WPPG (Residential) Limited 30/06/2024 iXBRL

Company registration number: 12045010

(England and Wales)

WPPG (Residential) Limited

Unaudited filleted financial statements

for the year ended

30 June 2024

WPPG (Residential) Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

WPPG (Residential) Limited

Directors and other information


	Directors	Mr B Wayne
		Mrs P Wayne


	Company number	12045010


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


	Business address	Beacon House
		Little Bealings
		Woodbridge
		Suffolk
		IP13 6ND


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

WPPG (Residential) Limited

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

unaudited statutory financial statements of WPPG (Residential) 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 (Residential) Limited for the year ended 30 June 2024 which comprise the statement of financial position, statement of changes in equity 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 (Residential) 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 (Residential) Limited and state those matters that we have agreed to state to the board of directors of WPPG (Residential) 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 (Residential) Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that WPPG (Residential) 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 (Residential) Limited. You consider that WPPG (Residential) 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 (Residential) 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 (Residential) Limited

Statement of financial position

30 June 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	12,475,178		11,603,202
		_______		_______
			12,475,178		11,603,202

Current assets
Debtors	6	642,618		1,408,409
Cash at bank and in hand		1,945		4,713
		_______		_______
		644,563		1,413,122
Creditors: amounts falling due
within one year	7	( 870,391)		( 534,204)
		_______		_______
Net current (liabilities)/assets			( 225,828)		878,918
			_______		_______
Total assets less current liabilities			12,249,350		12,482,120

Creditors: amounts falling due
after more than one year	8		( 7,860,274)		( 7,746,113)

Provisions for liabilities			( 300,108)		( 222,952)

			_______		_______
Net assets			4,088,968		4,513,055
			_______		_______

Capital and reserves
Called up share capital	9		200		200
Fair value reserve			1,745,271		1,620,449
Profit and loss account			2,343,497		2,892,406
			_______		_______
Shareholders funds			4,088,968		4,513,055
			_______		_______

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: 12045010

WPPG (Residential) Limited

Statement of changes in equity

Year ended 30 June 2024

	Called up share capital	Fair value reserve	Profit and loss account	Total
	£	£	£	£


At 1 July 2022	200	1,410,662	3,442,400	4,853,262

(Loss)/profit for the year			59,793	59,793
Other comprehensive income for the year:
Reclassification to fair value reserve from profit and loss account		209,787	( 209,787)	-
	_______	_______	_______	_______
Total comprehensive income for the year	-	209,787	( 149,994)	59,793

Dividends paid and payable			( 400,000)	( 400,000)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 400,000)	( 400,000)

	_______	_______	_______	_______
At 30 June 2023 and 1 July 2023	200	1,620,449	2,892,406	4,513,055

(Loss)/profit for the year			( 74,087)	( 74,087)
Other comprehensive income for the year:
Reclassification to fair value reserve from profit and loss account		124,822	( 124,822)	-
	_______	_______	_______	_______
Total comprehensive income for the year	-	124,822	( 198,909)	( 74,087)

Dividends paid and payable			( 350,000)	( 350,000)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 350,000)	( 350,000)

	_______	_______	_______	_______
At 30 June 2024	200	1,745,271	2,343,497	4,088,968
	_______	_______	_______	_______

WPPG (Residential) 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 rental of residential property.

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 £225,828 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 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 and when 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).

5. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 July 2023	11,575,685	729	85,893	11,662,307
Additions	593,495	-	-	593,495
Disposals	-	-	( 1,682)	( 1,682)
Revaluation	285,820	-	-	285,820
	_______	_______	_______	_______
At 30 June 2024	12,455,000	729	84,211	12,539,940
	_______	_______	_______	_______
Depreciation
At 1 July 2023	-	389	58,716	59,105
Charge for the year	-	146	6,661	6,807
Disposals	-	-	( 1,150)	( 1,150)
	_______	_______	_______	_______
At 30 June 2024	-	535	64,227	64,762
	_______	_______	_______	_______
Carrying amount
At 30 June 2024	12,455,000	194	19,984	12,475,178
	_______	_______	_______	_______
At 30 June 2023	11,575,685	340	27,177	11,603,202
	_______	_______	_______	_______

Investment property

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

		£
	At 1 July 2023	11,575,685
	Additions	593,495
	Fair value adjustments	285,820
		_______
	At 30 June 2024	12,455,000
		_______

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

6. Debtors

	2024	2023
	£	£
Trade debtors	17,014	10,881
Amounts owed by group undertakings	192,037	218,877
Other debtors	433,567	1,178,651
	_______	_______
	642,618	1,408,409
	_______	_______

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

	2024	2023
	£	£
Other debtors	-	269,347
	_______	_______

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans	568,271	211,796
Trade creditors	8,770	2,500
Amounts owed to group undertakings	1,103	290
Taxation and social security	166,955	228,683
Other creditors	125,292	90,935
	_______	_______
	870,391	534,204
	_______	_______

Four legal charges were created on 18 and 20 December 2019 in favour of Octane Property Finance Limited as security for all monies due. The charges included the title of property, and fixed and floating charges over all company assets. The charges were satisfied on 30 January 2024. A debenture was created on 5 February 2020 in favour of Keith & Alison Bull as security for all monies due. The charge is over the title of a property which the loan relates to. A legal charge was created on 24 January 2023 in favour of Oakhurst (East Anglia) Limited as security for all monies due. The charge is over the title of property which the loan relates to. Two legal charges were created on 26 October 2023 and a further charge created on 15 December 2023 in favour of Oakhurst (East Anglia) Limited as security for all monies due. The charges are over the title of each property in which the loan relates to. A legal charge was created on 8 February 2024 in favour of Mint Property Finance Limited as security for all monies due. The charge is over the title of property which the loan relates to. A legal charge was created on 24 April 2024 in favour of Keystone Property Finance Limited as security for all monies due. The charge is over the title of property which the loan relates to. Within other creditors is a HP liability of £10,506 (2023: £8,959), which is secured on the fixed asset that it finances.

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

	2024	2023
	£	£
Bank loans	7,853,208	7,746,113
Other creditors	7,066	-
	_______	_______
	7,860,274	7,746,113
	_______	_______

Four legal charges were created on 18 and 20 December 2019 in favour of Octane Property Finance Limited as security for all monies due. The charges included the title of property, and fixed and floating charges over all company assets. The charges were satisfied on 30 January 2024. A debenture was created on 5 February 2020 in favour of Keith & Alison Bull as security for all monies due. The charge is over the title of a property which the loan relates to. A legal charge was created on 24 January 2023 in favour of Oakhurst (East Anglia) Limited as security for all monies due. The charge is over the title of property which the loan relates to. Two legal charges were created on 26 October 2023 and a further charge created on 15 December 2023 in favour of Oakhurst (East Anglia) Limited as security for all monies due. The charges are over the title of each property in which the loan relates to. A legal charge was created on 8 February 2024 in favour of Mint Property Finance Limited as security for all monies due. The charge is over the title of property which the loan relates to. A legal charge was created on 24 April 2024 in favour of Keystone Property Finance Limited as security for all monies due. The charge is over the title of property which the loan relates to. Within other creditors is a HP liability of £7,066 (2023: £nil), which is secured on the fixed asset that it finances.

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	200	200	200	200
	_______	_______	_______	_______

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr & Mrs Wayne	679,479	( 679,479)	-
		_______	_______	_______

2023
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr & Mrs Wayne	824,964	( 145,485)	679,479
		_______	_______	_______

The above loan is repayable on demand and no interest is charged on the balance.

11. 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	13,486	9,876	193,540	180,054
	_______	_______	_______	_______
Loans from connected companies	3,942	8,425	-	(3,942)
	_______	_______	_______	_______

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

12. 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.