| REGISTERED NUMBER: 13796972 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 30 April 2024 |
| for |
| Warwick UK Holdings Limited |
| REGISTERED NUMBER: 13796972 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 30 April 2024 |
| for |
| Warwick UK Holdings Limited |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 30 April 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Statement of Income and Retained Earnings | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Cash Flow Statement | 12 |
| Notes to the Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Financial Statements | 15 |
| Warwick UK Holdings Limited |
| Company Information |
| for the Year Ended 30 April 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| Reedham House |
| 31 King Street West |
| Manchester |
| M3 2PJ |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Group Strategic Report |
| for the Year Ended 30 April 2024 |
| The director presents his strategic report of the company and the group for the year ended 30 April 2024. |
| PRINCIPAL ACTIVITIES |
| Warwick UK Holdings Limited prides itself on investing with a social conscience to deliver exceptional developments throughout England. |
| By partnering with government and local authorities, the group addresses the urgent social housing shortage, creating secure, purpose-driven properties for individuals and families. |
| REVIEW OF THE BUSINESS |
| The group ended the financial year with a robust balance sheet and a solid cash position. It successfully deployed additional capital into projects and secured new development opportunities. With adequate funding and a promising acquisition pipeline, the business is well-positioned to expand its housing portfolio and continue delivering high-quality developments. The full financial results and position are detailed in the accompanying financial statements. |
| Development and Performance |
| The group has an all-inclusive approach and has enabled work across diverse developments creating suitable, long-term, housing solutions for the vulnerable and those in need. This is something the group are extremely proud of. |
| The group aims have always been to make a difference with each and every project that they work with. |
| For residents who are disabled, elderly or who have learning difficulties, the group can ensure that all the properties are not only fit for purpose but also create the perfect home to live, work and rest. |
| By partnering with governments and local authorities nationwide, the group can make a difference and help combat the UK's shortage of homes for the vulnerable and those in need. |
| Delivering sustainable housing options that address current needs and adapt to future demands allows us all to create a positive impact on communities around us. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group maintains ongoing oversight of key risks that could significantly impact its operations. |
| Regular reviews of both operational and financial metrics enable the director and team to identify emerging risks and respond accordingly. These reviews form a key part of internal governance and decision-making processes. In addition to addressing challenges, the business is committed to adopting industry best practices and maintaining full compliance with applicable regulations within its market segment. |
| Business Risk |
| Given the group's reliance on sectors such as construction, it remains alert to industry volatility. Rising material and labour costs, along with a national shortage of skilled workers, have contributed to cost escalations and delays across several active projects. Proactive monitoring and engagement with contractors help mitigate these issues where possible. |
| Financial Risk Management |
| The business is mindful of inflationary pressures affecting operational costs and the wider market. |
| Other financial risks include increased competition in property acquisition, driven by rising vendor price expectations. These challenges require strategic diligence and flexibility in deal structuring to ensure the viability of future acquisitions. |
| Interest rate risk |
| The decrease in interest rate recently and expected to continue decreasing mean that the group is likely to have a positive impact on the liquidity and profitability. |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Group Strategic Report |
| for the Year Ended 30 April 2024 |
| Working Capital |
| The group's working capital requirements are primarily met through customer receipts and internal reserves. Inventory levels are monitored regularly to ensure accuracy and valuation in accordance with UK accounting standards. These controls support the group's ability to manage cash flow efficiently and maintain financial stability. |
| KEY PERFORMANCE INDICATORS |
