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Weerts Logistic Park XXI Ltd

Annual Report and Audited Financial Statements

For the year ended 31 December 2024 

 
WEERTS LOGISTIC PARK XXI LTD
 
 
COMPANY INFORMATION


Directors
YWAG Lux S.à.r.l (appointed 24 April 2024)
Alfa Advisory S.à.r.l (appointed 24 April 2024)
Theresa Edel Beard (appointed 24 April 2024)
 
Pascal Weerts (resigned 24 April 2024)
Yves Lea Weerts (resigned 24 April 2024)
Nicholas John Bland (resigned 24 April 2024)




Company secretary
Ocorian (UK) Limited



Registered number
13698389



Registered office
Level 5
20 Fenchurch Street

London

England

EC3M 3BY




Independent auditors
BDO LLP

55 Baker Street

London

England

W1U 7EU





 
WEERTS LOGISTIC PARK XXI LTD
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditors' Report to the members of Weerts Logistic Park XXI Ltd
 
4 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Notes to the Financial Statements for the year ended 31 December 2024
 
13 - 20

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the audited financial statements of Weerts Logistic Park XXI Ltd (the 'Company') for the year ended 31 December 2024.

The Company was incorporated in England and Wales on 22 October 2021.  
  
The Directors have taken the small companies' exemption from preparing a strategic report.   
 
Principal activity

The principal activities of the Company during the year was that of a property investment company.   

Business review

The results for the year are shown in the Statement of Comprehensive Income on page 9.

The loss before taxation was £152,388 (2023: loss £87,956).

Dividends

The Directors do not recommend the payment of a dividend for the year ended 31 December 2024 (2023: £nil). 

Directors

The Directors of the Company who have been appointed and who served during the year and to the date of this report were as follows:

YWAG Lux S.à.r.l (appointed 24 April 2024)
Alfa Advisory S.à.r.l (appointed 24 April 2024)
Theresa Edel Beard (appointed 24 April 2024)
  
Pascal Weerts (resigned 24 April 2024)
Yves Lea Weerts (resigned 24 April 2024)
Nicholas John Bland (resigned 24 April 2024)

Financial risk management objectives and policies

The Company's principal financial instruments comprise a shareholder loan, other loan and cash. The main purpose of these financial instruments are to raise finance for the Company's operations. The Company has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.   
   
The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below.   
   
The main risks arising from the Company's financial instruments are interest rate risk, liquidity risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.      
Interest rate risk   
The Company's exposure to market risk for changes in interest rates relates primarily to the Shareholder's loans. 
Page 1

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial risk management objectives and policies (continued)

Liquidity risk
The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of cash at bank and in hand and a shareholder loan.   

Going concern

The Company has adopted the going concern basis in preparing its financial statements. Further details are disclosed in note 2.2.   

Subsequent events

There have been no significant events affecting the Company since the year end.

Auditors

So far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware, and each Director has taken all the steps that he or she ought to have taken as a Director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

BDO LLP is the appointed auditors to the Company in accordance with the Companies Act 2006. A resolution proposing that they be re-appointed will be put at a General Meeting.
Page 2

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Statement of Directors' Responsibilities

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they 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 for the Company's financial statements and then apply them consistently;

state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to
any material departures disclosed and explained in the financial statements; 

make judgements and accounting estimates that are reasonable and prudent; 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 them to ensure that the financial statements comply with the Companies Act 2006They 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.
 

 
This statement was approved by the board of Directors and signed on its behalf by:
 





YWAG Lux S.à.r.l represented by Yves Weerts
Director

Date: 23 June 2025

Page 3

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XXI LTD
 

Opinion on the financial statements

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended; 

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006. 

We have audited the financial statements of Weerts Logistic Park XXI Ltd (the “Company”) for the year ended 31 December 2024 which comprise of the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland   (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.  

Independence

We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern
 
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 4

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XXI LTD (CONTINUED)


Other information (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors’ report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; and

the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a Strategic report.

Responsibilities of Directors

As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 5

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XXI LTD (CONTINUED)


Auditor’s responsibilities for the audit of the financial statements 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. 

