REGISTERED NUMBER: 11855727 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

WEST WAY ACADEMIC RESIDENTIAL 2 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

S G Pycroft

M J Willis

M P Reynolds

Secretary:

R H Musgrove

Registered office:

155 Moorgate

London

EC2M 6XB

Registered number:

11855727 (England and Wales)

Auditors:

Cooper Parry Group Limited

Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Investment property

4

8,500,000

8,950,000

Current assets

Debtors

5

12,632

13,256

Cash at bank

50

30

12,682

13,286

Creditors

Amounts falling due within one year

6

6,190,478

6,503,869

Net current liabilities

(6,177,796

)

(6,490,583

)

Total assets less current liabilities

2,322,204

2,459,417

Provisions for liabilities

312,500

425,000

Net assets

2,009,704

2,034,417

Capital and reserves

Called up share capital

8

1

1

Retained earnings

2,009,703

2,034,416

Shareholders' funds

2,009,704

2,034,417

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

M J Willis - Director

1.	Statutory information

West Way Academic Residential 2 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

There is a balance sheet surplus of £2,009,704 (2023: £2,034,417) at the year end.

The financial statements have been prepared on a going concern basis. This basis is considered appropriate by the directors.

The directors have considered that although the debt is due to expire within one year and the repayment schedule is not contractual but based on net cash inflows into the entity, the lending company has agreed to extend the term of the loan until the property is sold and until the company is in a financial position to do so. As the debt was previously due after one year and no interest charged, imputed interest was calculated and charged during the term of the loan. At the year-end, the imputed interest had been fully released to the profit and loss account and therefore, there will not be an imputed interest charge going forward.

The property has been actively marketed for sale since the year-end, an offer has not been accepted but negotiations are taking place at the time of the signing of the financial statements.

Based on their assessment, given the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

The financial statements do not include any adjustments to the value of the balance sheet which would result from the going concern basis not being valid.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is inherent estimation uncertainty in arriving at a fair value of the investment properties. The investment properties accounting policy sets out the basis of valuation.

There was significant uncertainty in calculating the present value of the intra-group loan, principally due to difficulty in ascertaining a market interest rate for a comparable debt instrument for discounting purposes and the uncertainties affecting the predicted timing of the loan repayments under the loan terms.

There are inherent uncertainties predicting the timing of future repayments under the terms of the intra-group loan, which also leads to judgements concerning the amount of the discount to be recognised on an amortised cost basis for the financial year.

There is estimation uncertainty in calculating deferred tax. A review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provision does not match the actual tax liability when the investment property asset is disposed of.

Turnover

Turnover relates solely to rental income from residential accommodation and is measured at the fair value of the consideration received or receivable.

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.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3.	Employees and directors

The average number of employees during the year was NIL (2023 - NIL).

4.	Investment property

Total

£

Fair value

At 1 January 2024

8,950,000

Revaluations

(450,000

)

At 31 December 2024

8,500,000

Net book value

At 31 December 2024

8,500,000

At 31 December 2023

8,950,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2020

(690,220

)

Valuation in 2021

3,040,220

Valuation in 2022

(1,923,086

)

Valuation in 2023

1,273,086

Valuation in 2024

(450,000

)

Cost

7,250,000

8,500,000

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

7,250,000

7,250,000

Investment property was valued on an open market basis on 31 December 2024 by Montagu Evans .

5.

Debtors: amounts falling due within one year

2024

2023

£

£

Other debtors

7,570

7,113

Managing agent funds

5,062

6,143

12,632

13,256

6.

Creditors: amounts falling due within one year

2024

2023

£

£

Related party creditor

6,173,151

6,487,938

Accruals and deferred income

17,327

15,931

6,190,478

6,503,869

7.	Secured debts

There is a fixed and floating charge over the land that has been leased to the company by a fellow subsidiary for 999 years. The lease was assigned to the company during the year ended 31 December 2020.

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

1

1

1

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Paul Hodgett BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

10.	Related party disclosures

At the year-end, included in creditors falling due within one year, is an amount due to a fellow subsidiary of £6,173,151 (2023: £6,487,938).

The loan is interest free and therefore, imputed interest has been calculated on the loan, with £nil (2023: £249,497) included as an interest expense in the profit and loss account. The imputed interest adjustment over the term of the loan was fully released as at 31 December 2023 and therefore, there is no associated imputed charge in the profit and loss account to 31 December 2024.

Repayments during the year total £314,987 (2023: £249,497).

11.	Post balance sheet events

After the year-end date, before the signing of the audit report, the property included in investment property was put on the market for sale.

12.	Controlling party

The company is a wholly owned subsidiary of Botley Developments (Holdings) Limited. There is no ultimate controlling party.