ACCOUNTS - Final Accounts preparation

Operating loss

The operating loss is stated after charging:

Registered number: 13168094

WAKMOOR LIMITED

AUDITED

DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2024

WAKMOOR LIMITED

COMPANY INFORMATION

Directors	Mr M Gilbard
	Mr C Ferguson-Davie
	Mr N B Young (resigned 17 June 2025)
	Mr S Hall (appointed 17 June 2025)
	Ms S J Malim (appointed 17 June 2025)


Registered number	13168094


Registered office	10 Grosvenor Street
	Mayfair
	London
	United Kingdom
	W1K 4QB


Independent auditors	BDO LLP
	55 Baker Street
	London
	W1U 7EU

WAKMOOR LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10 - 17

WAKMOOR LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

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;

∙make judgements and accounting estimates that are reasonable and prudent;

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

∙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 2006. They 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.

Principal activity

The principal activity of the Company is holding investments.

Results and dividends

The loss for the year, after taxation, amounted to £784,000 (2023 - loss £185,000).

No dividends were declared or paid in the current and prior period.

Directors

The Directors who served during the year were:

Mr M Gilbard

Mr C Ferguson-Davie

Mr N B Young (resigned 17 June 2025)

Page 1

WAKMOOR LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

The Company is party to a bank loan with National Westminster Bank Public Limited Company and its wholly owned subsidiary, WAKMoor (Assets) Limited. National Westminster Bank Public Limited has security over the assets of the Company under the agreement. WAKMoor (Assets) Limited is in breach of its interest cover and debt yield obligations under the bank loan and the lender has waived these events of default for the 2024/25 academic year. The financial covenants are next tested on 21 December 2025 for the 2025/26 academic year. WAKMoor (Assets) Limited incurred exceptionally high utility costs during the 2024/25 academic year and wholesale utility costs have since materially reduced. WAKMoor (Assets) Limited has also installed solar and battery storage across most of its investment property portfolio which will further reduce utility costs for the 2025/26 academic year. Notwithstanding this the Company has received confirmation from its immediate parent company and ultimate controlling parties that further financial support will be provided for the foreseeable future to ensure compliance with banking covenants in a reasonable downside scenario.

The Company has received confirmation from its immediate parent company, Moorfield Student Housing Limited, and its ultimate controlling parties, MREF IV GP Ltd on behalf of MREF IV "A" Limited Partnership, MREF IV "B" Limited Partnership, MREF IV "PC" Limited Partnership and MREF IV Lux GP Sarl on behalf of MREF IV "C" SCSp, that they do not intend to recall the shareholder loan for a period of 12 months from the date of signing. For the reasons set out above the Directors believe that the Company has the ability to continue to meet its liabilities as they fall due for at least 12 months from the date of the approval of the financial statements and therefore consider it appropriate to adopt the going concern basis in preparing the financial statements.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, BDO LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr S Hall

Director

Date: 29 September 2025

Page 2

WAKMOOR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAKMOOR LIMITED

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 Wakmoor Limited (“the Company”) for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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.

Page 3

WAKMOOR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAKMOOR LIMITED (CONTINUED)

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Directors' report and financial statements, 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.
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; or

∙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 Directors' responsibilities statement, 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 4

WAKMOOR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAKMOOR LIMITED (CONTINUED)

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 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 these 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;

∙Discussion with management and those charged with governance; and

∙Obtaining and understanding the Company's policies and procedures regarding compliance with laws and regulations.

We considered the significant laws and regulations to be the applicable accounting framework 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. We identified such laws and regulations to be UK tax legislation.

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 financial statement disclosures and agreeing to supporting documentation; and

∙Review of legal expenditure accounts to understand the nature of expenditure incurred.

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

∙Enquiry with 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.

Page 5

WAKMOOR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAKMOOR LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements (continued)
Based on our risk assessment, we considered the areas most susceptible to fraud to be manipulation of accounting records and the valuation of investments at fair value.

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

∙Assessing significant estimates made by management for bias which included agreeing key inputs and assumptions used in the valuation of investments to supporting documentation.

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 Auditors' Report.

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 Auditors' 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.