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Non-compliance with laws and regulations
Based on:
Our understanding of the Company and the industry in which it operates; and

Discussion with management and those charged with governance; and 

Obtaining and understanding of the Company’s policies and procedures regarding compliance with laws and regulations; 

We considered the significant laws and regulations to be the United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006.

The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations.

Our procedures in respect of the above included:

Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;

Review of correspondence with tax authorities for any instances of non-compliance with laws and regulations;

Review of financial statement disclosures and agreeing to supporting documentation; and

Review of legal expenditure accounts to understand the nature of expenditure incurred.
Page 6

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XXI LTD (CONTINUED)


Auditor’s responsibilities for the audit of the financial statements (continued)

Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
Enquiry of management and those charged with governance regarding any known or suspected instances of fraud;

Obtaining an understanding of the Company’s policies and procedures relating to:
         o   Detecting and responding to the risks of fraud; and 
         o   Internal controls established to mitigate risks related to fraud. 

Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;

Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.  

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls.

Our procedures in respect of the above included:

Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; and

Assess significant estimates made by management for bias.  

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
Page 7

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEERTS LOGISTIC PARK XXI LTD (CONTINUED)


Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body for our audit work, for this report, or for the opinions we have formed.


 



  
 

John Detweiler (Senior Statutory Auditor) 
for and on behalf of BDO LLP, Statutory Auditor
London, UK

24 June 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Page 8

 
WEERTS LOGISTIC PARK XXI LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

 
Administrative expenses
 6 
(38,972)
(41,355)

Operating loss
  
(38,972)
(41,355)

Interest receivable and similar income
 7 
6,821
7,197

Interest payable and similar expenses
 8 
(120,237)
(53,798)

Loss on ordinary activities before tax
  
(152,388)
(87,956)

Tax charge for the year
 9 
-
-

Total comprehensive loss for the financial year
  
(152,388)
(87,956)

There was no other comprehensive loss for 2024 and 2023.

All results shown in the Statement of Comprehensive Income are from continuing operations.
The notes on pages 13 to 20 form an integral part of these financial statements.
Page 9

 
WEERTS LOGISTIC PARK XXI LTD
REGISTERED NUMBER: 13698389

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Current assets
  

Debtors: amounts falling due within one year
 10 
10,249,429
2,883,213

Cash and cash equivalents
 11 
982,105
77,620

  
11,231,534
2,960,833

Creditors: amounts falling due within one year
 12 
(11,571,229)
(3,148,140)

Net current liabilities
  
(339,695)
(187,307)

Total assets less current liabilities
  
(339,695)
(187,307)

  

Net liabilities
  
(339,695)
(187,307)


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
 16 
(339,795)
(187,407)

Total deficiency on shareholder funds
  
(339,695)
(187,307)



The financial statements were approved by the board of Directors and were signed on its behalf by: 




YWAG Lux S.à.r.l represented by Yves Weerts
Director

Date: 23 June 2025

The notes on pages 13 to 20 form an integral part of these financial statements.
Page 10

 
WEERTS LOGISTIC PARK XXI LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
(99,451)
(99,351)



Loss for the year
-
(87,956)
(87,956)
Total comprehensive loss for the year
-
(87,956)
(87,956)



At 1 January 2024
100
(187,407)
(187,307)



Loss for the year
-
(152,388)
(152,388)
Total comprehensive loss for the year
-
(152,388)
(152,388)


At 31 December 2024
100
(339,795)
(339,695)
Page 11

 
WEERTS LOGISTIC PARK XXI LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows used in operating activities

Loss for the financial year
(152,388)
(87,956)

Adjustments for:

Interest expense
287,530
-

Interest income
(6,821)
-

Unrealised foreign exchange reserve
(166,446)
-

Increase in trade and other debtors
(7,366,216)
(1,991,992)

Increase/(decrease) in trade and other creditors
524,048
(305,745)

Net cash used in operating activities

(6,880,293)
(2,385,693)


Cash flows from investing activities

Bank interest received
6,821
-

Net cash from investing activities

6,821
-

Cash flows from financing activities

Loan from shareholder
7,777,957
2,455,177

Net cash from financing activities
7,777,957
2,455,177

Net movement in cash and cash equivalents
904,485
69,484

Opening cash and cash equivalent
77,620
8,136

Cash and cash equivalents at the end of the year
982,105
77,620


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
982,105
77,620


The notes on pages 13 to 20 form an integral part of these financial statements.

