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REGISTERED NUMBER: 01311448 (England and Wales)















Financial Statements

for the Year Ended 30 September 2023

for

Areawise Limited

Areawise Limited (Registered number: 01311448)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Areawise Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: L M Froggatt
A Froggatt
P M Rider
D L Froggatt





SECRETARY: L M Froggatt





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 01311448 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Areawise Limited (Registered number: 01311448)

Statement of Financial Position
30 September 2023

30/9/23 30/9/22
Notes £    £   
FIXED ASSETS
Tangible assets 5 174 204
Investments 6 2,244,620 2,244,620
Investment property 7 1,450,000 1,900,000
3,694,794 4,144,824

CURRENT ASSETS
Stocks 7,019,720 6,806,501
Debtors 8 3,449,447 3,287,163
Cash at bank 62,611 86,485
10,531,778 10,180,149
CREDITORS
Amounts falling due within one year 9 (13,211,220 ) (14,366,976 )
NET CURRENT LIABILITIES (2,679,442 ) (4,186,827 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,015,352

(42,003

)

CREDITORS
Amounts falling due after more than one
year

10

(1,208,000

)

(1,208,000

)

PROVISIONS FOR LIABILITIES (196,678 ) (312,062 )
NET LIABILITIES (389,326 ) (1,562,065 )

CAPITAL AND RESERVES
Called up share capital 320 320
Share premium 12 793,980 793,980
Retained earnings 12 (1,183,626 ) (2,356,365 )
(389,326 ) (1,562,065 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Areawise Limited (Registered number: 01311448)

Statement of Financial Position - continued
30 September 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





L M Froggatt - Director


Areawise Limited (Registered number: 01311448)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Areawise Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company is in a net current liabilities position at 30 September 2023. The accounts have been prepared under the going concern basis as the company is reliant on the continued support of its bankers and related companies. The directors believe that this support will continue for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in equity shares which are publicly traded or where fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit and loss.

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measure at cost less impairment.

Where companies have been acquired using merger relief, the cost of the investment has been stated at the nominal value of the shares issued not the fair value.

Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The values use observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in profit and loss.

Stocks
Stocks represent properties acquired for development and properties currently being developed. All costs associated with the development work are included and a provision is made if the carrying value of the stocks are deemed to be greater than fair value. Such provision is expensed through profit and loss.


Areawise Limited (Registered number: 01311448)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1 October 2022
and 30 September 2023 3,749 6,200 9,949
Depreciation
At 1 October 2022 3,545 6,200 9,745
Charge for year 30 - 30
At 30 September 2023 3,575 6,200 9,775
Net book value
At 30 September 2023 174 - 174
At 30 September 2022 204 - 204

Areawise Limited (Registered number: 01311448)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
Cost
At 1 October 2022
and 30 September 2023 2,244,620 3,990,000 6,234,620
Provisions
At 1 October 2022
and 30 September 2023 - 3,990,000 3,990,000
Net book value
At 30 September 2023 2,244,620 - 2,244,620
At 30 September 2022 2,244,620 - 2,244,620

7. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 October 2022 1,900,000
Additions 11,537
Revaluations (461,537 )
At 30 September 2023 1,450,000
Net book value
At 30 September 2023 1,450,000
At 30 September 2022 1,900,000

Investment property was added at cost of £663,288. There has since been revaluations of £786,712, of which (£461,537) is in 2023. The property is therefore held at £1,450,000.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Trade debtors 114,947 61,834
Amounts owed by associates 2,346,019 2,636,297
Other debtors 988,481 589,032
3,449,447 3,287,163

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Trade creditors 574,905 261,433
Amounts owed to group undertakings 12,110,403 13,681,165
Amounts owed to associates 87,534 89,483
Taxation and social security 228,148 192,970
Other creditors 210,230 141,925
13,211,220 14,366,976

Areawise Limited (Registered number: 01311448)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/23 30/9/22
£    £   
Bank loans 1,208,000 1,208,000

11. SECURED DEBTS

The following secured debts are included within creditors:

30/9/23 30/9/22
£    £   
Bank loans 1,208,000 1,208,000

Included in the balance sheet are financial commitments of £1,208,000 (2022 - £1,208,000). This is secured on assets held by the company and is part of a loan shared between Crowdhill Limited, Froggatt Investments Limited and Manawey Developments Limited.

12. RESERVES

Included within the profit and loss account reserves is £793,980 (2022 - £936,187) of non-distributable reserves.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

30/9/23 30/9/22
£    £   
L M Froggatt
Balance outstanding at start of year 568,164 568,164
Amounts advanced 362,963 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 931,127 568,164

Included in Other Debtors, is a loan to the director of £931,127 (2022: £568,164). Interest has been applied to this loan at the rate of 2%.

14. RELATED PARTY DISCLOSURES

Included within amounts owed to associates is £87,534 (2022 - £89,483) due to Savitar IX Holdings Ltd (a company owned by Christopher Froggatt who is the son of Lionel Froggatt). No interest has been applied to this loan which is repayable on demand.

Included within amounts owed by associates is £1,271,569 (2022 - £1,351,369) to Tempesta Racing Ltd (a company owned by Christopher Froggatt and Lionel Froggatt). No interest has been applied to this loan which is repayable on demand.

Included within amounts owed by associates is £1,074,450 (2022 - £1,284,928) due from Inducon (Westminster) Limited, a company registered in England and Wales, owned by Mr L Froggatt. No interest has been charged on this balance and it is repayable on demand.

Areawise Limited (Registered number: 01311448)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L M Froggatt.