Registered number
11156971
Wheal Fawley Limited
Unaudited Filleted Accounts
31 December 2024
Wheal Fawley Limited
Statement of Financial Position
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 - 609
Current assets
Debtors 5 5,111,960 3,781,697
Investments held as current assets 6 71,468,116 14,533,160
Cash at bank and in hand 214,221 20,883
76,794,297 18,335,740
Creditors: amounts falling due within one year 7 (23,965,520) (2,936,591)
Net current assets 52,828,777 15,399,149
Total assets less current liabilities 52,828,777 15,399,758
Creditors: amounts falling due after more than one year 8 (50,714,817) (16,469,241)
Net assets/(liabilities) 2,113,960 (1,069,483)
Capital and reserves
Called up share capital 18,000 18,000
Share premium 98,000 98,000
Capital redemption reserve 10 2,000 2,000
Profit and loss account 1,995,960 (1,187,483)
Shareholders' funds 2,113,960 (1,069,483)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Barnett
Director
Approved by the board on 1 September 2025
Company registration number: 11156971
Wheal Fawley Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going Concern
The financial statements have been prepared on a going concern basis. The Director has prepared forecasts for a period greater than one year from the date of signature of the financial statements and has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Fixtures and fittings 25% straight line
Equipment 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Profit before taxation 2024 2023
£ £
Profit before taxation is stated after charging:
Depreciation of tangible assets 587 2,350
587 2,350
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
4 Tangible fixed assets
Fixtures and fittings Equipment Total
£ £ £
Cost
At 1 January 2024 7,018 11,517 18,535
Disposals - (1,000) (1,000)
At 31 December 2024 7,018 10,517 17,535
Depreciation
At 1 January 2024 7,014 10,912 17,926
Charge for the year 4 583 587
On disposals - (978) (978)
At 31 December 2024 7,018 10,517 17,535
Net book value
At 31 December 2024 - - -
At 31 December 2023 4 605 609
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 5,032,010 3,427,333
Other debtors 79,950 354,364
5,111,960 3,781,697
6 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments 71,468,116 14,533,160
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 13,426,719 1,945,865
Amounts owed to group undertakings and undertakings in which the company has a participating interest 974,365 940,565
Other creditors 9,564,436 50,161
23,965,520 2,936,591
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,506 20,752
Other creditors 50,704,311 16,448,489
50,714,817 16,469,241
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 21,594 30,746
Bank loans and overdrafts includes £21,594 in respect of a loan under the Bounceback Loan Scheme ('BBLS") (2022: £30,746). The BBLS is guaranteed by the government, bears interest at 2.5% and is repayable over 5 years from January 2021.
10 Capital Redemption reserve 2024 2023
£ £
At 1 January 2024 2,000 2,000
At 31 December 2024 2,000 2,000
11 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 28,817 54,167
12 Controlling party
The ultimate holding company is FMCH Ltd which is incorporated in England and Wales under number 11349160.
13 Other information
Wheal Fawley Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Bassett Avenue
Southampton
Hampshire
SO16 7DP
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