Page 12

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Weerts Logistic Park XXI Ltd ("the Company") is a private limited liability company, domiciled and incorporated in England and Wales. The Company was incorporated on 22 October 2021, The Company's registered office is provided on the information page and the nature of the Company's operations and principal activities are set out in the Directors' Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and and with UK Company law. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for investment properties as specified in the accounting policies below.
The financial statements are presented in sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

As at financial year end of 31 December 2024, the Company has a negative equity position explained by the fact that the Company has no development asset at year end and has no income. The Company purchased a property for £12 million, completing the transaction on 16 April 2025.           
Upon acquiring this property, the plan is to construct an industrial unit. The logistics centre of 40,000 sqm will be located in Bury St Edmunds, a historic market town located within Suffolk County, which is a well-known location for the Company and ultimate parent company. The directors expect that the property will generate sufficient rental income to meet its day-to-day working capital requirements and will become profitable.      
     
The directors have reviewed the cash flow forecasts for the Company for the year ending                 31 December 2025. The Company requires ongoing funding and financial support to continue its operational existence and to meet its obligations and liabilities as they fall due for the foreseeable future. The ultimate parent company, Weerts Group N.V. (Be), has provided a written undertaking confirming it will provide financial support for at least twelve months from the date these financial statements are approved.     
     
The directors have a reasonable expectation that, with the support of the ultimate parent company, the Company has adequate resources to continue its operations for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.          

 
2.3

Cash and cash equivalents

Cash is represented by cash in hand and cash in bank. In the Statement of Cash Flows, cash is cash in hand held by the bank.  
      

Page 13

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Financial instruments

The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities including trade and other debtors and creditors, loans from  third parties and loans from related parties.     
     
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of an instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.  
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.     
     
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.     
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.               
a) Trade debtors and other receivables     
     
Trade debtors and other receivables are stated initially at transaction price and subsequently measured at their amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. A provision for impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms with the trade debtor. Impairment are recognised in Statement of Comprehensive Income. Any gain or loss on derecognition is recognised in Statement of Comprehensive Income.              
b) Trade creditors and other payables     
     
Trade creditors and other payables are stated initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. Any gain or loss on derecognition is also recognised in Statement of Comprehensive Income.      

 
2.5

Interest receivable and similar income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest rate 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.         

 
2.7

Current and deferred taxation

Taxation expense for the year comprises 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 equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.      
     
Current or deferred taxation assets and liabilities are not discounted.
(a) Current tax     
     
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.      
     
(b) Deferred tax     
     
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.      
     
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.           
Deferred tax relating to investment property that is measured at fair value is measured using the tax rates and allowances that would apply to the sale of the asset.      
     
Deferred tax assets and liabilities are only offset if the Company has a legally enforceable right to set off current tax assets against current tax lability and the deferred tax asset and deferred tax liability relate to income taxes covered by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle the current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each period in which significant amount of deferred tax liabilities or assets are expected to be settled or recovered.   

Page 15

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentational currency    
     
Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates. As the Company is registered in the UK and Income and Expenses are paid in Pound Sterling (''GBP'') this is considered to be the functional and presentational currency of the Company. 

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Presentation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year.     


4.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the financial statements
12,600
11,550


5.


Employees

The Company has three Directors. None of the Directors were remunerated by the Company during the year (2023: £nil).



The Company has no employees during the year (2023: none).


6.


Administrative expenses

Operating loss is stated after charging:

2024
2023
£
£

Accountancy fees
22,949
25,645

Legal and professional fees
8,771
6,059

Administration fees
6,845
8,922

Other
407
729

38,972
41,355

Page 16

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Interest receivable and similar income

2024
2023
£
£


Interest on cash and cash equivalents
6,821
7,197


8.


Interest payable and similar expenses

2024
2023
£
£


Shareholder interest payable
287,530
66,819

Foreign currency gains
(167,293)
(13,021)

120,237
53,798


9.


