REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 31st December 2023 |
for |
Wembley Retail Investments W06A Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 31st December 2023 |
for |
Wembley Retail Investments W06A Limited |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Statement of Changes in Equity | 9 |
Notes to the Financial Statements | 10 |
Wembley Retail Investments W06A Limited |
Company Information |
for the Year Ended 31st December 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountant & Registered Auditor |
Unitec House |
2 Albert Place |
London |
N3 1QB |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Report of the Directors |
for the Year Ended 31st December 2023 |
The directors present their report with the financial statements of the company for the year ended 31st December 2023. |
Principal activity |
The principal activity of the company in the year under review was that of property investment. |
Dividends |
No dividends will be distributed for the year ended 31st December 2023. |
Events since the end of the year |
Information relating to events since the end of the year is given in the notes to the financial statements. |
Directors |
Statement of directors' responsibilities |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Report of the Directors |
for the Year Ended 31st December 2023 |
Auditors |
The auditors, KPMG LLP resigned and Barnes Noble Ltd were appointed to fill the casual vacancy and will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Wembley Retail Investments W06A Limited |
Opinion |
We have audited the financial statements of Wembley Retail Investments W06A Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Wembley Retail Investments W06A Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Wembley Retail Investments W06A Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Using our general commercial and sector experience and through discussions with the directors and management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error. |
- We examined the company's regulatory and legal correspondence and discussed with the directors and management any known or suspected instances of fraud or non-compliance with laws and regulations. |
- We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
- In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountant & Registered Auditor |
Unitec House |
2 Albert Place |
London |
N3 1QB |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Statement of Comprehensive Income |
for the Year Ended 31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Cost of sales |
Gross loss | ( |
) | ( |
) |
Administrative expenses |
(247,321 | ) | (35,394 | ) |
Gain/loss on revaluation of investment property |
(2,156,046 |
) |
(445,790 |
) |
Operating loss | ( |
) | ( |
) |
Interest payable and similar expenses | 4 |
Loss before taxation | ( |
) | ( |
) |
Tax on loss | 6 | ( |
) | ( |
) |
Loss for the financial year | ( |
) | ( |
) |
Other comprehensive income | - | - |
Total comprehensive income for the year | ( |
) | ( |
) |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Statement of Financial Position |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 7 |
Current assets |
Debtors: amounts falling due within one year | 8 |
Debtors: amounts falling due after more than one year |
8 |
Creditors |
Amounts falling due within one year | 9 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) |
Provisions for liabilities | 10 |
Capital and reserves |
Called up share capital | 11 |
Retained earnings | 12 | ( |
) |
Shareholders' funds | ( |
) |
(1,117,176 | ) | 963,506 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Statement of Changes in Equity |
for the Year Ended 31st December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st January 2022 |
Changes in equity |
Deficit for the year | - | (458,888 | ) | (458,888 | ) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st December 2022 |
Changes in equity |
Deficit for the year | - | (1,918,043 | ) | (1,918,043 | ) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st December 2023 | ( |
) | ( |
) |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | Statutory information |
Wembley Retail Investments W06A Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Cost of sales |
Fees from asset and development management relate to base and performance fees receivable in respect of asset and development management together with property procurement fees. |
Performance fees are recognised when it is probable that performance criteria have been met. All other fees are recognised on a receivable basis. |
Going concern |
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for a period of at least 12 months from the date the statement of financial position is signed. |
The directors have reviewed the forecast for the company for a period beyond one year from the date of approval of these financial statements. From this review the directors believe that there will be sufficient cash reserves to meet daily obligations throughout this period. |
Based on this review the directors have concluded that the company will have sufficient cash reserves to meet daily obligations and external liabilities as they fall due and that the going concern basis of preparation is therefore appropriate. |
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. |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
2. | Accounting policies - continued |
Investment property |