Christopher Young (Senior Statutory Auditor)

for and on behalf of

BDO LLP, Statutory Auditor

London, UK

Date: 29 September 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Page 6

WAKMOOR LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£000	£000


Administrative expenses		(642)	(24)
Operating loss	4	(642)	(24)
Interest payable and similar expenses	6	(142)	(161)
Loss before tax		(784)	(185)
Tax on loss	7	-	-
Loss for the financial year		(784)	(185)

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 10 to 17 form part of these financial statements.

Page 7

WAKMOOR LIMITED

REGISTERED NUMBER: 13168094

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£000		£000

Fixed assets
Investments	8		67		67
Current assets
Debtors: amounts falling due after more than one year	9	30,491		28,992
Cash and cash equivalents	10	127		341
		30,618		29,333
Current liabilities
Creditors: amounts falling due within one year	11	(31,938)		(29,869)
Net current liabilities			(1,320)		(536)
Total assets less current liabilities			(1,253)		(469)

Net liabilities			(1,253)		(469)

Capital and reserves
Called up share capital	13	1	1
Profit and loss account	14	(1,254)	(470)
		(1,253)	(469)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr S Hall

Director

Date: 29 September 2025

The notes on pages 10 to 17 form part of these financial statements.

Page 8

WAKMOOR LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£000	£000	£000
At 1 January 2023	1	(285)	(284)
Comprehensive loss for the year
Loss for the year	-	(185)	(185)

At 1 January 2024	1	(470)	(469)
Comprehensive loss for the year
Loss for the year	-	(784)	(784)
At 31 December 2024	1	(1,254)	(1,253)

The notes on pages 10 to 17 form part of these financial statements.

Page 9

WAKMOOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Wakmoor Limited is a private company, limited by shares and incorporated in England and Wales, registration number 13168094. The registered office address is 10 Grosvenor Street, Mayfair, London, United Kingdom, W1K 4QB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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).

These financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £'000 unless otherwise stated.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The financial statements have been prepared using FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 10

WAKMOOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. In assessing the Company's ability to continue as a going concern, the Directors have reviewed the trading and cashflow forecasts of the Company against the available financing facilities and covenants which include the Directors' assessment of the impact of inflation, rising interest rates and the wider economic environment.

The Company is party to a bank loan with National Westminster Bank Public Limited Company and its wholly owned subsidiary, WAKMoor (Assets) Limited. National Westminster Bank Public Limited has security over the assets of the Company under the agreement. WAKMoor (Assets) Limited is in breach of its interest cover and debt yield obligations under the bank loan and the lender has waived these events of default for the 2024/25 academic year. The financial covenants are next tested on 21 December 2025 for the 2025/26 academic year. WAKMoor (Assets) Limited incurred exceptionally high utility costs during the 2024/25 academic year and wholesale utility costs have since materially reduced. WAKMoor (Assets) Limited has also installed solar and battery storage across most of its investment property portfolio which will further reduce utility costs for the 2025/26 academic year. Notwithstanding this the Company has received confirmation from its immediate parent company and ultimate controlling parties that further financial support will be provided for the foreseeable future to ensure compliance with banking covenants in a reasonable downside scenario.

The Company has received confirmation from its immediate parent company, Moorfield Student Housing Limited, and its ultimate controlling parties, MREF IV GP Ltd on behalf of MREF IV "A" Limited Partnership, MREF IV "B" Limited Partnership, MREF IV "PC" Limited Partnership and MREF IV Lux GP Sarl on behalf of MREF IV "C" SCSp, that they do not intend to recall the shareholder loan for a period of 12 months from the date of signing. For the reasons set out above the Directors believe that the Company has the ability to continue to meet its liabilities as they fall due for at least 12 months from the date of the approval of the financial statements and therefore consider it appropriate to adopt the going concern basis in preparing the financial statements.

2.5

Finance costs

Finance costs are charged to profit or loss 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.

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.7

Cash and cash equivalents

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.

2.8

Creditors

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

Page 11

WAKMOOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Page 12

WAKMOOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor any significant judgements or assumptions in preparing these financial statements.

Auditors' remuneration - audit services

Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).

