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Registration number: 01758281

Wring's Units Limited

Annual Report and Financial Statements

for the Year Ended 31 August 2024

 

Wring's Units Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Wring's Units Limited

(Registration number: 01758281)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

325,802

332,037

Investment property

5

2,080,000

2,080,000

 

2,405,802

2,412,037

Current assets

 

Debtors

6

21,567

27,070

Cash at bank and in hand

 

27,394

34,266

 

48,961

61,336

Creditors: Amounts falling due within one year

7

(165,990)

(150,582)

Net current liabilities

 

(117,029)

(89,246)

Total assets less current liabilities

 

2,288,773

2,322,791

Creditors: Amounts falling due after more than one year

7

(8,971)

(19,043)

Net assets

 

2,279,802

2,303,748

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

577,286

577,286

Retained earnings

1,702,416

1,726,362

Shareholders' funds

 

2,279,802

2,303,748

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

J M Wring
Director

   
     
 

Wring's Units Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Wrings Units Ltd
Vale Lane
Bedminster
Bristol
BS3 5RU

These financial statements were authorised for issue by the Board on 22 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Name of parent of group
These financial statements are consolidated in the financial statements of Wring Group Limited. The financial statements of Wring Group Limited may be obtained from:
Vale Lane
Bedminster
Bristol
BS3 5RU

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue operating for the foreseeable future. The directors have been mindful of potential future impacts from events such as the impact of inflationary pressures, Brexit and the ongoing situation in Ukraine. Given the continued support of the shareholders and parent company, the directors have concluded that the company has adequate resources in place to continue trading for the foreseeable future, being twelve months from the date of approval of the financial statements.

Therefore, the going concern basis continues to be applied in the preparation of the financial statements.

 

Wring's Units Limited

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

Audit report

The Independent Auditor's Report was unqualified. We draw your attention to the investment property note, note 5, and judgements and key estimation uncertainty in accounting policies of the financial statements, which highlights the uncertainty regarding the valuation of the investment properties. The company own a number of investment properties that are subject to a number of factors that would impact on their valuation. As part of our audit work, we have reviewed the basis of valuation in light of current market conditions which indicates there may be a material uncertainty that exists due to external market changes affecting the properties held since the last valuation. Our opinion is not modified in respect of this matter. The name of the Senior Statutory Auditor who signed the audit report on 27 May 2025 was Guy Armitage-Norton, who signed for and on behalf of ML Audit LLP.

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.

The directors have carried out a valuation of investment properties on an open market basis and based on similar properties in similar geographic locations. Further details are given in Note 5.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of investment properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises revenue when:
- The amount of revenue can be reliably measured,
- it is probable that future economic benefits will flow to the entity, and
- specific criteria have been met for each of the company's activities.

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Foreign currency transactions and balances

Transactions in currencies other than the presentational currency of these financial statements are recorded at the prevailing exchange rate on the date of the transaction. At each reporting end date, assets and liabilities recorded in foreign currency are retranslated at the prevailing exchange rate on the reporting end date. Any gains or losses arising on retranslation are recognised in the proft and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Wring's Units Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred taxation assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold land and buildings

Over the term of the lease

Furniture, fittings and equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuation uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Wring's Units Limited

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

Creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wring's Units Limited

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

Financial instruments

Recognition and measurement
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 profit and loss account when the company becomes party to the contractual provisions of the instrument. 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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, including creditors, bank loans, loans from fellow companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

 

Wring's Units Limited

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

4

Tangible assets

Long leasehold land and buildings
£

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 September 2023

343,670

70,029

413,699

Additions

-

2,538

2,538

At 31 August 2024

343,670

72,567

416,237

Depreciation

At 1 September 2023

23,733

57,929

81,662

Charge for the year

1,032

7,741

8,773

At 31 August 2024

24,765

65,670

90,435

Carrying amount

At 31 August 2024

318,905

6,897

325,802

At 31 August 2023

319,937

12,100

332,037

5

Investment properties

2024
£

At 1 September 2023 and 31 August 2024

2,080,000

Investment properties are included in the balance sheet at their fair value as at 31 August 2024, as valued by the director, J M Wring. The valuation is on an open market basis, based on similar properties in similar geographic locations.

6

Debtors

2024
£

2023
£

Trade debtors

5,510

-

Prepayments

16,057

27,070

21,567

27,070

 

Wring's Units Limited

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

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

9,998

9,924

Trade creditors

 

3,639

2,671

Amounts due to related parties

9

119,759

109,209

Social security and other taxes

 

12,124

8,520

Accruals

 

20,470

18,808

Corporation tax liability

-

1,450

 

165,990

150,582

Due after one year

 

Loans and borrowings

8

8,971

19,043


Creditors include bank loans of which £28,967 (2022 - £53,308) is secured. Details of security in place is given in Note 9.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,971

19,043

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,998

9,924

Bank borrowings are secured by legal charges over the freehold properties at Lockes Yard, Hope Cove and Vale Lane owned by the company. All assets of the company are secured by a fixed and floating charge registered on 14 July 2004.

 

Wring's Units Limited

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

9

Related party transactions

Income and receivables from related parties

2024

Parent
£

Leases

210,000

2023

Parent
£

Management charges receivable

50,000

Leases

200,000

250,000

Loans from related parties

2024

Parent
£

Total
£

At start of period

109,209

109,209

Advanced

213,071

213,071

Repaid

(202,521)

(202,521)

At end of period

119,759

119,759

2023

Parent
£

Total
£

At start of period

30,916

30,916

Advanced

328,293

328,293

Repaid

(250,000)

(250,000)

At end of period

109,209

109,209

Terms of loans from related parties

Loans from parent company are interest free and repayable on demand.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Wring Group Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Wring Group Limited. These financial statements are available upon request from Vale Lane, Bedminster, Bristol, BS3 5RU.

 The ultimate controlling party is J E Wring Discretionary Settlement Trust.