BrightAccountsProduction v1.0.0 v1.0.0 2023-07-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the purchase of investment property to generate investment income. 20 March 2025 2 2 14450274 2024-06-30 14450274 2023-06-30 14450274 2022-06-30 14450274 2023-07-01 2024-06-30 14450274 2022-07-01 2023-06-30 14450274 uk-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 14450274 uk-curr:PoundSterling 2023-07-01 2024-06-30 14450274 uk-bus:AbridgedAccounts 2023-07-01 2024-06-30 14450274 uk-bus:Audited 2023-07-01 2024-06-30 14450274 uk-core:ShareCapital 2024-06-30 14450274 uk-core:ShareCapital 2023-06-30 14450274 uk-core:RetainedEarningsAccumulatedLosses 2024-06-30 14450274 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 14450274 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-06-30 14450274 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-06-30 14450274 uk-core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 14450274 uk-bus:FRS102 2023-07-01 2024-06-30 14450274 uk-core:PlantMachinery 2023-07-01 2024-06-30 14450274 uk-core:ParentEntities 2023-07-01 2024-06-30 14450274 uk-core:UltimateParent 2023-07-01 2024-06-30 14450274 2023-07-01 2024-06-30 14450274 uk-bus:Director1 2023-07-01 2024-06-30 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: 14450274
 
 
Wise Dan Ltd
 
Abridged Financial Statements
 
for the financial year ended 30 June 2024
Wise Dan Ltd
DIRECTORS' REPORT
for the financial year ended 30 June 2024

 
The directors present their report and the audited financial statements for the financial year ended 30 June 2024.
 
Principal Activity
The principal activity of the company is the purchase of investment property to generate investment income.
     
Results and Dividends
The loss for the financial year after providing for depreciation and taxation amounted to £(607,672) (2023 - £(210,948)).
     
Directors
The directors who served during the financial year are as follows:
     
Barry Comer
Luke Comer
   
There were no changes in shareholdings between 30 June 2024 and the date of signing the financial statements.
     
In accordance with the Constitution, the directors retire by rotation and, being eligible, offer themselves for re-election.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Auditors
The auditors, Thomas P Fox & Co, (Accountants and Statutory Audit Firm) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
Future developments
The directors do not intend to change the activities of the company. They expect to see increased rents and further uplifts in value from the investment property.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
Barry Comer
Director
     
20 March 2025



Wise Dan Ltd
STATEMENT OF DIRECTORS' RESPONSIBILITIES
for the financial year ended 30 June 2024

 
The directors are responsible for preparing the Directors' 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) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). 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 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.
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
■the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
     
On behalf of the board
     
     
___________________________
Barry Comer
Director
     
20 March 2025



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Wise Dan Ltd

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Wise Dan Ltd ('the company') for the financial year ended 30 June 2024 which comprise the Abridged Income Statement, the Abridged Statement of Financial Position, the Statement of Changes in Equity and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities).

In our opinion the financial statements:
■give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the financial 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.
 
Basis for opinion
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 the Provisions Available for Audits of Small Entities, in the circumstances set out in Note 6 to the financial statements, 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.
 
Material uncertainty related 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.
 
We draw your attention to note 5 in the financial statements, which indicates that the company incurred a net loss of £607,672 during the period ended 30th June 2024, and at this date, its liabilities exceeded its assets by £818,520. As stated in note 5, this event or condition, along with the other matters as set forth in note 5 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.
 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Other Information
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.
 
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the 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.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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.
 
Responsibilities of directors for the financial statements
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 they 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 has 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.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Based on our understanding of the Company and the industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, UK employment legislation and equivalent local laws and regulations applicable to the Company and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

- Gaining an understanding of the legal and regulatory applicable to the Company and the industry in which it operates and considering the risks of acts by the company which were contrary to applicable laws and regulations, including fraud. We held discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations that could give rise to a material misstatement in the Company financial statements.

- Challenging assumptions and judgements made by management in its significant accounting estimates, in particular in relation to recoverability of trade receivables.

- We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls, including testing journals, and evaluated whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
 
Further information regarding the scope of our responsibilities as auditor
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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. 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.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
 
Use of our report
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.
 