| The group monitors performance through key indicators such as turnover and profitability. Turnover for the year was £53,668,062, compared to £35,128,611 in the previous year. Profit before tax declined from £1,451,955 in previous year to a loss of £442,477 in the current year mainly due to investment property impairment and a loss on one of the projects. |
| Despite this, the business has confidence in its strong pipeline of future projects. Continued collaboration with funders and strategic partners remains a core strength, enabling the business to secure new acquisitions and maintain momentum in delivering high-quality developments. |
| ON BEHALF OF THE BOARD: |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Report of the Director |
| for the Year Ended 30 April 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30 April 2024 will be £ 40,000 . |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Warwick UK Holdings Limited |
| Opinion |
| We have audited the financial statements of Warwick UK Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's 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. |
| 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Other matters |
| The group and the parent company was not required to have a statutory audit for the year ended 30 April 2023 as it was entitled to exemption from the provision of the Companies Act 2006 relating to the audit of the financial statements for the period by virtue of section 477 and no member or members requested an audit pursuant to section 476 of the Act for that accounting period. Accordingly the corresponding figures for the year ended 30 April 2023 were unaudited. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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. |
| In connection with our audit of the financial statements, 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 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. |
| Report of the Independent Auditors to the Members of |
| Warwick UK Holdings Limited |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Warwick UK Holdings Limited |
| Auditors' 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 a Report of the Auditors 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 these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - | the nature of the industry and sector, control environment and business performance; |
| - | results of enquiries of management about their own identification and assessment of the risks of irregularities; |
| - | any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: |
| - | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
| - | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| - | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
| - | the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override. |
| We also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. |
| Our procedures to respond to risks identified included the following: |
| - | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| - | enquiring of management concerning actual and potential litigation and claims; |
| - | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - | obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
| - | in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Warwick UK Holdings Limited |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants |
| Reedham House |
| 31 King Street West |
| Manchester |
| M3 2PJ |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Consolidated |
| Statement of Income and |
| Retained Earnings |
| for the Year Ended 30 April 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 53,668,062 | 35,128,611 |
| Cost of sales | (51,759,042 | ) | (32,698,502 | ) |
| GROSS PROFIT | 1,909,020 | 2,430,109 |
| Administrative expenses | (1,291,425 | ) | (1,002,697 | ) |
| 617,595 | 1,427,412 |
| Other operating income | 3,082 | 188 |
| GROUP OPERATING PROFIT | 4 | 620,677 | 1,427,600 |
| Share of operating (loss)/profit in |
| Joint ventures | (20,000 | ) | 160,249 |
| Interest receivable and similar income | 9,794 | 392 |
| 610,471 | 1,588,241 |
| Loss on property revaluation | (744,891 | ) | - |
| (134,420 | ) | 1,588,241 |
| Interest payable and similar expenses | 5 | (308,057 | ) | (136,286 | ) |
| (LOSS)/PROFIT BEFORE TAXATION | (442,477 | ) | 1,451,955 |
| Tax on (loss)/profit | 6 | (68,098 | ) | (303,093 | ) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| Retained earnings at beginning of year | 747,865 | (300,997 | ) |
| Dividends | 8 | (40,000 | ) | (100,000 | ) |
| RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
197,290 |
747,865 |
| (Loss)/profit attributable to: |
| Owners of the parent | (510,575 | ) | 1,148,862 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Consolidated Balance Sheet |
| 30 April 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 | 9,333 | 7,775 |
| Investments | 10 |
| Interest in joint venture |
| Share of gross assets | 3,969 | 123,030 |
