Company registration number 12261217 (England and Wales)
WILLIAM REAL ESTATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAM REAL ESTATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
WILLIAM REAL ESTATE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
AUD
AUD
AUD
AUD
Fixed assets
Investments
3
3,250,000
Current assets
Debtors
5
81,915,186
47,961,331
Cash at bank and in hand
20,324
56,071
81,935,510
48,017,402
Creditors: amounts falling due within one year
6
(82,983,268)
(49,616,790)
Net current liabilities
(1,047,758)
(1,599,388)
Net (liabilities)/assets
(1,047,758)
1,650,612
Capital and reserves
Called up share capital
7
185
185
Profit and loss reserves
(1,047,943)
1,650,427
Total equity
(1,047,758)
1,650,612
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
Paolo Balen
Madan Harree
Director
Director
Company registration number 12261217 (England and Wales)
WILLIAM REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
William Real Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 10 Charles II Street, London, United Kingdom, SW1Y 4AA.
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 AUD, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest AUD.
The financial statements have been prepared under the historical cost convention, modified to include 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
Going concern
The financial statements for the company have been prepared on a going concern basis. Thetrue company recorded a loss for the financial year of AUD 2,698,370 (2023 recorded a profit of - AUD 377,552) and had net liabilities of AUD 1,047,758 (2023 net assets - AUD 1,650,612) at the balance sheet date. The loss was due to the impairment of the investment within the subsidiary which amounted to AUD3,250,000 and is an unrealised loss.
Having assessed the company's and the group's forecasts and considered all other relevant matters, the Directors consider it appropriate to prepare the financial statements on a going concern basis as the Directors have assured themselves that the company will have sufficient resources to remain in business for at least the next 12 months from the date of approval of these financial statements.
Liabilities are predominantly comprised of intercompany loans from related companies Although the related companies loans are repayable on demand and have been disclosed in the financial statements as falling due within one year, the related companies have confirmed that they will not call in the loans until the resources of the company allow and not within 12 months of the date of approval of the financial statements.
In the event of the company requiring financial support to further meet its liabilities, the related companies have confirmed that they have undertaken to continue to provide such financial support as the company requires.
As a result of the above, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Fixed asset investments
Interests in subsidiaries, 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.
WILLIAM REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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.
Basic financial assets
Basic financial assets include debtors and cash and bank balances.
Debtors
Other than loans, debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 include creditors. Creditors are not interest bearing and are stated at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
WILLIAM REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.7
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Foreign exchange
Transactions in currencies other than AUD are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Fixed asset investments
2024
2023
AUD
AUD
Shares in group undertakings and participating interests
3,250,000
WILLIAM REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
AUD
Cost or valuation
At 1 January 2024
3,250,000
Impairment charge
(3,250,000)
At 31 December 2024
-
Shares in subsidiary undertakings represent the company’s investment in Coweley William Pty Ltd.
The company evaluates its investments in subsidiary undertakings annually for any indicators of impairment or impairment reversal. The company considers the relationship between the net assets of its subsidiary and the carrying value of its investments, among other factors, when reviewing for indicators of impairment. As at 31 December 2024, the net assets of Coweley William Pty Ltd was significantly below the carrying value of the investments, indicating a potential impairment.
The company has determined that the recoverable amount of its investment in Coweley William Pty Ltd is AUD Nil and as a result has recognised an impairment of AUD3,250,000.
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Coweley William Pty Ltd
Australia
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
AUD
AUD
Coweley William Pty Ltd
(53,098,908)
(48,354,806)
5
Debtors
2024
2023
Amounts falling due within one year:
AUD
AUD
Amounts owed by group undertakings
81,914,848
47,961,050
Other debtors
338
281
81,915,186
47,961,331
WILLIAM REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
AUD
AUD
Corporation tax
66,353
36,971
Other taxation and social security
168
Other creditors
82,916,915
49,579,651
82,983,268
49,616,790
7
Called up share capital
2024
2023
AUD
AUD
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
185
185
185
185
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified. In their report, the auditors emphasised the following matter without
qualifying their report:
Material uncertainty related to going concern
We draw attention to note 1.2 in the financial statements, which indicates that the company is reliant upon
group support, which the directors believe will be available. As stated in note 1.2, these events or conditions,
along with the other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast
significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in
respect of this matter.
Senior Statutory Auditor:
Selven Iyaroo
Statutory Auditor:
Barnes Roffe LLP
Date:
WILLIAM REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
9
Related party transactions
Included within debtors is a loan of AUD 81,914,848 (2023 - AUD 47,961,050) due from the subsidiary. This loan includes interest of AUD 2,806,741 of which AUD 735,691 was accrued this year. This loan is repayable upon demand.
Other creditors include interest free loans from the shareholder of AUD 82,886,297 (2023 - AUD 49,552,928). The loans are unsecured and repayable upon demand.
Also included within other creditors is an amount due to Coweley Limited, a related company, of AUD 14,418 (2023 - AUD 19,723) in respect of costs incurred during the year paid by Coweley Limited. This is an interest free loan and repayable upon demand.
10
Parent company
The company's immediate parent company is William Properties S.A., a company domiciled and registered in the Cayman Islands.
The ultimate controlling party is ST Group Holding Inc. which is a company registered in the Cayman Islands.