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Company No: 11814627 (England and Wales)

WR VENTURES LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

WR VENTURES LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

WR VENTURES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
WR VENTURES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 458,531 260,632
458,531 260,632
Current assets
Stocks 4 18,790 10,790
Debtors
- due within one year 5 3,573,004 1,416,818
- due after more than one year 5 520,000 500,000
Investments 6 1,118,037 0
Cash at bank and in hand 128,923 1,216,421
5,358,754 3,144,029
Creditors: amounts falling due within one year 7 ( 5,426,985) ( 3,095,568)
Net current (liabilities)/assets (68,231) 48,461
Total assets less current liabilities 390,300 309,093
Creditors: amounts falling due after more than one year 8 ( 232,796) ( 232,702)
Net assets 157,504 76,391
Capital and reserves
Called-up share capital 9 10 10
Profit and loss account 157,494 76,381
Total shareholder's funds 157,504 76,391

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of WR Ventures Limited (registered number: 11814627) were approved and authorised for issue by the Director. They were signed on its behalf by:

W Rosenberg
Director

21 May 2025

WR VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
WR VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WR Ventures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The principal activity of the company is that of an investment company.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 September 2023 437,907 437,907
Additions 239,912 239,912
At 31 August 2024 677,819 677,819
Provisions for impairment
At 01 September 2023 177,275 177,275
Impairment 42,013 42,013
At 31 August 2024 219,288 219,288
Carrying value at 31 August 2024 458,531 458,531
Carrying value at 31 August 2023 260,632 260,632

4. Stocks

2024 2023
£ £
Stocks 18,790 10,790

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Other debtors 3,573,004 1,416,818
Debtors: amounts falling due after more than one year
Other debtors 520,000 500,000

Amounts falling due within one year:
Included within other debtors are loans of £30,016 (2023:£nil) which are unsecured, incurs interest at 10.00% and due to be repaid on 28.02.2025.

Included within other debtors are loans of £500,000 (2023: £400,000) which are unsecured, no interest and due to be repaid on 30.06.2025.

Included within other debtors are loans of £250,000 (2023:£nil) which are unsecured and incurs interest at 14.75%.

Amounts falling due after more than one year:
Included within other debtors are loans of £500,000 (2023: £500,000 ) which are unsecured and incurs interest at 10%.

Included within other debtors are loans of £20,000 (2023:£nil) which are unsecured, no interest and due to be repaid on 03.04.2027.

6. Current asset investments

2024 2023
£ £
Other short term investments 1,118,037 0

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,370 0
Taxation and social security 21,397 12,300
Other creditors 5,403,218 3,083,268
5,426,985 3,095,568

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 232,796 232,702

Other creditors are loans of £232,796 (2023: £232,702) which are unsecured and incurs interest at 15%.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10