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REGISTERED NUMBER: 08101583 (England and Wales)




















Financial Statements

for the Year Ended 31 August 2024

for

Wishford P2 Limited

Wishford P2 Limited (Registered number: 08101583)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Wishford P2 Limited

Company Information
for the Year Ended 31 August 2024







DIRECTOR: S J Antrobus





SECRETARY: S J Antrobus





REGISTERED OFFICE: 25-27 High Street
Corsham
Wiltshire
SN13 0ES





REGISTERED NUMBER: 08101583 (England and Wales)

Wishford P2 Limited (Registered number: 08101583)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investment property 4 1,970,266 2,007,150

CURRENT ASSETS
Cash at bank 8,277 2,975

CREDITORS
Amounts falling due within one year 5 169,194 195,620
NET CURRENT LIABILITIES (160,917 ) (192,645 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,809,349

1,814,505

CREDITORS
Amounts falling due after more than one
year

6

(641,968

)

(669,005

)

PROVISIONS FOR LIABILITIES (148,714 ) (148,714 )
NET ASSETS 1,018,667 996,786

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,018,666 996,785
SHAREHOLDERS' FUNDS 1,018,667 996,786

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 May 2025 and were signed by:





S J Antrobus - Director


Wishford P2 Limited (Registered number: 08101583)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Wishford P2 Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.

The Company is a private Company Limited by shares and is registered in England and Wales. The address of
the Company's registered offices is shown on the company information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The company's functional and presentation currency is the pound sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless other stated.

Turnover
Turnover represents rentals from property, excluding value added tax where appropriate.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current Tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amount expected to be paid to the tax authorities.

Deferred tax
Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions.
Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Wishford P2 Limited (Registered number: 08101583)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified by the directors as basic or advanced following conditions in FRS 102 Section 11.

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method

Loans and borrowings
Loans and borrowing are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provision are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probably that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases
Rental receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 2,007,150
Impairments (36,884 )
At 31 August 2024 1,970,266
NET BOOK VALUE
At 31 August 2024 1,970,266
At 31 August 2023 2,007,150

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2018 757,528
Cost 1,212,738
1,970,266

Wishford P2 Limited (Registered number: 08101583)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 35,300 33,751
Amounts owed to group undertakings 131,415 159,415
Accruals and deferred income 2,479 2,454
169,194 195,620

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 36,937 35,299
Bank loans - 2-5 years 121,623 116,112
Bank loans more 5 yr by instal 483,408 517,594
641,968 669,005

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 483,408 517,594

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 677,268 702,756

The company has secured its bank borrowings by a mortgage on the freehold property, and a fixed and floating charge over all its present and future assets.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

Wishford P2 Limited (Registered number: 08101583)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. CONTINGENT LIABILITIES

An omnibus guarantee and set-off agreement dated 1 September 2012 was entered into by the company for securing all monies due or to become due from either the company or any one or more of the following companies to Lloyds TSB Bank Plc:

Wishford Schools (Group) Limited
Heywood Prep Limited
Wishford P1 Limited
Wishford P2 Limited
St Faith's at Ash School Limited

On 16 June 2016 an agreement supplemental to that dated 1 September 2012 was entered into by the company adding the following companies to the agreement:

The Mead School Limited
Wishford P6 Limited

On 14 August 2018 an agreement supplemental to those dated 1 September 2012 and 16 June 2016 was entered into by the company adding the following companies to the agreement:

Wishford P3 Limited
Wishford P5 Limited
Hatherop Castle Limited
St David's Prep Limited
Cricklade Manor Prep Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE PARENT COMPANY

The company's ultimate parent company is Wishford Education Group Limited and the smallest and largest group into which the results of Wishford P2 Limited are consolidated.

Copies of the group financial statements may be obtained from 25-27 High Street, Corsham, Wiltshire, SN13 0ES.