| Share of gross liabilities | (18,419 | ) | (46,280 | ) |
| Investment property | 11 | 1,400,000 | 1,536,365 |
| 1,394,883 | 1,620,890 |
| CURRENT ASSETS |
| Stocks | 12 | 574,000 | 2,510,359 |
| Debtors | 13 | 3,180,704 | 2,736,050 |
| Cash at bank and in hand | 1,308,546 | 2,524,077 |
| 5,063,250 | 7,770,486 |
| CREDITORS |
| Amounts falling due within one year | 14 | (2,163,248 | ) | (4,497,160 | ) |
| NET CURRENT ASSETS | 2,900,002 | 3,273,326 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
4,294,885 |
4,894,216 |
| CREDITORS |
| Amounts falling due after more than one year | 15 | (906,244 | ) | (955,000 | ) |
| PROVISIONS FOR LIABILITIES | 18 | (1,701 | ) | (1,701 | ) |
| NET ASSETS | 3,386,940 | 3,937,515 |
| CAPITAL AND RESERVES |
| Called up share capital | 19 | 100 | 100 |
| Merger reserve | 20 | 3,189,550 | 3,189,550 |
| Retained earnings | 20 | 197,290 | 747,865 |
| SHAREHOLDERS' FUNDS | 3,386,940 | 3,937,515 |
| The financial statements were approved by the director and authorised for issue on 29 July 2025 and were signed by: |
| M Warwick - Director |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Company Balance Sheet |
| 30 April 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| Investment property | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 120,059 | 96,622 |
| The financial statements were approved by the director and authorised for issue on |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Consolidated Cash Flow Statement |
| for the Year Ended 30 April 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,983,367 | 2,390,288 |
| Share of profit/(loss) in joint ventures | 20,000 | (141,871 | ) |
| Tax paid | (92,816 | ) | (112,414 | ) |
| Net cash from operating activities | 1,910,551 | 2,136,003 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (4,405 | ) | (9,392 | ) |
| Purchase of investment property | (608,526 | ) | (1,536,365 | ) |
| Interest received | 9,794 | 392 |
| Net cash from investing activities | (603,137 | ) | (1,545,365 | ) |
| Cash flows from financing activities |
| New loans in year | 341,290 | 1,090,745 |
| Loan repayments in year | (1,853,464 | ) | - |
| Amount withdrawn by directors | (662,714 | ) | 6,623 |
| Interest paid | (308,057 | ) | (136,286 | ) |
| Equity dividends paid | (40,000 | ) | (100,000 | ) |
| Net cash from financing activities | (2,522,945 | ) | 861,082 |
| (Decrease)/increase in cash and cash equivalents | (1,215,531 | ) | 1,451,720 |
| Cash and cash equivalents at beginning of year |
2 |
2,524,077 |
1,072,357 |
| Cash and cash equivalents at end of year | 2 | 1,308,546 | 2,524,077 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 April 2024 |
| 1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before taxation | (442,477 | ) | 1,451,955 |
| Depreciation charges | 2,846 | 2,168 |
| Loss on revaluation of fixed assets | 744,891 | - |
| Finance costs | 308,057 | 136,286 |
| Finance income | (9,794 | ) | (392 | ) |
| 603,523 | 1,590,017 |
| Decrease in stocks | 1,936,359 | 79,482 |
| Decrease/(increase) in trade and other debtors | 211,367 | (1,300,414 | ) |
| (Decrease)/increase in trade and other creditors | (767,882 | ) | 2,021,203 |
| Cash generated from operations | 1,983,367 | 2,390,288 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 April 2024 |
| 30.4.24 | 1.5.23 |
| £ | £ |
| Cash and cash equivalents | 1,308,546 | 2,524,077 |
| Year ended 30 April 2023 |
| 30.4.23 | 1.5.22 |
| £ | £ |
| Cash and cash equivalents | 2,524,077 | 1,072,357 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 April 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.5.23 | Cash flow | At 30.4.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,524,077 | (1,215,531 | ) | 1,308,546 |
| 2,524,077 | (1,215,531 | ) | 1,308,546 |
| Debt |
| Debts falling due within 1 year | (1,828,476 | ) | 1,463,419 | (365,057 | ) |
| Debts falling due after 1 year | (955,000 | ) | 48,756 | (906,244 | ) |
| (2,783,476 | ) | 1,512,175 | (1,271,301 | ) |
| Total | (259,399 | ) | 296,644 | 37,245 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 April 2024 |
| 1. | STATUTORY INFORMATION |
| Warwick UK Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The parent company has taken exemption to prepare the Statement of Cash Flows. |
| Basis of consolidation |
| The group financial statements include the financial statements of the company, its subsidiary undertakings and joint venture. |
| Following a business restructuring subsidiary undertakings acquired were consolidated using merger accounting. The net assets acquired for the shares in subsidiary undertakings were recognised in the consolidated financial statements as merger reserve. |
| 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. |
| Significant judgements and estimates |
| In applying the group's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
| Key sources of estimation uncertainty |