Investment properties are stated at fair value as determined by at each reporting date by the directors on a market value basis.This was adjusted to take into account the valuation at the date of sale for the transaction price. Any gains or losses arising from changes in fair value are recognised in profit and loss in the period that they arise. In accordance with IAS 40 no depreciation is provided in respect of the Company's investment property. |
Net borrowing costs in respect of capital expenditure on properties under development or undergoing refurbishment are capitalised. Interest capitalised is the cost of borrowing from the commencement of development work until the date of practical completion. The capitalisation of finance costs is suspended if there are prolonged periods when development activity is interrupted. |
All other borrowing costs are recognised in the profit and loss. |
Additions to investment properties consist of costs of a capital nature and, in the case of investment properties under development, capitalised interest. |
For leasehold properties that are classified as investment properties, the associated leasehold obligations are accounted for as finance lease obligations. |
Taxation |
Tax on the profit and loss for the year comprises current and deferred tax. Tax is recognised in profit and loss, except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is also recognised directly in equity or other comprehensive income. |
Current or deferred taxation assets and liabilities are not discounted. |
(i) Current tax |
Current tax is the expected tax payable or receivable on taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. |
(ii) Deferred tax |
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets and liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of the assets or liabilities, using tax rates enacted or substantively enacted at the balance sheet. For investment property that is measured at fair value, deferred tax is provided at the rate applicable to the sale of the property except for that part of the property that is depreciable and the company's business model is to consume substantially all of the value through use. In the latter case the tax rate applicable to income is used. |
Deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilised. |
Debtors |
Trade and other receivables are initially recognised at their fair value plus transaction costs and are subsequently measured at amortised cost less allowance for credit losses/impairment of bad debts. The loss allowance is measured at an amount equal to lifetime expected credit losses (ECLs), which are those losses that are expected to occur over the expected life of the receivables. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
2. | Accounting policies - continued |
Creditors |
Non-derivative trade and other payables are non-interest bearing, initially recognised at fair value plus transaction costs and subsequently measured at amortised cost using the effective interest method. Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Borrowings are subsequently measured at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Statement of Comprehensive Income over the period of the borrowings on an effective interest rate basis. |
Judgements in applying accounting policies and key sources of estimation |
The preparation of the financial statements under FRS 102 requires the Directors to make judgements, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets and liabilities as at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements that are not readily apparent from other sources. However, the actual results may differ from these estimates. The key area where the Directors have made significant judgements is around estimates regarding the valuation of properties on the balance sheet. |
The key assumptions made in the valuation of the Company's investment properties are: |
- the amount and timing of future income streams; |
- anticipated maintenance costs and other landlord's liabilities; and |
- an appropriate yield. |
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. |
3. | Employees |
The Company has no employees other than the directors. The Company does not remunerate its directors. |
4. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Amortisation of finance cost |
Interest on loan notes |
5. | Auditors' remuneration |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
7,500 |
- |
Fees of £2,670 in 2022 was paid to the Company's Auditor KPMG LLP which was wholly borne by a fellow group entity, Quintain Services Limited. |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
6. | Taxation |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2022 - |
( |
) |
( |
) |
Effects of: |
Transfer pricing adjustments | - | (7,099 | ) |
Remeasurement of deferred tax – change in UK tax rate | (35,943 | ) | (28,283 | ) |
Capitalised loan costs | - | (96 | ) |
Adjustments to tax charge in respect of prior periods - current tax | 33,596 | - |
Adjustments to tax charge in respect of prior periods - deferred tax | (44,205 | ) | - |
Investment property differences | 28,460 | - |
Total tax credit | (612,853 | ) | (151,440 | ) |
7. | Investment property |
Total |
£ |
Fair value |
At 1st January 2023 |
Additions |
Revaluations | (2,156,046 | ) |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
7. | Investment property - continued |
Fair value at 31st December 2023 is represented by: |
£ |
Valuation in 2020 | 515,000 |
Valuation in 2021 | 1,237,528 |
Valuation in 2022 | (445,790 | ) |
