WIC (UK) LTD
Company Registration No. 9325419
(England and Wales)
Annual Report and
Unaudited Financial Statements
For the year ended 30 September 2024
WIC (UK) LTD
Company Information
Directors
J L Medina
Praxis Directors One (UK) Limited
C S Smith
J L Gallienne
Secretary
Praxis Secretaries (UK) Limited
Company number
9325419
Registered office
5th Floor
2 Copthall Avenue
London
United Kingdom
EC2R 7DA
WIC (UK) LTD
Contents
Page
Directors' Report
1 - 2
Statement of Comprehensive Income
3
Statement of Financial Position
4
Statement of Changes in Equity
5
Notes to the Financial Statements
6 - 11
WIC (UK) LTD
Directors' Report
For the year ended 30 September 2024
- 1 -

The Directors present their annual report and unaudited financial statements of WIC (UK) LTD (the “Company”) for the year ended 30 September 2024.

Statement of Directors' responsibilities

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the Directors to prepare financial statements for each financial period. The Directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards, including FRS 102 ("FRS 102") section 1A small entities and the UK Companies Act 2006. The financial statements are required to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 

In preparing these financial statements, the Directors are required to:

 

>    select suitable accounting policies and then apply them consistently;

>    make judgements and accounting estimates that are reasonable and prudent;

>    state whether applicable accounting standards, including FRS 102, have been followed, subject to any

material departures disclosed and explained in the financial statements; and

>    prepare the financial statements on the going concern basis unless it is inappropriate to presume that     the Company will continue in business.

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy, at any time, the financial position of the Company and to enable the Directors to ensure that the financial statements comply with the UK Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Principal activities

The principal activity of the Company continued to be that of investment holding.

Results and dividends
The Statement of Comprehensive Income for the year is set out on page 3.
Dividends paid for the year under review amounted to €NIL (2023: €NIL).
Directors

The Directors who held office during the year and through to the date of signing of the financial statements were as follows:

J L Medina
Praxis Directors One (UK) Limited
C S Smith
J L Gallienne
Company Secretary
The Company Secretary who held office throughout the year and to the date of this report was Praxis Secretaries (UK) Limited.
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

WIC (UK) LTD
Directors' Report
For the year ended 30 September 2024
- 2 -
By order of the Board of Directors
Praxis Secretaries (UK) Limited
Secretary
Date:
25 June 2025
WIC (UK) LTD
Statement of Comprehensive Income
For the year ended 30 September 2024
- 3 -
2024
2023
Notes
Administrative expenses
(257,439)
(105,628)
Investment income
5
2,313,587
1,899,674
Other gains and losses
1,178,474
945,098
Profit before taxation
3,234,622
2,739,144
Taxation
6
(770,814)
(26,343)
Profit for the financial year
2,463,808
2,712,801
The notes on pages 6 to 11 form part of these financial statements
WIC (UK) LTD
Statement of Financial Position
As at 30 September 2024
- 4 -
2024
2023
Notes
Non-current assets
Investments
7
1,656,709
3,959,741
Current assets
Debtors: amounts falling due after one year
8
27,111,968
34,825,564
Debtors: amounts falling due within one year
8
42,488,792
42,523,124
Cash at bank and in hand
45,002,285
40,475,062
114,603,045
117,823,750
Current liabilities
Creditors: amounts falling due within one year
9
(976,429)
(215,807)
Net current assets
113,626,616
117,607,943
Net assets
115,283,325
121,567,684
Capital and reserves
Share capital
10
10,000
10,000
Share premium account
112,139,344
120,887,511
Retained earnings
3,133,981
670,173
Total equity
115,283,325
121,567,684

For the financial year ended 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
........................................................
Praxis Directors One (UK) Limited
Authorised signatory
Company Registration No. 9325419
The notes on pages 6 to 11 form part of these financial statements
WIC (UK) LTD
Statement of Changes in Equity
For the year ended 30 September 2024
- 5 -
Share capital
Share premium account
Retained earnings
Total
Balance at 1 October 2022
10,000
120,887,511
(2,042,628)
118,854,883
Profit for the year
-
-
2,712,801
2,712,801
Balance at 30 September 2023
10,000
120,887,511
670,173
121,567,684
Profit for the year
-
-
2,463,808
2,463,808
Return of capital to World Investments Company SA
-
(8,748,167)
-
(8,748,167)
Balance at 30 September 2024
10,000
112,139,344
3,133,981
115,283,325
The notes on pages 6 to 11 form part of these financial statements
WIC (UK) LTD
Notes to the Financial Statements
For the year ended 30 September 2024
- 6 -
1
Company information

WIC (UK) LTD (the "Company") is a private company limited by shares incorporated in England and Wales on 24 November 2014, registration number 9325419. With effect from 1 August 2023 the registered office address changed from 1st Floor Senator House 85 Queen Victoria Street London EC4V 4AB United Kingdom to 5th Floor, 2 Copthall Avenue, London, United Kingdom, EC2R 7DA.

2
Accounting policies
The principle accounting policies adopted are set out below:
2.1
Accounting convention

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 UK Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in Euro, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value.

2.2
Investments

Investments in unlisted company shares are remeasured to market value at each Statement of Financial Position Date.

 

Unrealised gains and losses on unlisted investments are initially recognised in the Statement of Comprehensive Income and are subsequently transferred to the revaluation reserve at the period end, if remaining unrealised. Impairments that offset previous gains of the same asset are transferred to the revaluation reserve. All other impairments are not transferred to the revaluation reserve.

