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Registered number: 03977793









W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
REGISTERED NUMBER: 03977793

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
34,805,000
33,845,000

  
34,805,000
33,845,000

Current assets
  

Debtors: amounts falling due within one year
 6 
11,013,489
10,104,600

Cash at bank and in hand
  
3,508,164
3,740,021

  
14,521,653
13,844,621

Creditors: amounts falling due within one year
 7 
(1,808,056)
(2,466,112)

Net current assets
  
 
 
12,713,597
 
 
11,378,509

Total assets less current liabilities
  
47,518,597
45,223,509

  

Net assets
  
47,518,597
45,223,509


Capital and reserves
  

Called up share capital 
 8 
111,111
111,111

Share premium account
 9 
6,066,786
6,066,786

Investment property reserve
 9 
988,348
28,348

Profit and loss account
 9 
40,352,352
39,017,264

  
47,518,597
45,223,509


Page 1

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
REGISTERED NUMBER: 03977793
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N J Potts
J A Hendley
Director
Director


Date: 2 June 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 October 2022
111,111
6,066,786
761,374
34,532,110
41,471,381


Comprehensive income for the year

Profit for the year
-
-
-
4,302,128
4,302,128

Transfer between reserves
-
-
(733,026)
-
(733,026)

Dividends: Equity capital
-
-
-
(550,000)
(550,000)

Transfer between reserves
-
-
-
733,026
733,026



At 1 October 2023
111,111
6,066,786
28,348
39,017,264
45,223,509


Comprehensive income for the year

Profit for the year
-
-
-
2,845,088
2,845,088

Dividends: Equity capital
-
-
-
(550,000)
(550,000)

Transfer between reserves
-
-
-
(960,000)
(960,000)

Transfer between reserves
-
-
960,000
-
960,000


At 30 September 2024
111,111
6,066,786
988,348
40,352,352
47,518,597


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

W. Wing Yip & Brothers Property and Investments Limited is a private company limited by shares,  incorporated in the United Kingdom.
The address of its registered office is:
375 Nechells Park Road
Birmingham
West Midlands
B7 5NT
The financial statements are prepared in Sterling (£) and are for the year ended 30 September 2024
(2023: year ended 30 September 2023).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the financial position and future cash requirements of the business for a period exceeding twelve months from the date of approval of the financial statements and consider that the company has sufficient resources to manage its business risk successfully. 

  
2.3

Revenue

Revenue comprises rental and service charge income, and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Page 4

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


Deferred tax is provided for on the gains on revalued investment property when such amounts are considered material.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
per annum on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors, with assistance of professional advisers, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
The costs of demolition of existing properties for the purpose of expansion are included in the cost of investment properties.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Officers
6
6

Page 6

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Office equipment

£





At 1 October 2023
3,780


Disposals
(3,780)



At 30 September 2024

-





At 1 October 2023
3,780


Disposals
(3,780)



At 30 September 2024

-



Net book value



At 30 September 2024
-



At 30 September 2023
-

Page 7

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Fixed asset investments





Investment property

£



Cost or valuation


At 1 October 2023
33,845,000


Revaluations
960,000



At 30 September 2024
34,805,000





6.


Debtors

2024
2023
£
£


Trade debtors
458,319
285,847

Amounts owed by associated undertakings
10,376,692
9,457,501

Other debtors
25,478
360,594

Prepayments and accrued income
153,000
658

11,013,489
10,104,600



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
39,934
62,920

Amounts owed to associated undertakings
196,328
581,707

Corporation tax
422,044
522,381

Other taxation and social security
136,446
289,624

Other creditors
283,846
247,684

Accruals and deferred income
729,458
761,796

1,808,056
2,466,112


Page 8

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



57,525 (2023 - 57,525) A shares of £1.00 each
57,525
57,525
42,475 (2023 - 42,475) B shares of £1.00 each
42,475
42,475
11,111 (2023 - 11,111) C shares of £1.00 each
11,111
11,111

111,111

111,111



9.


Reserves

Share premium account

The share premium account consists of all accumulated premiums on shares issued.

Investment property revaluation reserve

The investment property revaluation reserve consists of accumulated unrealised revaluation gains less losses on properties and associated deferred tax.

Profit and loss account

The profit and loss account consists of accumulated realised profits less accumulated losses, net of any dividends paid.


10.


Contingent liabilities

The company is party, together with a number of related undertakings, to a multilateral guarantee given to HSBC Bank PLC. The total exposure guaranteed at the year end with HSBC Bank PLC amounted to £18,916,066 (2023: £22,678,364). 


11.


Related party transactions

Amounts due from/(to) related parties:


2024
2023
£
£

Amounts due from companies by way of directors in common
10,376,692
9,457,501
Amounts due to companies by way of directors in common
(196,328)
(581,707)
10,180,364
8,875,794

Page 9

 
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 2 June 2025 by Gavin Whitehouse BSocSc FCA (Senior Statutory Auditor) on behalf of Bennett Whitehouse Limited.

 
Page 10