Company registration number 14010251 (England and Wales)
WATIN UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
WATIN UK LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
WATIN UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
7,972,079
7,726,808
Current assets
Debtors
740,412
429,518
Cash at bank and in hand
61,288
38,108
801,700
467,626
Creditors: amounts falling due within one year
(4,004,399)
(4,004,862)
Net current liabilities
(3,202,699)
(3,537,236)
Total assets less current liabilities
4,769,380
4,189,572
Creditors: amounts falling due after more than one year
(4,695,615)
(4,160,000)
Net assets
73,765
29,572
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
73,764
29,571
Total equity
73,765
29,572
WATIN UK LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
Mr H Kaveh Baghbadrani
Director
Company registration number 14010251 (England and Wales)
WATIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Watin UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 251-253 Wells Road, Malvern Wells, Malvern, Worcestershire, WR14 4JF.

1.1
Reporting period

The comparative figures are for a period of less than one year as they represent the activity of the company for the period from its date of incorporation to the end of its accounting reference period.

1.2
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 at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

The company had net current liabilities at the year end. The director has considered the working capital needs of the company for a period of greater than twelve months from the date of approval of these financial statements. The director concludes that he will be able to generate sufficient working capital funding through the support of himself and other companies that he controls to enable this company to operate as a going concern. As a result director considers it appropriate to prepare these financial statements on truethe going concern basis of accounting.

1.4
Investment property

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.

1.5
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 income statement 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.

WATIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 September 2023
7,726,808
Additions
245,271
At 31 August 2024
7,972,079

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Loans and overdrafts
2024
2023
£
£
Bank loans
4,695,615
4,160,000
Payable after one year
4,695,615
4,160,000

The bank loans are secured by charges over the company's investment properties.

5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
WATIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
6
Related party transactions

Crystalight Limited

Parent company

This company has advanced money to the related party for working capital. At the year end £499,854 (2023: £375,874) was due from the related party and is shown in 'amounts owed by group undertakings' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed.

 

Watin Limited

Fellow subsidiary company

In a previous period, the related party transferred properties, net of refinancing, to this company on an arms length basis. At the year end £3,909,067 (2023: £3,909,067) was owed by the company to the related party and is shown in 'amounts owed to group undertakings' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed.

 

Abbey College in Malvern Limited

Company under common control

The related party and this company have, at various times, advanced money to the other for working capital. At the year end £128,229 was owed to this company (2023: £30,000 was owed by this company) and is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed.

 

Ellingham House Flats Limited

Company under common control

During the year, the related party lent money to this company for working capital. At the year end the company owed £1,256 (2023: £nil) to the related party and is shown in 'other creditors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed.

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