Registered number
12714236
Wings Asset Management Limited
Micro Entity Accounts
31 December 2024
Wings Asset Management Limited
Registered number: 12714236
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 11,603 8,297
Investment properties 4 11,159,407 10,457,778
11,171,010 10,466,075
Current assets
Debtors 5 26,868 86,339
Cash at bank and in hand 157,075 251,822
183,943 338,161
Creditors: amounts falling due within one year 6 (89,073) (16,714)
Net current assets 94,870 321,447
Total assets less current liabilities 11,265,880 10,787,522
Creditors: amounts falling due after more than one year 7 (11,591,667) (11,026,725)
Net liabilities (325,787) (239,203)
Capital and reserves
Called up share capital 100 100
Profit and loss account (325,887) (239,303)
Shareholder's funds (325,787) (239,203)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K T Lee
Director
Approved by the board on 08.04.2025
Wings Asset Management Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 13,873
Additions 5,853
At 31 December 2024 19,726
Depreciation
At 1 January 2024 5,576
Charge for the year 2,547
At 31 December 2024 8,123
Net book value
At 31 December 2024 11,603
At 31 December 2023 8,297
4 Investment properties
Investment
properties
£
Cost
At 1 January 2024 10,457,777
Additions 701,630
At 31 December 2024 11,159,407
5 Debtors 2024 2023
£ £
Trade debtors 7,201 11,417
Other debtors 19,667 74,922
26,868 86,339
6 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 89,073 16,714
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,572,395 6,115,379
Directors loan 7,019,272 4,911,346
11,591,667 11,026,725
The bank loans are secured by fixed charges over the investment properties for the benefit of Arbuthnot Lathem and Standard Chartered Bank.
8 Controlling party
The ultimate controlling party is Electroheat Holdings Limited, a company incorporated in Hong Kong, Registered Office Unit A, 15/F Billion Plaza, 8 CheungYue Street, Kowloon, Hong Kong
9 Other information
Wings Asset Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Margaret Road
Romford
Essex
RM2 5SH
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