Company registration number 03261727 (England and Wales)
WAINFORD HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
WAINFORD HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
WAINFORD HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D M J Wainford
Mrs R A Wainford
Secretary
Mrs R A Wainford
Company number
03261727
Registered office
The Manor House
Heathfield Park
Old Heathfield
East Sussex
TN21 8RL
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
WAINFORD HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,169,278
3,172,391
Investment property
4
5,517,428
5,517,428
Investments
5
172,077
125,596
8,858,783
8,815,415
Current assets
Debtors falling due after more than one year
7
2,708,735
7,537,120
Debtors falling due within one year
7
411,072
515,213
Investments
8
5,041
5,148
Cash at bank and in hand
2,445,368
16,741
5,570,216
8,074,222
Creditors: amounts falling due within one year
9
(1,530,914)
(3,510,393)
Net current assets
4,039,302
4,563,829
Total assets less current liabilities
12,898,085
13,379,244
Creditors: amounts falling due after more than one year
10
(4,012,500)
(4,022,500)
Net assets
8,885,585
9,356,744
Capital and reserves
Called up share capital
11
50
50
Revaluation reserve
787,659
1,275,901
Capital redemption reserve
50
50
Profit and loss reserves
8,097,826
8,080,743
Total equity
8,885,585
9,356,744
WAINFORD HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr D M J Wainford
Director
Company registration number 03261727 (England and Wales)
WAINFORD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Wainford Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Manor House, Heathfield Park, Old Heathfield, East Sussex, TN21 8RL.

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.

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 investment income, profits or losses on disposal of investments and rental income.

Rental income is recognised in accordance with the term of the rental agreement over the term the agreement relates to.
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Freehold buildings
2% Straight line
Leasehold buildings
Straight line over the life of the lease
Plant and machinery
10% Straight line
Fixtures, fittings and equipment
25% Straight line

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.

WAINFORD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.7
Cash at bank and in hand

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.

1.8
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.

WAINFORD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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 and preference shares that are classified as debt, 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.

1.9
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
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.

1.11
Retirement benefits
The amount charged to the profit and loss accounts represents the contributions payable to a defined contribution pension scheme.
WAINFORD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
7
3
Tangible fixed assets
Freehold buildings
Leasehold buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
3,195,094
100,000
501,092
28,108
3,824,294
Additions
33,563
-
0
1,322
-
0
34,885
At 31 March 2024
3,228,657
100,000
502,414
28,108
3,859,179
Depreciation and impairment
At 1 April 2023
105,694
67,781
456,534
21,894
651,903
Depreciation charged in the year
9,159
6,667
19,830
2,342
37,998
At 31 March 2024
114,853
74,448
476,364
24,236
689,901
Carrying amount
At 31 March 2024
3,113,804
25,552
26,050
3,872
3,169,278
At 31 March 2023
3,089,400
32,219
44,558
6,214
3,172,391
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
5,517,428

Investment property comprises freehold land. The fair value of the investment property has been arrived at by the directors at the balance sheet date on an open market value basis by reference to market evidence of transaction prices for similar properties. The historical cost of the property is £4,450,253 (2023 - £4,450,253).

WAINFORD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
104
104
Other investments other than loans
171,973
125,492
172,077
125,596
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
104
125,492
125,596
Valuation changes
-
46,481
46,481
At 31 March 2024
104
171,973
172,077
Carrying amount
At 31 March 2024
104
171,973
172,077
At 31 March 2023
104
125,492
125,596
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Company
Registered
Class of
% Held
office
shares held
Direct
Indirect
9 Ravine Road Bantry Bay (Proprietary) Limited
Rep. South Africa
Ordinary
-
100
Heathfield Park Events Limited
England & Wales
Ordinary
100
-
Repli Investments No 8 (Propietary) Limited
Rep. South Africa
Ordinary
100
-
Wainford Investment Holdings SA (Propietary) Ltd
Rep. South Africa
Ordinary
-
100
Wheatfield Investments No 247 (Propietary) Ltd
Re. South Africa
Ordinary
-
100
Astutus Finance Limited
England & Wales
Ordinary
100
-
Distinctive Properties Ascot Limited
England & Wales
Ordinary
100
-
W L Developments St George's Limited
England and Wales
Ordinary
-
100
Distinctive UK Living Limited
England and Wales
Ordinary
-
100
WAINFORD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,230
-
0
Amounts owed by group undertakings
103,994
130,024
Other debtors
290,848
385,189
411,072
515,213
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,708,735
7,537,120
Total debtors
3,119,807
8,052,333

 

8
Current asset investments
2024
2023
£
£
Other investments
5,041
5,148
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,508,271
3,463,005
Taxation and social security
8,123
3,567
Other creditors
14,520
43,821
1,530,914
3,510,393

Bank loans totalling £1,495,003 are secured by a fixed floating charge over the assets of the company.

WAINFORD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,012,500
4,022,500

Bank loans totalling £4,000,000 are secured by a fixed floating charge over the assets of the company.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50
50
50
50
12
Related party transactions

Guarantees

 

D M J Wainford has given personal guarantees in respect of the bank borrowings of the company.

13
Directors' transactions

Dividends totalling £121,500 (2023 - £121,500) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loan
-
385,188
442,811
(537,151)
290,848
385,188
442,811
(537,151)
290,848
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