Company registration number 08306830 (England and Wales)
WOLVERTON FUNDCO 1 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
WOLVERTON FUNDCO 1 LIMITED
COMPANY INFORMATION
Directors
A J Fowles
B J Jenkins
A D Pond
D J Hudson
I O Akintayo
(Appointed 17 December 2024)
Secretary
G M Gatty
Company number
08306830
Registered office
128 Buckingham Palace Road
London
United Kingdom
SW1W 9SA
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
WOLVERTON FUNDCO 1 LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 15
WOLVERTON FUNDCO 1 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of property development and management.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A J Fowles
B J Jenkins
M W Grinonneau
(Resigned 16 November 2023)
A D Pond
D J Hudson
S C Waters
(Appointed 16 November 2023 and resigned 17 December 2024)
I O Akintayo
(Appointed 17 December 2024)
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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;
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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
WOLVERTON FUNDCO 1 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
On behalf of the board
A J Fowles
Director
26 March 2025
WOLVERTON FUNDCO 1 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOLVERTON FUNDCO 1 LIMITED
- 3 -
Opinion
We have audited the financial statements of Wolverton Fundco 1 Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 30 September 2024 and of its profit 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
WOLVERTON FUNDCO 1 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOLVERTON FUNDCO 1 LIMITED
- 4 -
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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
WOLVERTON FUNDCO 1 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOLVERTON FUNDCO 1 LIMITED
- 5 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 an auditor's report 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.
Rebecca Boys
Senior Statutory Auditor
For and on behalf of Azets Audit Services
28 March 2025
Chartered Accountants
Statutory Auditor
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
WOLVERTON FUNDCO 1 LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2024
2023
£
£
Turnover
352,895
334,893
Administrative expenses
(48,004)
(69,447)
Other operating income
631
Operating profit
305,522
265,446
Interest payable and similar expenses
(161,720)
(166,166)
Profit before taxation
143,802
99,280
Tax on profit
Profit for the financial year
143,802
99,280
The profit and loss account has been prepared on the basis that all operations are continuing operations.
WOLVERTON FUNDCO 1 LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
6,285,000
6,285,000
Current assets
Debtors
6
32,447
118,602
Cash at bank and in hand
153,869
71,327
186,316
189,929
Creditors: amounts falling due within one year
7
(225,773)
(257,077)
Net current liabilities
(39,457)
(67,148)
Total assets less current liabilities
6,245,543
6,217,852
Creditors: amounts falling due after more than one year
8
(2,912,750)
(3,003,675)
Provisions for liabilities
9
(724,000)
(724,000)
Net assets
2,608,793
2,490,177
Capital and reserves
Called up share capital
11
1
1
Fair value reserve
12
1,951,374
1,951,374
Profit and loss reserve
13
657,418
538,802
Total equity
2,608,793
2,490,177
These financial statements have been prepared 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 26 March 2025 and are signed on its behalf by:
A J Fowles
Director
Company Registration No. 08306830
WOLVERTON FUNDCO 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
1
1,951,374
462,654
2,414,029
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
99,280
99,280
Dividends
-
-
(23,132)
(23,132)
Balance at 30 September 2023
1
1,951,374
538,802
2,490,177
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
143,802
143,802
Dividends
-
-
(25,186)
(25,186)
Balance at 30 September 2024
1
1,951,374
657,418
2,608,793
WOLVERTON FUNDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
1
Accounting policies
Company information
Wolverton Fundco 1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 128 Buckingham Palace Road, London, United Kingdom, SW1W 9SA.
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 and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Disclosure exemptions
Exemption has been taken from preparing cash flow statement on the grounds that the company is considered to be small under the provisions of the Companies Act 2006.
1.2
Going concern
The company has long term funding in place and has a detailed financial model on which its future operations are based. The directors have considered the company’s projected income and cash flows in the short and medium term in relation to the future viability of the company. true
The company’s operating cash inflows are largely dependent on unitary charge receipts from NHS Property Services and the directors expect these amounts to be received even in severe but plausible downside scenarios.
The directors have assessed the viability of its main sub-contractors and reviewed the contingency plans of the sub-contractors and are satisfied in their ability to provide the services in line with the contract without significant additional costs to the company, even in downside scenarios, due to the underlying contractual terms. However, in the unlikely event of a subcontractor failure, the company has its own business continuity plans to ensure that service provision will continue.
The directors consider that these projections, together with the available loan finance, as a PFI contractor continuing to deliver public services, the company to have sufficient funds to enable the company to continue to provide these services and meet their liabilities as they fall due. The company therefore continues to adopt the going concern basis.
1.3
Turnover
Turnover represents net invoiced rental income and facilities management fees receivable during the year, excluding value added tax.
WOLVERTON FUNDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.4
Investment properties
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 end date. Changes in fair value are recognised in profit or loss.
Depreciation is not provided on freehold investment properties. This treatment represents a departure from the requirements of the Companies Act 2006 covering depreciation of fixed assets. However, these properties are not held for consumptions but for investment and the directors consider that systematic annual depreciation would be appropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
WOLVERTON FUNDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 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 equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment property
The company used valuations performed by the directors for the basis of the fair value of its investment properties. The investment property valuations as at 30 September 2024, reflect matters such as tenure and tenancy details, prevailing market yields and comparable market transactions.
