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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2024
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
COMPANY INFORMATION
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
CONTENTS
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their Strategic Report for the period ended 31 December 2024.
Note that the reporting period was shortened to bring the accounting reference date in line with that of the parent company and fellow subsidiaries.
The Company's revenue is derived from the management of leased properties, which are predominantly public houses.
Rental income for the 9 month period to 31 December 2024 was £23.7m representing an annual equivalent of £31.6m (year ended 31 March 2024: £30.6m). This reflects a solid performance in the core property operations and completion of additional residential conversions that reached practical completion during the period.
Where a pub becomes vacant, an assessment is made of the site with a view to obtaining the optimum shareholder return either through the generation of rental income or capital appreciation. The Company undertakes a comprehensive review including an assessment of alternative use or disposal, if deemed appropriate. There are a small number of sites in the portfolio that were considered within this framework in the period, some of which have received planning permission and others that were disposed of where an appropriate offer was received. During the period, in accordance with this strategy, 11 pubs were disposed in the 9 month period generating a net profit of £698k (year ended 31 March 2024: net loss £3.3m).
The Company lets premises to customers on normal credit terms. Trade debtor balances are monitored on an ongoing basis and credit terms for all customers are regularly reviewed. In recent years, where the company has experienced difficulties in collecting payment from its debtors a provision for doubtful debts has been made in the accounts.
The company uses rental yield as a measurement to indicate the rate of return from the investment portfolio. Rental yield is based on consolidated rental income expressed as a percentage over the investment property values as disclosed in the financial statements. For the 9 month period ended 31 December 2024, investment properties were valued at £482.9m (year ended 31 March 2024: £483.5m) and the rental income was £23.7m representing an annual equivalent of £31.6m (year ended 31 March 2024: £30.6m). The rental yield of 6.5% at 31 December 2024 is an increase of 0.2% from 31 March 2024 at 6.3%.
The company reviews its trade debtor position on a weekly and monthly basis to effectively manage the credit risk and have installed a number of debt collection metrics. As at31 December 2024, trade debt was at £2.4m (at 31 March 2024: £3.7m).
The financial risk management within the Company is governed by policies set by the Board of Directors and senior management. These policies cover interest rate risk and other areas, such as cash management.
Credit risk
The compay operates in a competitive market and there is a continuing risk that the company could lose its tenants due to another economic downturn, however, the company is not reliant on any single customer. In order to manage its credit risk, the covenant strength of potential tenants is assessed on a case-by-case basis and, as a standard policy, security is obtained in the form of a rental deposit or guarantee. Existing tenants are reviewed on a regular basis to monitor payment and trading patterns.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Interest rate risk
The company's long term debt is priced at a fixed rate which enables the company to know what interest amounts are payable with no risk attributable to changes in base rates. The company regularly reviews detailed financial forecasts to ensure that there is sufficient cash available to meet its quarterly interest and principal repayments.
Foreign exchange risk
The company is not exposed to foreign exchange risk as all of its income is derived from activities undertaken in the UK and all of its trade and other suppliers invoice in sterling.
Section 172 (1) Statement- Promoting success of the company
The directors have continued with a pipeline of developments within the property portfolio that will create value in the long-term. Development expenditure for the year totalled £3.43m (31 March 2024: £6.96m).
The company's operations continue to qualify as low energy minimising its impact on the environment.
The company endeavours to maintain a high standard of operations and business conduct and will continue to act fairly towards all stakeholders.
This report was approved by the board and signed on its behalf..
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
Comparative figures are for the year ended 31 March 2024.
The company applied to the Financial Conduct Authority ("FCA") and the London Stock Exchange to effect a cancellation of the listing of its bonds from the standard listing segment of the FCA's Official List and from trading on the Main Market of the London Stock Exchange ("Delisting"). Following the Delisting on 16 September 2024, the company will no longer be subject to the regulatory and statutory regime which applies to companies admitted to the standard segment of the Offical List and traded on the Main Market. The company's bonds were admitted to the Official List of The International Stock Exchange with effect from 12 August 2024.
On 7 November 2024, the company re-registered as a private company and changed its name from Wellington Pub Company Plc.
The profit for the period, after taxation, amounted to £6,589,000 (2024 - loss £4,635,000).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who served during the period were:
The Company will continue to generate rental income from its established pub portfolio, which remains a key contributor to recurring revenue. Looking ahead, the Company will undertake comprehensive reviews of any pubs that become vacant, assessing opportunities for re-letting, alternative use, or strategic disposal. These evaluations will be guided by a commitment to maximising shareholder value, ensuring that each asset is optimally positioned to deliver long-term returns. This proactive approach supports our broader strategy of portfolio optimisation and capital efficiency.