Taxation


2024
2023
£
£




Total tax charge for the year
-
-

Factors affecting tax charge for the year
The tax on the Company's loss 
differs from the theoretical amount that would arise using the tax rate of   25% (2023: 23.52%), applicable to losses of the Company as follows:

2024
2023
£
£


Loss on ordinary activities before tax
(152,388)
(87,956)


Loss on ordinary activities multiplied by standard rate of UK income tax of 25% (2023: 23.52%)
(38,097)
(20,687)

Effects of:


Remeasurement of deferred tax forchanges in tax rates
-
(1,302)

Movement in deferred tax not recognised
38,097
21,989

Total tax expense reported in the Statement of Comprehensive Income
-
-

In the Autumn Statement in November 2022, the government confirmed the increase in corporation tax rate to 25% from April 2023. Deferred tax of £87,248 (2023: £nil) has not been recognised for Weerts Logistic Park XXI Limited on the basis that the entity continues to be loss making and there is insufficient evidence of relevant profits against which the asset is recoverable.
Page 17

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Debtors: amounts falling due within one year

2024
2023
£
£


Property deposit
3,000
2,468,033

VAT receivable
103,872
840

Other receivables
10,142,557
414,340

10,249,429
2,883,213


Included in other receivables of £10,142,557 (2023: £414,340) were costs related to the purchase of land. Refer to note 19.


11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
982,105
77,620



12.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
86,266
7,805

Accruals
458,287
12,700

Shareholder loan (Note 13)
11,026,676
3,127,635

11,571,229
3,148,140


Page 18

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Loans, financial commitments, guarantees and contingent liabilities


Loans
Loans repayable, included within creditors, are analysed as follows:       


2024
2023
£
£

Amounts falling due within 1 year

Shareholder loan
11,026,676
3,127,635

11,026,676
3,127,635


Shareholder loan incurs an interest of EIBOR + 3% (2023: EIBOR + 3%) and is repayable on demand.  


14.


Financial instruments

2024
2023
£
£

Financial assets


Cash at bank
982,105
77,620


Financial liabilities


Financial liabilities measured at amortised cost
11,571,229
3,148,140


Cash at bank comprises cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


Financial assets measured at amortised cost comprise trade debtors.  


Financial liabilities measured at amortised cost comprise shareholder loan, trade creditors and accruals. 


15.


Called up share capital

2024
2023
£
£
Shares classified as equity
 
Allotted, called up and fully paid



100 (2023: 100) Ordinary shares of £1 each
100
100


Page 19

 
WEERTS LOGISTIC PARK XXI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Reserves

Profit and loss account

The profit and loss account contains all current and prior period profits and losses.    


17.


Related party transactions

As at 31 December 2024, the Company had a shareholder loan of £11,026,676 (2023: £3,129,748) (denominated in euros) payable to its parent Weerts Logistic Park SA (Be). During the year, the Company incurred accrued interest on this loan amounting to £287,530 (2023: £66,819).                                                                                                                                                                                                                                                                  
Weerts Logistic Park XXI Ltd is related to the companies included in the table below by virtue of common control.         


Balance at 1 January 2024
Property management fees 
Other fees 
Repayments
Balance at 31 December 2024
£
£
£
£
£

2024
Weerts Logistics Park NV
2,000
-
2,000
-
4,000
W Real Estate Investment Management NV
450,063
-
-
(450,063)
-
Weerts Group
-
-
1,000
-
1,000
452,063
-
3,000
(450,063)
5,000


18.


Controlling party

The immediate parent company is Weerts Logistic Park CV II SA (Be). The directors consider that Weerts Group N.V. (Be) is the ultimate controlling party. The registered office address of Weerts Group N.V. (Be) where copies of the group financial statements can be obtained is Heersterveldweg 11, Tongeren, 3700, Belgium. Weerts Group financial statements are also published on the Site of the National Bank of Belgium: https://www.nbb.be/en /central-balance-sheet -office.        


19.


Subsequent events

Subsequent to the year-end on 16 April 2025, the Company acquired land at Zone 4, Suffolk Business Park, Rougham Industrial Estate, Bury St Edmunds, Suffolk, for a total consideration of £12 million plus VAT. An advance payment of £6 million was made and recorded in other receivables. The remaining balance of £6 million, along with other charges and VAT, was fully paid and settled against the purchase price on 16 April 2025.        

Page 20