WPPG (Commercial) Limited 30/06/2024 iXBRL

Company registration number: 11943742

(England and Wales)

WPPG (Commercial) Limited

Unaudited filleted financial statements

for the year ended

30 June 2024

WPPG (Commercial) Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

WPPG (Commercial) Limited

Directors and other information


	Directors	Mr B Wayne
		Mrs P Wayne


	Company number	11943742


	Registered office	4 & 5 The Cedars, Apex 12
		Old Ipswich Road
		Colchester
		Essex
		CO7 7QR


	Business address	Beacon House
		Playford Road, Little Bealings
		Woodbridge
		Suffolk
		IP13 6ND


	Accountants	Griffin Chapman
		4 & 5 The Cedars, Apex 12
		Old Ipswich Road
		Colchester
		Essex
		CO7 7QR

WPPG (Commercial) Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of WPPG (Commercial) Limited

Year ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WPPG (Commercial) Limited for the year ended 30 June 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of WPPG (Commercial) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of WPPG (Commercial) Limited and state those matters that we have agreed to state to the board of directors of WPPG (Commercial) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WPPG (Commercial) Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that WPPG (Commercial) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of WPPG (Commercial) Limited. You consider that WPPG (Commercial) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of WPPG (Commercial) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Griffin Chapman

Chartered Accountants

4 & 5 The Cedars, Apex 12

Old Ipswich Road

Colchester

Essex

CO7 7QR

17 June 2025

WPPG (Commercial) Limited

Statement of financial position

30 June 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,703,952		1,363,380
		_______		_______
			1,703,952		1,363,380

Current assets
Debtors	6	7,803		22,913
Cash at bank and in hand		2,157		54
		_______		_______
		9,960		22,967
Creditors: amounts falling due
within one year	7	( 345,444)		( 351,014)
		_______		_______
Net current liabilities			( 335,484)		( 328,047)
			_______		_______
Total assets less current liabilities			1,368,468		1,035,333

Creditors: amounts falling due
after more than one year	8		( 1,061,002)		( 714,786)

Provisions for liabilities			( 82,766)		( 84,631)

			_______		_______
Net assets			224,700		235,916
			_______		_______

Capital and reserves
Called up share capital	9		100		100
Revaluation reserve			354,965		354,965
Profit and loss account			( 130,365)		( 119,149)
			_______		_______
Shareholders funds			224,700		235,916
			_______		_______

For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- 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 directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 17 June 2025 , and are signed on behalf of the board by:

Mr B Wayne

Director

Company registration number: 11943742

WPPG (Commercial) Limited

Notes to the financial statements

Year ended 30 June 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.

The principal activity of the company continues to be that of property investment and property rental.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company has net current liabilities of £335,484 at the balance sheet date.The directors have given assurance that funding will continue to be made available to meet normal working capital requirements within 12 months from the date of approval of these financial statements.On this basis the director's consider it appropriate to prepare the financial statements on the going concern basis. Should this basis prove to be inappropriate the accounts would require adjustment to be made to reduce the value of assets to their recoverable amount, to provide for further liabilities which might arise and to reclassify fixed assets as current assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the rental period; when the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	20 %	straight line
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2023: Nil).

5. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 July 2023	1,350,000	14,219	4,800	1,369,019
Additions	343,435	1,599	-	345,034
Disposals	-	( 1,041)	-	( 1,041)
	_______	_______	_______	_______
At 30 June 2024	1,693,435	14,777	4,800	1,713,012
	_______	_______	_______	_______
Depreciation
At 1 July 2023	-	4,439	1,200	5,639
Charge for the year	-	2,937	900	3,837
Disposals	-	( 416)	-	( 416)
	_______	_______	_______	_______
At 30 June 2024	-	6,960	2,100	9,060
	_______	_______	_______	_______
Carrying amount
At 30 June 2024	1,693,435	7,817	2,700	1,703,952
	_______	_______	_______	_______
At 30 June 2023	1,350,000	9,780	3,600	1,363,380
	_______	_______	_______	_______

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 July 2023	1,350,000
	Additions	343,435
		_______
	At 30 June 2024	1,693,435
		_______

The investment properties have been valued by the director at open market value at the balance sheet date.

6. Debtors

	2024	2023
	£	£
Trade debtors	-	14,269
Other debtors	7,803	8,644
	_______	_______
	7,803	22,913
	_______	_______

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Other debtors	-	757
	_______	_______

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans	10,000	10,000
Trade creditors	2,476	2,840
Amounts owed to group undertakings	193,610	219,567
Taxation and social security	8,001	785
Other creditors	131,357	117,822
	_______	_______
	345,444	351,014
	_______	_______

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

	2024	2023
	£	£
Bank loans	720,169	714,786
Other creditors	340,833	-
	_______	_______
	1,061,002	714,786
	_______	_______

A legal charge was created on 6 April 2023 in favour of Funding 365 Mortgages Limited as security for all monies due. The fixed charge is over the property 51 Butter Market, Ipswich.A legal charge was created on 19 May 2023 in favour of Shawbrook Bank Limited as security for all monies due. The fixed charge is over the property Burlingham Business Centre, Norwich.A legal charge was created on 24 May 2024 in favour of Kevin Cattermole as security for all monies due. The fixed charge is over the property 51 Butter Market, Ipswich.A legal charge was created on 24 May 2024 in favour of Oakhurst (East Anglia) Ltd as security for all monies due. The fixed charge is over the property 20 Market Place, Stowmarket.

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

10. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Loans to connected companies	870	3,000	6,370	5,500
	_______	_______	_______	_______
Loans from connected companies	( 600)	( 10,520)	( 86,530)	(85,930)
	_______	_______	_______	_______

The above loans are repayable on demand and no interest is charged.

11. Controlling party

WPPG Holdings Limited is the immediate and ultimate parent company, by virtue of its 100% holding of the issued share capital of this company.