| The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. |
| Investment property |
| Investment property is shown at recent valuation. In assessing the valuation, the director has considered external sources of information such as market conditions and experience of recoverability. |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of consideration received or receivable from the sale of properties in the ordinary course of the group's activities. |
| Interest income |
| Interest income is recognised in the statement of retained earnings using the effective interest method. |
| Dividend income |
| Dividend income is recognised when the right to receive payment is established. |
| Tangible fixed assets |
| Tangible fixed assets are initially recorded at cost less any tax, discounts and rebates. Cost includes the original purchase price of the asset and costs attributable to bringing the asset into its working condition for its intended use. Subsequently they are recorded at cost less accumulated depreciation and impairment. |
| Depreciation is provided at the following annual rates on straight line basis in order to write off each asset over its estimated useful life. |
| Plant and machinery | - 20% on cost |
| Fixtures and Fittings | - 20% on reducing balance |
| Computer equipment | - 33% on cost |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Impairment of fixed assets |
| Fixed assets are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. |
| Where indicators exist for a decrease in an impairment loss previously recognised for assets, the prior impairment loss is tested to determine whether all or part of the impairment loss should be reversed. An impairment loss is reversed on an individual impaired asset to the extent that it does not increase the carrying amount of the asset above the carrying amount that would have been determined (net of depreciation) had no impairment been recognised. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price, less the costs required to complete and sell the properties. The cost includes materials, subcontractor costs and overheads incurred to prepare the property for sale. |
| As assessment for stock provision is made at each reporting date and any excess or reversals of the carrying amount of properties over its estimated selling price is recognised in profit or loss. |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Operating leases |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis. |
| Finance costs |
| Finance costs are charged to profit or loss using the effective interest rate method. |
| Going concern |
| The group's financial statements for the year ended 30 April 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 390,798 | 474,897 |
| Social security costs | 35,007 | 53,540 |
| Other pension costs | 3,695 | 2,770 |
| 429,500 | 531,207 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Sales and administration |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees by undertakings that were proportionately consolidated during the year was 7 (2023 - 7 ) . |
| The amount of remuneration for the current year attributable to the highest paid director was £24,478. |
| 4. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 2,847 | 2,168 |
| Auditors' remuneration | 29,580 | - |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Mortgage interest | 263,195 | 120,857 |
| Other interest | 44,862 | 15,429 |
| 308,057 | 136,286 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the loss for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 61,614 | 301,530 |
| Annual Tax on Enveloped Dwellings | 6,484 | - |
| Total current tax | 68,098 | 301,530 |
| Deferred tax | - | 1,563 |
| Tax on (loss)/profit | 68,098 | 303,093 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before tax | (442,477 | ) | 1,451,955 |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
(110,619 |
) |
275,871 |
| Effects of: |
| Expenses not deductible for tax purposes | 18,997 | 16,211 |
| Capital allowances in excess of depreciation | - | (1,628 | ) |
| Depreciation in excess of capital allowances | 75 | - |
| Utilisation of tax losses | (36,438 | ) | (16,169 | ) |
| Losses carried forward | 2,081 | 31,948 |
| Loss on property revaluation | 186,223 | - |
| Change in tax rate | (2,400 | ) | 6,743 |
| Timing differences | - | (9,883 | ) |
| Losses carried back | 3,695 | - |
| Annual Tax on Enveloped Dwellings | 6,484 | - |
| Total tax charge | 68,098 | 303,093 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim | 40,000 | 100,000 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 May 2023 | 4,000 | 6,021 | 18,995 | 29,016 |
| Additions | - | 3,106 | 1,299 | 4,405 |
| At 30 April 2024 | 4,000 | 9,127 | 20,294 | 33,421 |
| DEPRECIATION |
| At 1 May 2023 | 4,000 | 793 | 16,448 | 21,241 |
| Charge for year | - | 1,334 | 1,513 | 2,847 |
| At 30 April 2024 | 4,000 | 2,127 | 17,961 | 24,088 |