Valuation in 2023 | (2,156,046 | ) |
Cost | 2,968,767 |
2,119,459 |
The Company's investment property was valued by the directors, on the basis of market value. This was adjusted to take into account the valuation at the date of sale for the transaction price. Where necessary, these valuations have been adjusted for the impact of incentives offered to tenants to enter into or renew leases as prescribed by IFRS 16, Operating Lease Incentives, and by obligations to freeholders accounted for separately as finance leases in accordance with IFRS 16, Leases. |
8. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Due from tenant control | 37,014 | - |
Recoverable service cahrge | 32,300 | - |
Tax |
VAT |
Deferred tax asset |
Accrued income |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
Deferred tax asset |
2023 |
£ |
Other timing differences | 646,449 |
Deferred tax | (162,639 | ) |
Amounts owed by group undertakings are interest free and repayable on demand however the directors do not intend to call on the debt and therefore it has been showed as a non-current asset. |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
9. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Capitalised loan cost | - | (24,058 | ) |
Deferred income |
Accrued expenses |
Part of the amounts owed to group undertakings are interest free and repayable on demand. The interest bearing loan with Wembley W06 Commercial Holdings Limited is the on-charge of the Hive facility held by that company with Investec Bank PLC for a maximum amount of £38,000,000, which is secured against the Investment Property. Any amounts borrowed under that loan facility are repayable in full within one year of the Balance Sheet date. |
The loan granted to the Company by Wembley W06 Commercial Holdings Limited has been classified as current liabilities as the loan is repayable in full within one year of the Balance Sheet date. Interest is charged on the amounts borrowed at 3.87% per annum. |
10. | Provisions for liabilities |
2022 |
£ |
Deferred tax |
Other timing differences | (117,844 | ) |
Deferred tax | 280,483 |
162,639 |
Deferred |
tax |
£ |
Balance at 1st January 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Remeasurement of deferred tax | (35,943 | ) |
Adjustment for prior period | (44,205 | ) |
Balance at 31st December 2023 | ( |
) |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
10. | Provisions for liabilities - continued |
The deferred tax (asset)/liability is made up as follows: |
2023 | 2022 |
£ | £ |
Accelerated capital allowances | (20,735 | ) | (20,735 | ) |
Capitalised revenue expenditure | - | 6,014 |
Revenue tax losses | (196,483 | ) | (64,783 | ) |
Unrealised investment property gains / (losses) | (266,592 | ) | 242,143 |
(483,810 | ) | 162,639 |
The company has a net deferred tax asset of £0.48m (2022: liability of £0.16m) comprising of accelerated capital allowances, unrealised gains on investment property, revenue tax losses carried forward and short-term timing differences. |
A deferred tax asset of £0.27m (2022: £0.24m liability) is recognised in respect of the decrease in market value of Investment Property since acquisition. |
A further deferred tax asset of £0.04m is unrecognised in accordance with IAS 12 as it relates to the tax position of the same Investment Property, which was transferred to the Company from another Group company, as at the date of acquisition. |
The Group in which the company is a member has a policy of claiming / surrendering group relief for appropriate consideration and paying consideration for the transfer of capital gains to fellow group companies to be offset by tax losses. |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | 1 | 1 | 1 |
Full details of the rights and obligations attached to the ordinary shares are contained in the Company's articles of association. These rights include an entitlement to receive the Company's annual report and financial statements, to attend and speak at general meetings of the Company, to appoint proxies and to exercise voting rights. Holders of ordinary shares may also receive dividends and may receive a share of the Company's assets on the Company's liquidation. There are no restrictions on the transfer of ordinary shares. |
Wembley Retail Investments W06A Limited (Registered number: 12246499) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
12. | Reserves |
Retained |
earnings |
£ |
At 1st January 2023 |
Deficit for the year | ( |
) |
At 31st December 2023 | ( |
) |
13. | Post balance sheet events |
On 28 March 2024, the Company entered into an agreement to sell its shares to Clairvot Hive Limited and Clairvot Hive WO WR Ltd. As a result of this transaction, the Company ceased to be a part of the Group from that date.. |
14. | Controlling party |
At 31 December 2023 the Company's immediate parent was Wembley W06 Commercial Holdings Limited, registered address 180 Great Portland Street, London W1W 5QZ, an indirect subsidiary of Quintain Limited, registered address 180 Great Portland Street, London W1W 5QZ. The groups in which results of the Company are consolidated are those headed by Quintain Limited and Quintain Investment Holdings Limited, the later incorporated in Jersey, registered address 44 Esplanade, St Helier, Jersey, JE4 9WG. Group financial statements of Quintain Limited are available on request from 180 Great Portland Street, London W1W 5QZ. The ultimate controlling party is LSREF IV Bailey TopCo Limited, an entity incorporated in Bermuda. |