6.	Interest payable and similar expenses
		2024	2023
		£000	£000

Bank interest payable

142

161

Page 13

WAKMOOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


Current tax on losses for the year	-	-

Total current tax	-	-

Loss on ordinary activities before tax

(784)

(185)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	(196)	(46)
Effects of:
Unrelieved tax losses carried forward	196	46
Total tax charge for the year	-	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

8.	Fixed asset investments

		Investments in subsidiary companies
		£000
	Cost or valuation
	At 1 January 2024	67
	At 31 December 2024	67

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WAKMOOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Debtors
		2024	2023
		£000	£000

Due after more than one year
Amounts owed by group undertakings	30,491	28,992

Amounts owed by group undertakings are interest free and expected to be repaid in December 2026.
During the year an impairment charge of £624,000 (2023 - £Nil) was recorded against the amounts owed by group undertakings.

10.	Cash and cash equivalents
		2024	2023
		£000	£000

	Cash at bank and in hand	127	341

11.	Creditors: Amounts falling due within one year
		2024	2023
		£000	£000

Trade creditors	1	2
Amounts owed to group undertakings	31,921	29,852
Accruals and deferred income	16	15
	31,938	29,869

Refer to note 15 for details of amounts owed to group undertakings.

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WAKMOOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Financial instruments
		2024	2023
		£000	£000

	Financial assets
	Financial assets measured at amortised cost	30,618	29,333

	Financial liabilities
	Financial liabilities measured at amortised cost	31,356	29,854

	Financial assets measured at amortised cost comprise cash and cash equivalents and amounts owed by group undertakings.
	Financial liabilities measured at amortised cost comprise trade creditors and amounts owed to group undertakings.

13.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

850 (2023 - 850) Ordinary A shares of £1.00 each	850	850
150 (2023 - 150) Ordinary B shares of £1.00 each	150	150
3 (2023 - 3) C shares of £1.00 each	3	3
1 (2023 - 1) D share of £1.00	1	1

	1,004	1,004

The C shares and D share carry no voting rights and have no right to participate in dividends save in respect of an exit or capital distribution as defined in the articles.

14.

Reserves

Profit and loss account

The profit and loss account represents cumulative profit and losses net of all adjustments.

15.

Related party transactions

The Company has taken the exemptions under FRS 102 Section 33.1A not to disclose transactions and balances with related parties on the grounds that they are wholly owned within the group.
At the balance sheet date the Company had an outstanding balance owed to We Are Kin (Investments) Limited of £2,053,000 (2023 - £2,053,000) which is unsecured, interest free, repayable on demand and presented in amounts owed to group undertakings. At the balance sheet date the Company had an outstanding balance owed to Moorfield Student Housing Limited of £29,869,000 (2023 - £27,799,000) which is unsecured, interest bearing, repayable on demand and presented in amounts owed to group undertakings.

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WAKMOOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Post balance sheet events

On 17 June 2025, Moorfield Student Housing Limited entered into a Share Purchase Agreement to acquire all Ordinary B shares, Ordinary C shares and Ordinary D shares of the Company held by We Are Kin (Investments) Limited. On 17 June 2025, Moorfield Student Housing Limited also acquired the outstanding loan balance owing to We Are Kin (Investments) Limited for consideration of £1,635,000.
On 19 September 2025, the Company entered into an Amendment and Reinstatement Agreement with National Westminster Bank plc to extend the repayment date of the WAKMoor (Assets) Limited bank loan to 10 September 2027. As part of the Amendment and Reinstatement Agreement the financial covenants for the 2024/25 academic year were waived and the margin on the loan was reduced to 2.40%.

17.	Controlling party

The Company's immediate parent companies are Moorfield Student Housing Limited and We Are Kin (Investments) Limited, companies incorporated in England and Wales.
The Company's ultimate controlling parties are:
MREF IV "A" Limited Partnership;
MREF IV "B" Limited Partnership;
MREF IV "PC" Limited Partnership; and
MREF IV "C" SCSp (registered in Luxembourg).
Unless otherwise stated the ultimate controlling parties are limited partnerships registered in England and Wales.

Page 17