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Registered number: 14478792
WSMP Corporation Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 14478792
30 November 2024 30 November 2023
Notes £ £ £ £
FIXED ASSETS
Investments 4 74,203,761 76,201,762
74,203,761 76,201,762
CURRENT ASSETS
Receivables 5 1,643,451 1,000
Cash at bank and in hand 236,024 -
1,879,475 1,000
Payables: Amounts Falling Due Within One Year 6 (271,290 ) (1,050 )
NET CURRENT ASSETS (LIABILITIES) 1,608,185 (50 )
TOTAL ASSETS LESS CURRENT LIABILITIES 75,811,946 76,201,712
NET ASSETS 75,811,946 76,201,712
CAPITAL AND RESERVES
Called up share capital 7 76,202,762 76,202,762
Profit and Loss Account (390,816 ) (1,050 )
SHAREHOLDERS' FUNDS 75,811,946 76,201,712
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For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr V Shkolnik
Director
23/12/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
WSMP Corporation Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14478792 . The registered office is 63/66 Hatton Garden, Fifth Floor, Suite 23, London, EC1N 8LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The principal accounting policies adopted in the preparation of the financial statements are set out below.
The accounts are presented in £ sterling.
2.2. Going Concern Disclosure
The directors have considered the company's financial position, liquidity and future performance together with financial projections for the company over the foreseeable future. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.
2.3. Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Exemption from preparing group accounts
The company and its subsidiary comprise a small group. The company has therefore taken advantage of the exemption provided in Section 399 of the Companies Act 2006 not to prepare group financial statements and accordingly these financial statements present information about the company as a single undertaking.
2.7. Investments
Non-current investments are stated at historical cost less provision for any diminution in value.
2.8. Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivable.
2.9. Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.10. Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Investments
Unlisted
£
Cost
As at 1 December 2023 76,201,762
Disposals (1,604,341 )
As at 30 November 2024 74,597,421
Provision
As at 1 December 2023 -
Impairment losses 393,660
As at 30 November 2024 393,660
Net Book Value
As at 30 November 2024 74,203,761
As at 1 December 2023 76,201,762
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Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
The company holds 67% of ordinary shares of Pipe Construction Industrial Company LLC, a company incorporated in Ukraine. The principal activity of Pipe Construction Industrial Company LLC is that of warehousing. The profit for the financial year ending 31/12/23 was £6,377 and the aggregate amount of capital and reserves at the end of the year was £1,459,333.
The company holds 48% of ordinary shares of Forum West Side LLC, a company incorporated in Ukraine. The principal activity of Forum West Side LLC is that of Leasing and exploitation of own or leased real estate. The profit for the financial year ending 31/12/23 was £247,598 and the aggregate amount of capital and reserves at the end of the year was £1,060,249.
The company holds 90% of ordinary shares of Wave Active LLC, a company incorporated in Ukraine. The principal activity of Wave Active LLC is that of construction of buildings. The profit for the financial year ending 31/12/23 was £137,258 and the aggregate amount of capital and reserves at the end of the year was £334,772.
The company holds 100% of ordinary shares of B80 LLC, a company incorporated in Ukraine. The principal activity of B80 LLC is that of leasing and exploitation of own or leased real estate. The loss for the financial year ending 31/12/23 was £31,659 and the aggregate amount of capital and reserves at the end of the year was  £170,221.
The company holds 42% of ordinary shares of Private Joint Stock Company "Kiyany", a company incorporated in Ukraine. The principal activity of Private Joint Stock Company "Kiyany" is that of leasing and exploitation of own or leased real estate. The loss for the financial year ending 31/12/23 was £676,612 and the aggregate amount of capital and reserves at the end of the year was -£9,993,915.
5. Receivables
30 November 2024 30 November 2023
£ £
Due within one year
Other receivables 1,643,451 1,000
1,643,451 1,000
6. Payables: Amounts Falling Due Within One Year
30 November 2024 30 November 2023
£ £
Corporation tax 948 -
Other payables 265,962 -
Accruals and deferred income 3,330 1,050
Director's loan account 1,050 -
271,290 1,050
7. Share Capital
30 November 2024 30 November 2023
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 1.00 each 1,000 1,000
1 Ordinary B shares of £ 6,160,808.00 each 6,160,808 6,160,808
1 Ordinary C shares of £ 11,616,511.00 each 11,616,511 11,616,511
1 Ordinary D shares of £ 1,998,001.00 each 1,998,001 1,998,001
1 Ordinary E shares of £ 24,642,775.00 each 24,642,775 24,642,775
1 Ordinary F shares of £ 19,731,567.00 each 19,731,567 19,731,567
1 Ordinary G shares of £ 12,052,100.00 each 12,052,100 12,052,100
76,202,762 76,202,762
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8. Post Balance Sheet Events
There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.
9. Related Party Transactions
At the balance sheet date a balance of £1,050 (2023: £nil) was due to a director of the company under non interest-bearing loan.
10. Ultimate Controlling Party
The company's ultimate controlling party is Volodymyr Shkolnik by virtue of his ownership of 100% of the issued share capital in the company.
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