| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| WH Lipex Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| WH Lipex Limited |
| WH Lipex Limited (Registered number: SC640857) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| WH Lipex Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| 18 North Silver Street |
| Aberdeen |
| AB10 1JU |
| WH Lipex Limited (Registered number: SC640857) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| WH Lipex Limited (Registered number: SC640857) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| WH Lipex Limited is a |
| 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 £1. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 disclose requirements of section 1A of FRS 102 have been applied other than where additional disclose is required to show a true and fair view. |
| The financial statements are prepared under the historical cost convention. The principle accounting policies are set out below. |
| Preparation of consolidated financial statements |
| The financial statements contain information about WH Lipex Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Investments in subsidiaries |
| Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss. |
| Contingent considerations payable in relation to the acquisition of a subsidiary are recognised within the financial statements if it is probable that the entity will be required to transfer economic benefits in settlement, the amount of the obligation can be reliably estimated and the entity has an obligation at the reporting date to settle at a future date. |
| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
| Going concern |
| The Company has net current liabilities at the year end date of £51,068 (2023: £51,068). |
| At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months following the approval of these financial statements. |
| In reaching this conclusion, fellow group company, Woollard & Henry Limited has confirmed that it will continue to make available, such funding as is required to enable WH Lipex Limited to meet its liabilities, as they fall due, for a period of at least twelve months from the date of signing these financial statements, and has agreed to defer repayment of amounts due from WH Lipex Limited until all other liabilities have been settled in full. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
| WH Lipex Limited (Registered number: SC640857) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand and at bank. |
| Provisions |
| Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligations and a reliable estimate can be made of the amount of obligation. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
| Financial instruments |
| The company elected to apply the provisions of section 11 'Basic Financial Instruments' and section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Classification of Financial Liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Equity Instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are not longer at the discretion of the company. |
| WH Lipex Limited (Registered number: SC640857) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: Boschstrasse 3, 82178 Puchheim, Germany |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Bernardstrasse 112, 63067 Offenbach am Main, Germany |
| Nature of business: |
| % |
| Class of shares: | holding |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts owed by group undertakings |
| Amounts owed by group undertakings are interest free and repayable on demand. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts owed to group undertakings |
| Amounts owed by group undertakings are interest free and repayable on demand. |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | 1 | 1 | 1 |
| WH Lipex Limited (Registered number: SC640857) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | ULTIMATE CONTROLLING PARTY |
| The parent company is Woollard & Henry Holdings Limited, a company registered in Scotland. The registered office of Woollard & Henry Holdings Limited is Stoneywood Park, Dyce, Aberdeen, AB21 7DZ. The Financial Statements of Woollard & Henry Holdings Limited are available from Companies House. Woollard & Henry Holdings Limited is controlled by the shareholders. |