 
 
__________________________________
Anthony Kelly (Senior Statutory Auditor)
for and on behalf of
THOMAS P FOX & CO
Accountants and Statutory Audit Firm
Leixlip Centre
Leixlip
Co. Kildare
Ireland
 
20 March 2025



Wise Dan Ltd
ABRIDGED INCOME STATEMENT
for the financial year ended 30 June 2024
2024 2023
Notes £ £

Gross profit 3,706,481 2,419,360
 
Administrative expenses (2,576,461) (1,566,320)
───────── ─────────
Operating profit 1,130,020 853,040
 
Interest receivable and similar income 1,630 -
Interest payable and similar expenses (1,720,400) (889,930)
───────── ─────────
Loss before taxation (588,750) (36,890)
 
Tax on loss (18,922) (174,058)
───────── ─────────
Loss for the financial year (607,672) (210,948)
───────── ─────────
Total comprehensive income (607,672) (210,948)
    ═════════   ═════════



Wise Dan Ltd
Company Registration Number: 14450274
ABRIDGED STATEMENT OF FINANCIAL POSITION
as at 30 June 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 8 16,388,976 16,671,702
───────── ─────────
 
Current Assets
Debtors 720,382 667,655
Cash and cash equivalents 295,729 -
───────── ─────────
1,016,111 667,655
───────── ─────────
Creditors: amounts falling due within one year (921,950) (984,021)
───────── ─────────
Net Current Assets/(Liabilities) 94,161 (316,366)
───────── ─────────
Total Assets less Current Liabilities 16,483,137 16,355,336
 
Creditors:
amounts falling due after more than one year (17,163,594) (16,566,184)
 
Provisions for liabilities (138,063) -
───────── ─────────
Net Liabilities (818,520) (210,848)
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings (818,620) (210,948)
───────── ─────────
Equity attributable to owners of the company (818,520) (210,848)
═════════ ═════════
 
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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
Approved by the Board and authorised for issue on 20 March 2025 and signed on its behalf by
           
           
________________________________          
Barry Comer          
Director          
           



Wise Dan Ltd
STATEMENT OF CHANGES IN EQUITY
as at 30 June 2024

Called up Retained Total
share earnings
capital
£ £ £
 
At 28 October 2022 - - -
───────── ───────── ─────────
Loss for the financial period - (210,948) (210,948)
───────── ───────── ─────────
At 30 June 2023 100 (210,948) (210,848)
  ───────── ───────── ─────────
Loss for the financial year - (607,672) (607,672)
  ───────── ───────── ─────────
At 30 June 2024 100 (818,620) (818,520)
  ═════════ ═════════ ═════════



Wise Dan Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 30 June 2024

   
1. General Information
 
Wise Dan Ltd is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 14450274. The registered office of the company is 19 Coombehurst Close, Hadley Wood, Herts, EN4 0JU, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 June 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 12,5% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Abridged Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Abridged Income Statement.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Statement of Financial Position bank overdrafts are shown within Creditors.
 
Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
The investment property has been revalued by the directors on an existing use basis at the year end.
   
4. Period of financial statements
 
The comparative figures relate to the 8 month period ended 30 June 2023.
   
5. Going concern
 
The company incurred a net loss of £607,672 during the period ended 30th June 2024 and at this date, its liabilities exceeded its assets by £818,520. The major part of the company’s capital requirements have been provided by a loan from Galveston Investments S.A., a related company. This loan is being repaid from available funds and it is anticipated that the balance of the loan will be repaid from future profits generated from the sale of the company’s property, the net realisable value of which is anticipated to be in excess of the borrowing. This does not however take into account future fluctuations in the property market. The loan is for a period of 15 years from the date on which the terms of the loan were agreed or is repayable on the date of the completion of the sale of the property if earlier.

The financial statements have been prepared on a going concern basis.
   
6. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to Her Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
       
7. Employees
 
The average monthly number of employees, including directors, during the financial year was 2.
 
  2024 2023
  Number Number
 
Directors 2 2
  ═════════ ═════════
         
8. Property, plant and equipment
  Investment Plant and Total
  properties machinery  
       
  £ £ £
Cost or Valuation
At 1 July 2023 16,500,108 196,108 16,696,216
Additions - 2,065,696 2,065,696
Disposals (2,065,696) - (2,065,696)
  ───────── ───────── ─────────
At 30 June 2024 14,434,412 2,261,804 16,696,216
  ───────── ───────── ─────────
Depreciation
At 1 July 2023 - 24,514 24,514
Charge for the financial year - 282,726 282,726
  ───────── ───────── ─────────
At 30 June 2024 - 307,240 307,240
  ───────── ───────── ─────────
Net book value
At 30 June 2024 14,434,412 1,954,564 16,388,976
  ═════════ ═════════ ═════════
At 30 June 2023 16,500,108 171,594 16,671,702
  ═════════ ═════════ ═════════
 
The investment property of the company has been valued by the directors at the 30 June 2024. This resulted in no change in value.
       
9. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 June 2024.
   
10. Parent and ultimate parent company
 
The company regards Kinzie Holdings Limited as its parent company. Kinzie Holdings Limited is a company incorporated in The British Virgin Islands.
 
The companys ultimate parent undertaking is Redrock Limited.
The address of Redrock Limited is British Virgin Islands.
 
   
11. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.