WOLVERTON FUNDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
3
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
4
Deferred taxation
A potential deferred tax asset of £46,000 (2023: £77,000) has not been recognised due to uncertainty over the timing of the reversal which will be based on future trading profits.
5
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
6,285,000
At the balance sheet date, the property was valued at fair value by the directors.
Capitalised interest of £138,544 (2023: £138,544) has been included in the value of the investment property.
Fair value at 30 September 2024 is represented by:
2024
2023
£
£
Cost
3,609,626
3,609,626
Current year valuation
-
-
Valuations in respect of prior years
2,675,374
2,675,374
Carrying amount
6,285,000
6,285,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,469
36,696
Amounts owed by group undertakings
80,000
Other debtors
1,978
1,906
32,447
118,602
WOLVERTON FUNDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
89,379
84,920
Trade creditors
10,001
4,976
Amounts owed to group undertakings
308
Taxation and social security
13,783
14,540
Other creditors
112,302
152,641
225,773
257,077
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,848,319
2,937,356
Other creditors
64,431
66,319
2,912,750
3,003,675
The bank loan totalling £2,937,698 (2023: £3,022,276) is secured by a legal mortgage on the land and buildings and a fixed charge over all present and future property, contracts, revenues and rights of every description and all monies deposited, dated 7 February 2013.
The land and buildings are also security for the bank loan held in the intermediate parent company, Assemble Community Partnership Limited.
The bank loan is also secured by a Deed of Charge over shares, dated 7 February 2013 held in the parent company Wolverton Holdings Limited.
The loan is split between a development loan and a long term mortgage. The development loan is repaid on an interest only basis for 25 years with repayment of the capital sum 25 years from the date of completion of the development, expected to be in 2039. The long term mortgage is to be repaid on a six monthly basis, over the 25 year term, following the completion of the development.
The loan bears interest at a rate of 5.15% accrued on a monthly basis.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
2,495,461
2,607,864
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
724,000
724,000
WOLVERTON FUNDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
724,000
724,000
There were no deferred tax movements in the year.
The deferred tax liability set out above in relation to the valuation of the investment property.
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
12
Fair value reserve
2024
2023
£
£
At the beginning and end of the year
1,951,374
1,951,374
13
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
538,802
462,654
Profit for the year
143,802
99,280
Dividends declared and paid in the year
(25,186)
(23,132)
At the end of the year
657,418
538,802
WOLVERTON FUNDCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Wolverton Holdings Limited
During the year, the company paid interest of £8,448 (2023: £8,639) on subordinated loans to Wolverton Holdings Limited. At the balance sheet date, subordinated loans of £66,319 (2023: £67,991) were outstanding to Wolverton Holdings Limited. At the balance sheet date, the company was owed £1 (2023: £1) by Wolverton Holdings Limited, in respect of unpaid share capital.
During the year, the company paid dividends of £25,186 (2023: £23,132) to Wolverton Holdings Limited.
Community Health Partnerships Limited
During the year, the company received rental income totaling £93,795 (2023: £84,286) from Community Health Partnerships Limited, a shareholder in Assemble Community Partnership Limited. At the balance sheet date, the company was owed £30,469 (2023: £28,894) from Community Health Partnerships Limited and had deferred income of £23,449 (2023: £23,449).
Assemble Community Partnership Limited
During the year the company was charged £3,612 (2023: £3,317) as Lift company contributions, by Assemble Community Partnership Limited, the parent company of Wolverton Holdings Limited. At the balance sheet date, the company owed £308 (2023: £nil) to Assemble Community Partnership Limited.
Accuro FM Ltd
During the year the company incurred facilities management fees of £nil (2023: £46,737) from Accuro FM Ltd. Accuro FM Ltd is a wholly owned subsidiary of Accuro Group Holdings Limited, a company in which Mr B J Jenkins and Mr A J Fowles were also directors, up to 3rd October 2023 and ceased to be a related party. At the balance sheet date, the company owed £nil (2023: £4,976) to Accuro FM Limited.
Assemble Fundco 1 Limited
At the balance sheet date, the company was owed £nil (2023: £80,000) by Assemble Fundco 1 Limited, a fellow subsidiary company.
Guildhealth Limited
During the year, the company received income in respect of the surrender of group losses totalling £631 (2023: £nil) from Guildhealth Limited. Guildhealth Limited is a subsidiary company of Guildhouse UK Limited, an intermediate parent company.
15
Parent company
The company is a wholly owned subsidiary of Wolverton Holdings Limited, a company registered in England and Wales.
The results of the company are included in the consolidated financial statements of Guildhouse Holdings Limited. Assemble Community Partnership Limited, the parent company of Wolverton Holdings Limited, is a subsidiary of Guildhouse UK (PPP) Limited, which is a wholly owned subsidiary of Guildhouse UK Limited, which is a wholly owned subsidiary of Guildhouse Holdings Limited. The consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
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