The company has a standard code and also agrees specific individual terms with certain suppliers. Payment is normally made in accordance with those terms, subject to suppliers' own performance.
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the period is 40,000kWh or lower.
In accordance with section 414C(11) of the Companies Act 2006 and the Companies (Strategic Report and Directors' Report) Regulations 2013 the company has set out the business review and the principal risks and uncertainties in the Strategic Report on page 1 of these accounts.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
On 15th January 2025, the outstanding bonds of £59.9m were redeemed. This redemption was funded by existing cash resources of the business, and additional intercompany loans advanced to the Company.
This report was approved by the board and signed on its behalf.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic report, 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 judgments 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 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.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
We have audited the financial statements of Wellington Pub Company Limited (Formerly Wellington Pub Company Plc) (the 'Company') for the period ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC) (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have 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 Strategic report or the Directors' report.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC) (CONTINUED)
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 Auditors' 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.
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:
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 have:
- considered the nature of the industry and sectors, control environment and business performance;
- made enquiries of management about their own identification and assessment of the risk of irregularities;
- performed audit work over the risk of management override of controls, including testing of journal entries and
other adjustments for appropriateness, and reviewing accounting estimates for bias;
- undertaken appropriate sample based testing of bank transactions;
- identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of
non-compliance; and
- discussed matters among the audit engagement team regarding how and where fraud might occur in the
financial statements and potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC) (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutry Auditor
Cornwall Avenue
N3 1LF
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
REGISTERED NUMBER: 03406623
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Wellington Pub Company Limited is a company limited by shares incorporated in England and Wales. The registered office is 4th Floor, Millbank Tower, 21-24 Millbank, London, SW1P 4QP.
On 7 November 2024, the company re-registered as a private company and changed its name from Wellington Pub Company Plc.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in sterling, which is the functional currency of the entity.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Investors In Private Capital Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
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 asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Enter text here - user input
Derecognition of financial instruments
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.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
11.Taxation (continued)
The fair value of the investment properties at the balance sheet date was based on a valuation carried out by the directors who do not believe that the fair value at the reporting date is significantly different from the previous external valuations undertaken by MRICs qualified surveyors at 31 December 2023.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
12.Investment property (continued)
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
As security for the payment of all monies due and payable in respect of the bonds (debenture loans) under the trust deed, Wellington Pub Company Limited (the issuer) has entered into a deed of charge creating inter alia the following security:
-A first fixed charge by way of a mortgage of all estates and other interests of the issuer;
-An assignment by way of a fixed security of the issuer's right, title, interest and benefit in and to the rental income;
-An assignment by way of a fixed security of the issuer's right, title, interest and benefit in and to the assigned documents;
-An assignment by way of a fixed security of the issuer's right, title, interest and benefit in and to all amounts from time to time standing to the credit of the bank accounts;
-A first floating charge over all the property, assets and undertakings of the issuer.
On 2 March 1998 the company performed a bond issue for £231m. The issue costs are being amortised over the life of the bonds at a constant rate on the carrying amount.
Interest and principal payments on the Class B bonds will be subordinated to such payments on the Class A bonds, so that Class B bondholders will not be entitled to receive any payment of interest or principal, unless and until, all amounts of interest due or overdue and principal then due to Class A bondholders have been paid in full.
16.Security on loans (continued)
At 31 December 2024, the bond were reclassifed to current liabilities as they were fully repaid on 15 January 2025 following the delisting from the London Stock Exchange on 16 September 2024 and the listing on The International Stock Exchange on 12 August 2024.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
19.Deferred taxation (continued)
Profit and loss account
The prior period adjustment corrects the corporation tax repayable position.
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WELLINGTON PUB COMPANY LIMITED (FORMERLY WELLINGTON PUB COMPANY PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The company's immediate parent is Wellington Investments Limited, a company registered in England and Wales. The smallest and largest group to consolidate these financial statements in the UK is Investors In Private Capital Limited, a company registered in England and Wales. Copies of the Investors In Private Capital Limited financial statements are publicly available at Companies House.
The ultimate parent undertaking is Omaha Business Holdings Corp., a company registered in the British Virgin Islands at 2nd Floor, O'Neal Marketing Associates Building, PO Box 3174, Wickman's Cay II, Road Town, Tortola, BVI.
There is no ultimate controlling party.
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