Company registration number 06681604 (England and Wales)
WREST PARK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
WREST PARK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WREST PARK LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
763,988
722,194
Investment property
5
21,116,577
21,116,577
21,880,565
21,838,771
Current assets
Stocks
2,106,105
2,106,105
Debtors
6
1,673,316
2,669,602
Cash at bank and in hand
433,808
480,939
4,213,229
5,256,646
Creditors: amounts falling due within one year
7
(3,557,863)
(4,019,606)
Net current assets
655,366
1,237,040
Total assets less current liabilities
22,535,931
23,075,811
Creditors: amounts falling due after more than one year
8
(7,387,500)
(7,487,500)
Provisions for liabilities
9
(3,882,598)
(3,983,577)
Net assets
11,265,833
11,604,734
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
10
11,469,548
11,469,548
Profit and loss reserves
11
(204,715)
134,186
Total equity
11,265,833
11,604,734
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
R V Mawhood
Director
Company registration number 06681604 (England and Wales)
WREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Wrest Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sheraton House, Lower Road, Chorleywood, Hertfordshire, United Kingdom.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover was derived from the company’s principal activity of provision of serviced office accommodation within the United Kingdom net of VAT.
Other operating income is derived from rental of unsold stock of warehouse units within the United Kingdom.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% straight line
Fixtures, fittings & equipment
15%/20% Reducing balance
Computer equipment
33% Straight line
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value.
WREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.7
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 current liabilities.
1.8
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
WREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 4 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets is outlined below.
Valuation of investment property
As described in note 6, freehold and leasehold investment properties are stated at fair value based on the valuations performed by an independent professional valuer, Avison Young UK and the director R V Mawhood respectively. The valuations are based on comparable open market values and by reference to available market evidence. Inherent in any property valuation is a degree of judgement and uncertainty. Note 6 provides additional information on the fair values of the investment properties.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
18
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 September 2023
2,932,519
2,932,519
Additions
211,277
19,939
231,216
At 31 August 2024
211,277
2,952,458
3,163,735
Depreciation and impairment
At 1 September 2023
2,210,325
2,210,325
Depreciation charged in the year
42,166
147,256
189,422
At 31 August 2024
42,166
2,357,581
2,399,747
Carrying amount
At 31 August 2024
169,111
594,877
763,988
At 31 August 2023
722,194
722,194
5
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
21,116,577
WREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5
Investment property
(Continued)
- 5 -
The directors took the decision in 2022 to treat the company's interests in the freehold and leasehold serviced office accommodation as investment property. The properties were reclassified as investment property at a total of £21,775,000 and £116,577 respectively. The leasehold was transferred on the basis of the directors assessment of its market value on 31st March 2022, whilst the freehold was transferred on the basis of an assessment carried out in March 2022, on an open market basis by Avison Young UK, an independent valuation specialist not connected with the company. Avison Young UK carried out a further valuation of the freehold property on 21st November 2022 where the property values were downgraded to £21,000,000. The directors are of the opinion that this revaluation and market value on 21st November 2022, and the directors assessment of of the market value of the leasehold property of £116,577 are still an accurate reflection of the positions as at the balance sheet date:
Endeavour House, WEC and Capability House at Wrest Park Industrial Estate, Silsoe, Bedfordshire.
Valuation - £8,000,000 (2023: £8,000,000)
Regal Court, 42-44 High Street, Slough, Berkshire.
Valuation - £7,600,00 (2023: £7,600,000)
Pinnacle House, Newark Road, Fengate, Peterborough.
Valuation - £5,400,000 (2023: £5,400,000)
Bowman House
Valuation - £116,577 (2023: £116,577)
Bank loans of £7,737,500 (2023 - £7,837,500) are secured against the investment property.
The revaluation surplus is disclosed in note 11.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
7,085,191
7,085,191
Accumulated depreciation
(539,817)
(468,449)
Carrying amount
6,545,374
6,616,742
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
250,786
272,374
Other debtors
1,422,530
2,397,228
1,673,316
2,669,602
WREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
350,000
350,000
Trade creditors
835,934
1,189,726
Taxation and social security
60,582
92,172
Other creditors
2,311,347
2,387,708
3,557,863
4,019,606
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,387,500
7,487,500
Bank loans and overdrafts includes loans of £7,737,500 (2023: £7,837,500) from Santander UK Plc against which the company has provided security by way of a debenture and fixed and floating charges over the company's investment properties and by way of charges over the company's rental agreements and all the company's assets.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
3,882,598
3,983,577
10
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
11,469,548
11,469,548
The revaluation reserve arose on the transfer of property from tangible fixed assets to investment property in 2021-22.
WREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
134,186
814,239
Adjusted balance
134,186
814,239
Loss for the year
(338,901)
(680,053)
At the end of the year
(204,715)
134,186
12
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 is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its loss for the 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.
Senior Statutory Auditor:
David Manning FCA
Statutory Auditor:
Summers Morgan
Date of audit report:
20 May 2025
13
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
1,288,728
1,582,292
As lessor - operating leases
At the reporting end date the company contracted with tenants for the following minimum lease payments:
WREST PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Operating lease commitments
(Continued)
- 8 -
2024
2023
Future amounts receivable under operating leases:
£
£
Total commitments
1,801,628
1,630,130
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent payable to key management personnel £293,564 (2023: £215,270)
Rent receivable from connected companies £11,250 (2023: £135,000)
The following amounts were outstanding at the reporting end date:
Amounts owed to related parties
Entities under common control £775,030 (2023: £778,036)
Directors loan accounts £1,201,576 (2023: £1,770,636)
Amounts owed by related parties
Entities under common control £1,071,940 (2023: £2,075,007)
15
Controlling party
The company is controlled by its Director, Mr R V Mawhood.