|
Registered number: 11642208
WWYC LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
WWYC LIMITED
REGISTERED NUMBER: 11642208
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current (liabilities)/assets
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WWYC LIMITED
REGISTERED NUMBER: 11642208
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:
The notes on pages 4 to 10 form part of these financial statements.
|
|
WWYC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
Net surplus on revaluation of investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
Net surplus on revaluation of investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 4 to 10 form part of these financial statements.
|
|
|
WWYC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
WWYC Limited is a private limited liability company, limited by shares and is incorporated in England, United Kingdom. The address of the registered office is, 375 Nechells Park Road, Birmingham, B7 5NT and registered number is 11642208.
2.Accounting policies
|
|
|
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The presentational currency of these financial statements is Sterling. All amounts have been rounded
to the nearest £1.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. Given the net current liabilities position, the Directors have considered relevant information, including forecast future cash flows and the impact of subsequent events in making their assessment. This analysis has considered cashflows expected to arise from future rental income, administrative costs and interest payments and the timing of the capital repayments for loans. The directors have received confirmation, in the form of a letter of support, that fellow group undertakings will provide support as required to enable the Company to make these capital repayments as they fall due.
Market volatility and rising interest rates are the principal risks being faced by WWYC Limited. The Directors consider that these risks are appropriately mitigated by the letter of support referred to above.
Based on these assessments and having regard to resources available to the entity, the Directors have concluded that there is no material uncertainty and that WWYC Limited is expected to be in a position to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these accounts and hence it is appropriate to continue to adopt a going concern basis in preparing the annual report and accounts.
Revenue 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 discounts, rebates, value added tax and other sales taxes.
Rental income from operating leases, including incentives granted to lessees, is credited to the Statement of comprehensive income on a straight line basis over the lease term.
|
|
WWYC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to the Statement of Comprehensive Income 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.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. 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 balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment property is carried at fair value determined annually 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 the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment.
|
|
WWYC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
|
|
|
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.
Short-term creditors are measured at the transaction price.
|
|
|
Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to / from group and related parties and investments in ordinary shares.
|
|
The average monthly number of employees, during the year was 0 (2023 - 1).
|
|
|
WWYC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
|
|
|
|
Annual revaluation surplus/(deficit):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Directors have carefully considered the carrying value of investment properties at the balance sheet date and agreed a valuation of £33,010,000. A surplus has been recognised in the Statement of comprehensive income.
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WWYC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans owed to group undertakings are unsecured.
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans owed to group undertakings
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans owed to group undertakings are unsecured.
|
|
|
WWYC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
Loans owed to group undertakings
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
Loans owed to group undertakings
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
Loans owed to group undertakings
|
|
|
|
|
Amounts falling due after more than 5 years
|
|
|
|
|
Loans owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to statement of comprehensive income
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
|
|
Tax on investment property revaluation surplus
|
|
|
|
|
|
|
|
|
|
WWYC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
Authorised, allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1,000 (2023 - 1,000) Ordinary shares of £1.00 each
|
|
|
Revaluation reserve
The reserve records unrealised surplus on investment properties after deduction of estimated tax liabilities.
Profit and loss account
The profit and loss account includes all current and prior year retained profits and losses.
|
|
Post balance sheet events
|
On 31 December 2024; WWYC Limited sold certain properties to its parent company WWY (Holdings) Limited at market value for consideration of £7.6m.
The disposals have been facilitated by the reduction of the existing loan from WWY (Holdings) Limited to WWYC Limited by the above amounts.
The immediate parent company is WWYC (Holdings) Limited, a company incorporated in England, United Kingdom whose registered office is 375 Nechells Park Road, Nechells, Birmingham, B7 5NT.
The ultimate parent company and controlling party is WWY (Holdings) Limited, a company incorporated in England, United Kingdom whose registered office is 375 Nechells Park Road, Nechells, Birmingham, B7 5NT. The smallest and largest group for which Group financial statements are prepared is WWY (Holdings) Limited. Copies of the Group financial statements are available to the public from Companies House, Cardiff, CF14 3UZ.
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
The audit report was signed on 23 June 2025 by Stephen Newman (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
|
|
|