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
Group accounts
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents income derived from the letting of property.
1.3
Tangible fixed assets
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:
Fixtures and fittings
25% Straight line basis
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting account date. Changes in fair value are recognised in 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.
WRENDAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Unlisted investments are stated at cost less provision for permanent diminution in value.
1.6
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.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
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 reserves, in which case the deferred tax is also dealt with in reserves.
WRENDAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2023 - 4).
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2023
Additions
1,974
At 31 May 2024
1,974
Depreciation and impairment
At 1 June 2023
Depreciation charged in the year
494
At 31 May 2024
494
Carrying amount
At 31 May 2024
1,480
At 31 May 2023
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
1,262,518
WRENDAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
4
Investment property
(Continued)
- 8 -
The directors have valued the company's investment properties at 31st May 2024
on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
57,570
57,570
Unlisted investments
10,010
10,010
67,580
67,580
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,720
25,168
Corporation tax recoverable
1,820
1,820
Other debtors
3,687
482
Prepayments and accrued income
6,757
6,754
33,984
34,224
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
283
333
Amounts owed to group undertakings
5,776
8,248
Corporation tax
40
4,155
Other taxation and social security
691
1,375
Amounts due to related parties
209,268
270,803
Accruals and deferred income
44,298
37,454
260,356
322,368
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
476,280
476,280
476,280
476,280
WRENDAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
-
160
(160)
-
-
161
(161)
-
-
161
(161)
-
482
(482)
-