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Registered number: 13321690










WGWM LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
WGWM LIMITED
REGISTERED NUMBER: 13321690

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
5,500,000
5,700,000

Current assets
  

Debtors
 5 
46,850
51,885

Cash at bank and in hand
  
58,429
55,292

  
105,279
107,177

Creditors: amounts falling due within one year
 6 
(73,077)
(59,730)

Net current assets
  
 
 
32,202
 
 
47,447

Total assets less current liabilities
  
5,532,202
5,747,447

Creditors: amounts falling due after more than one year
 7 
(3,850,000)
(3,850,000)

  

Net assets
  
1,682,202
1,897,447


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
1,682,201
1,897,446

  
1,682,202
1,897,447


Page 1

 
WGWM LIMITED
REGISTERED NUMBER: 13321690

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A W Kirima-Muchoki
Director

Date: 4 April 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WGWM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

WGWM Limited is a private company, limited by shares, and incorporated in England and Wales. The address of its registered office is 29 Broad Walk, London, N21 3BU.
The financial statements are presented in pound sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover represents rents receivable during the year from investment property in accordance with lease agreement with its tenants.
Property acquisitions and disposals are accounted for when legally binding contracts which are irrecoverable and effectively unconditional are exchange, and in the case of disposals, where completion has taken place prior to the date on which the financial statements are approved.

 
2.3

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated financial statements.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3

 
WGWM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. 

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 4

 
WGWM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 May 2023
5,700,000


Deficit on revaluation
(200,000)



At 30 April 2024
5,500,000

The 2024 valuations were made by the director, on a fair value for existing use basis.



At 30 April 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
5,715,028
5,715,028

Page 5

 
WGWM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Debtors


2024
2023
£
£

Due after more than one year

Other debtors
37,577
37,577

Prepayments and accrued income
1,708
8,773

39,285
46,350

Due within one year

Other debtors
500
492

Prepayments and accrued income
7,065
5,043

46,850
51,885



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,250
-

Other creditors
52,849
40,831

Accruals and deferred income
15,978
18,899

73,077
59,730



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,850,000
3,850,000


Secured creditors
The aggregate amount of creditors for which security has been given amounted to £3,850,000 (2023 - £3,850,000) by fixed and floating charges over all the assets of the company.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1


Page 6

 
WGWM LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with the other wholly owned members of the group.
At the balance sheet date, the balance due to the director was £49,332 (2023 - £40,832).


Page 7