 

Realised gains and losses are recognised in the Statement of Comprehensive Income.

2.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

2.4
Financial instruments

The Company has 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 Statement of Financial Position 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 and cash and bank balances, 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 financing 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.

WIC (UK) LTD
Notes to the Financial Statements
For the year ended 30 September 2024
2
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

2.5
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 no longer at the discretion of the Company.

2.6
Taxation

The Company is subject to Corporation Tax at the applicable rate, which is currently 25% (2023: 25%).

2.7
Foreign exchange
Transactions in currencies other than Euro are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the Statement of Comprehensive Income.
3
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4
Employees
There were no employees during the year (2023 - None).
2024
2023
Number
Number
1
-
WIC (UK) LTD
Notes to the Financial Statements
For the year ended 30 September 2024
- 8 -
5
Investment income
2024
2023
Interest income
Bank interest receivable
16,520
177,390
Loan interest receivable from non-group companies
2,138,516
1,487,080
Total interest revenue
2,155,036
1,664,470
Other income from investments
Dividends received
224,274
235,204
Gains on financial instruments measured at FVTPL
(65,723)
-
0
Total income
2,313,587
1,899,674
6
Taxation
2024
2023
Current tax
UK corporation tax on profits for the current period
766,448
26,343
Adjustments in respect of prior periods
4,366
-
0
Total current tax
770,814
26,343

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
Profit before taxation
3,234,622
2,739,144
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
808,656
684,786
Gains not taxable
(42,208)
(658,443)
Taxation charge for the year
766,448
26,343
Taxation charge in the financial statements
770,814
26,343
WIC (UK) LTD
Notes to the Financial Statements
For the year ended 30 September 2024
- 9 -
7
Investments
2024
2023
Unlisted investments
1,656,709
3,959,741

In 2024 the Company sold 302.481 A-1 shares in Oberon Credit Investment Fund IV S.C.A. SICAV-RAIF (the Fund). The Company purchased 495.052 A-1 shares in Oberon Credit Investment Fund IV S.C.A. SICAV-RAIF (the Fund) in February 2020. During the year, the Fund generated €224,274 (2023: €235,204) of income, which is recognised in the Statement of Comprehensive Income. The fund is in the process of liquidation.

Movements in investments
Oberon Credit Investments Fund IV S.C.A SICAV-RAIF
Cost
At 1 October 2023
4,026,704
Disposals
(2,365,299)
At 30 September 2024
1,661,405
Revaluation
At 1 October 2023
(66,963)
Movement in the year
62,267
At 30 September 2024
(4,696)
Carrying amount
At 30 September 2024
1,656,709
At 30 September 2023
3,959,741
8
Debtors
2024
2023
Amounts falling due within one year:
Loan - Goshawk S.àr.l. (US$49,496,243; 2023: US$50,096,243)
42,473,915
42,473,915
Loan interest accrued
-
44,984
Prepaid Directors fees - Anglo Manx Trust Company
4,198
2,256
Accrued fixed deposit interest
6,098
-
Accrued loan interest re Bond Street Real Estate Holdings Limited
383
-
Prepaid Directors fees - PIFM Trust Limited
4,198
-
Prepayments and accrued income
-
0
1,969
42,488,792
42,523,124
WIC (UK) LTD
Notes to the Financial Statements
For the year ended 30 September 2024
8
Debtors
(Continued)
- 10 -
2024
2023
Amounts falling due after more than one year:
Loan - Bond Street Real Estate Holdings Limited - GBP22,607,700
27,111,968
26,119,693
Loan - Beauchamp Real Estate Holdings Limited - GBP7,535,300
-
8,705,871
27,111,968
34,825,564
Total debtors
69,600,760
77,348,688

The loan facility to Goshawk S.àr.l. is unsecured, interest free and repayable on demand.

In 2022, the balance of the loan due by Goshawk S.àr.l. in the sum of US$48,896,243.47 was converted to a Euro loan of €42,973,915.44. All other terms of the loan remain as they were.

 

The loan facilities to Bond Street Real Estate Holdings Limited and Beauchamp Real Estate Holdings Limited have been provided for an initial period of 10 years, with an option to extend the repayment date as mutually agreeable by both parties. The loans bear interest at 0.5% per annum for an initial period of 24 months from the draw down date, being 29 February 2016. With effect from 1 March 2018, the loans have accrued quarterly interest in arrears at 2.05% per annum. The loans are unsecured.

 

On 3 November 2023 the loan receivable from Beauchamp Real Estate Holdings Limited was assigned to World Investments Company S.A. with an offset against the share premium account.

9
Creditors: amounts falling due within one year
2024
2023
Accrued accountancy fees - PIFM Trust Limited
3,598
3,466
Creditor - PIFM Corporate Services (UK) Limited
16,383
1,609
Accrued legal and professional fees
190,000
170,000
Accrued administrative fees - PIFM Trust Limited
-
14,389
UK Corporation tax payable
766,448
26,343
976,429
215,807
10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
Issued and fully paid
Ordinary shares of €1.00 each
10,000
10,000
10,000
10,000
11
Events after the reporting date

There were no material events subsequent to the reporting period.

WIC (UK) LTD
Notes to the Financial Statements
For the year ended 30 September 2024
- 11 -
12
Related party transactions
The Company has taken advantage of the exemption in FRS 102 section 1AC.35 “Related Party Disclosures” from disclosing transactions with wholly owned members of the Group.
WIC (UK) LTD
Management Information
For the year ended 30 September 2024
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