REGISTERED NUMBER: 10307277 (England and Wales)

Unaudited Financial Statements

for the Period 1 May 2024 to 31 December 2024

for

Wasdell Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Tedham

REGISTERED OFFICE:

Unit 6 Stephenson Road

Swindon

Wiltshire

SN25 5AX

REGISTERED NUMBER:

10307277 (England and Wales)

FIXED ASSETS

Tangible assets

5

33,278

55,463

Investments

6

1,966,111

1,824,622

Investment property

7

4,180,757

4,180,757

6,180,146

6,060,842

CURRENT ASSETS

Stocks

2,330,131

2,318,531

Debtors

8

38,690

1,506

Cash at bank

58,884

71,872

2,427,705

2,391,909

CREDITORS

Amounts falling due within one year

9

4,044,774

3,563,579

NET CURRENT LIABILITIES

(1,617,069

)

(1,171,670

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,563,077

4,889,172

CREDITORS

Amounts falling due after more than one year

10

(7,233,444

)

(7,233,444

)

PROVISIONS FOR LIABILITIES

(8,319

)

(12,844

)

NET LIABILITIES

(2,678,686

)

(2,357,116

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

(2,678,786

)

(2,357,216

)

SHAREHOLDERS' FUNDS

(2,678,686

)

(2,357,116

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

M Tedham - Director

1.	STATUTORY INFORMATION

Wasdell Properties 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company has a negative liabilities position of £2,678,686 (Apr-24: £2,357,116) at the period end. However, the directors still consider it appropriate to apply the going concern basis. The companies under common control will not seek repayment of balances until the company has the funds and the subsidiaries of the company are trading profitably with accumulated reserves.

Preparation of consolidated financial statements

The financial statements contain information about Wasdell Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Fixed asset investments include racehorses. Investments are measured initially at cost, at reviewed at each year end for any impairment, which is written off to the income statement.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The Company bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and specifics of each arrangement.

The Company recognises revenue when the following conditions are satisfied:

i. the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

ii. the Company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;

iii. the amount of revenue can be measured reliably;

iv. it is probable that the economic benefits associated with the transaction can be measured reliably.

Rental income is recognised over the period to which it relates, in accordance with the terms of the tenancy agreement.

Interest income

Interest income is recognised using the effective interest method.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on straight line basis

Fixtures and fittings

-

15% on straight line basis

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Repairs and maintenance costs are expensed as incurred.

Investments in subsidiaries

Investments in subsidiary companies are held at cost less accumulated impairment losses.

Fixed asset investments

Fixed asset investments relate to racehorses that are carried at cost less any impairment. Gains and losses on disposal are recognised in profit or loss for the period.

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.

Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments

The company has chosen to adopt Section 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the 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 period 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.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At the period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans and amounts owed to subsidiary undertakings, are initially measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs

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

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2024 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 May 2024

and 31 December 2024

76,936

148,346

225,282

DEPRECIATION

At 1 May 2024

57,700

112,119

169,819

Charge for period

7,694

14,491

22,185

At 31 December 2024

65,394

126,610

192,004

NET BOOK VALUE

At 31 December 2024

11,542

21,736

33,278

At 30 April 2024

19,236

36,227

55,463

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 May 2024

1,349,622

475,000

1,824,622

Additions

-

502,489

502,489

Disposals

-

(361,000

)

(361,000

)

At 31 December 2024

1,349,622

616,489

1,966,111

NET BOOK VALUE

At 31 December 2024

1,349,622

616,489

1,966,111

At 30 April 2024

1,349,622

475,000

1,824,622

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2024

and 31 December 2024

4,180,757

NET BOOK VALUE

At 31 December 2024

4,180,757

At 30 April 2024

4,180,757

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Other debtors

13,356

-

VAT

25,158

-

Prepayments and accrued income

176

1,506

38,690

1,506

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade creditors

74,375

14,903

Amounts owed to group undertakings

3,678,228

3,388,228

Tax

28,603

2,320

VAT

-

27,456

Directors' current accounts

100,934

17,516

Accruals and deferred income

162,634

113,156

4,044,774

3,563,579

Amounts due to group companies are unsecured, interest free and repayable on demand.

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2024

£

£

Other creditors

7,233,444

7,233,444

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2024

value:

£

£

100

Ordinary

1

100

100

12.	RELATED PARTY DISCLOSURES

Companies under common control

Amounts due from/(to):

31.12.24

30.04.24

£

£

Wasdell Packaging Limited

(4,733,444

)

(4,733,444

)

Wasdell Holdings Limited

(2,500,000

)

(2,500,000

)

Amounts due to entities under common control are unsecured, interest free and repayable on demand. The balances are included within other creditors due after more than one year at the period end.

Period ended

Year ended

Sales/(purchases) with:

31.12.24

30.04.24

£

£

Wasdell Packaging Limited

499,566

624,691

Transactions with Directors

During the period rent charged to M Tedham totalled £3,560 (Apr-24: £890). The company also made purchases totalling £4,729 (Apr-24: £Nil) from M Tedham during the period.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is M Tedham.