| NET BOOK VALUE |
| At 30 April 2024 | - | 7,000 | 2,333 | 9,333 |
| At 30 April 2023 | - | 5,228 | 2,547 | 7,775 |
| 10. | FIXED ASSET INVESTMENTS |
| Group |
| Interest |
| in joint |
| venture |
| £ |
| COST |
| At 1 May 2023 | 76,750 |
| Share of profit/(loss) | (16,200 | ) |
| Dividends received | (75,000 | ) |
| At 30 April 2024 | (14,450 | ) |
| NET BOOK VALUE |
| At 30 April 2024 | (14,450 | ) |
| At 30 April 2023 | 76,750 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in | Interest |
| group | in joint |
| undertakings | venture | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2023 | 354 |
| Additions | 99 |
| At 30 April 2024 | 453 |
| NET BOOK VALUE |
| At 30 April 2024 | 453 |
| At 30 April 2023 | 354 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Joint venture |
| Registered office: 3 Greengate Cardale Park, Harrogate, North Yorkshire, HG3 1GY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 11. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 May 2023 | 1,536,365 |
| Additions | 608,526 |
| Impairments | (744,891 | ) |
| At 30 April 2024 | 1,400,000 |
| NET BOOK VALUE |
| At 30 April 2024 | 1,400,000 |
| At 30 April 2023 | 1,536,365 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 11. | INVESTMENT PROPERTY - continued |
| Group |
| Fair value at 30 April 2024 is represented by: |
| £ |
| Valuation in 2024 | (744,891 | ) |
| Cost | 2,144,891 |
| 1,400,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 2,144,891 | 1,536,365 |
| Investment property was valued on an open market basis on 7 March 2024 by HSBC . |
| The director does not consider the market value of investment property to be materially different from the value stated in the financial statements as at 30 April 2024. |
| 12. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Properties for resale | 574,000 | 2,510,359 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 1,289,841 | 187,223 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by joint ventures | - | - |
| Other debtors | 1,234,842 | 1,690,502 |
| Directors' current accounts | 656,021 | - | - | - |
| Prepayments and accrued income | - | 858,325 |
| 3,180,704 | 2,736,050 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 16) | 365,057 | 1,828,476 |
| Trade creditors | 148,857 | 106,594 |
| Amounts owed to group undertakings | - | - |
| Amounts owed to joint ventures | 14,384 | 91,797 | - | - |
| Tax | 394,968 | 415,886 |
| Social security and other taxes | 405,013 | 167,045 |
| Other creditors | 5,869 | 19,657 |
| Directors' current accounts | - | 6,693 | - | 6,693 |
| Accruals and deferred income | 829,100 | 1,861,012 |
| 2,163,248 | 4,497,160 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 16) | 906,244 | 955,000 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 365,057 | 1,828,476 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 11,879 | 955,000 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 35,636 | - |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 858,729 | - |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans | 1,271,301 | 2,783,476 |
| 18. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 1,701 | 1,701 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 May 2023 | 1,701 |
| Balance at 30 April 2024 | 1,701 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 20. | RESERVES |
| Group |
| Retained | Merger |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 May 2023 | 747,865 | 3,189,550 | 3,937,415 |
| Deficit for the year | (510,575 | ) | (510,575 | ) |
| Dividends | (40,000 | ) | (40,000 | ) |
| At 30 April 2024 | 197,290 | 3,189,550 | 3,386,840 |
| Warwick UK Holdings Limited (Registered number: 13796972) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 April 2024 |
| 20. | RESERVES - continued |
| Company |
| Retained |
| earnings |
| £ |
| At 1 May 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 April 2024 |
| 21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
| 2024 | 2023 |
| £ | £ |
| M Warwick |
| Balance outstanding at start of year | - | - |
| Amounts advanced | 656,021 | - |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 656,021 | - |
| Interest amounting to £9,794 has been charged to director's current account in respect of this overdrawn balance. |
| 22. | RELATED PARTY DISCLOSURES |
| Investment property is personally owned by the director and his spouse. A declaration of trust has assigned the beneficial ownership of the property to the group company resulting in group company being entitled to all economic benefits arising from the property. |
| Entities over which the entity has control, joint control or significant influence |
| 2024 | 2023 |
| £ | £ |
| Sales | 2,159 | - |
| Purchases | 1,196,271 | - |
| Rents | 19,796 | 22,186 |
| Amounts due from related party | 1,234,257 | 1,192,974 |
| 23. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Michael Warwick. |