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Registered number: 12321401 WIP REAL ESTATE (UK) LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WIP REAL ESTATE (UK) LIMITED CONTENTS
| Page
Balance sheet | 1
Notes to the financial statements | 2 - 8
|  | REGISTERED NUMBER:12321401
WIP REAL ESTATE (UK) LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment properties | 5 |  | 11,200,000 |  | 11,303,291
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 403,797 |  | 606,042 |
Cash at bank and in hand |  | 249,196 |  | 216,252 |
|  | 652,993 |  | 822,294 |
Creditors: amounts falling due within one year | 7 | (10,276,937) |  | (10,457,622) |
Net current liabilities |  |  | (9,623,944) |  | (9,635,328)
Total assets less current liabilities |  |  | 1,576,056 |  | 1,667,963
Net assets |  |  | 1,576,056 |  | 1,667,963
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 5,700,000 |  | 5,700,000
Profit and loss account |  |  | (4,123,944) |  | (4,032,037)
Total equity |  |  | 1,576,056 |  | 1,667,963
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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
E Fah
Director
Date: 14 October 2025
The notes on pages 2 to 8 form part of these financial statements. Page 1
WIP REAL ESTATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
WIP Real Estate (UK) Limited is a private company limited by shares incorporated in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had incurred an underlying net loss for the year. The directors have considered future financial forecasts and the ability of the group to provide ongoing support. These forecasts indicate an underlying loss. In making their going concern assessment, the directors have obtained written confirmation from its parent company that it will provide financial support to the company for a period of at least 12 months from the date of approval of the financial statements to assist in meeting the company's liabilities as and when they fall due to the extent that it is not available from its existing resources. The directors are not aware of any reasons why this support would be withdrawn in the foreseeable future. For these reasons, the directors continue to believe that it is appropriate to adopt the going concern basis for the preparation of the financial statements.
| 2.3 | Revenue
Revenue comprises rental income received from the tenant of the company's investment property. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 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. Page 2
WIP REAL ESTATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Investment properties
Investment properties are carried at fair value determined annually by the directors, based on an external professional valuation, as set out in Note 3. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.8 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Page 3
WIP REAL ESTATE (UK) 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 Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors and 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 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. Page 4
WIP REAL ESTATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued) Derecognition of financial assets and financial liabilities 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) despite having retained some significant risks and rewards of ownership, control of 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 are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.10 | Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in that period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follow: Valuation of investment propert ies The company's investment properties are valued by the directors annually based on anticipated market value by external professional valuers. The valuations are based on factors including market rent and yields but there is an inevitable degree of judgement involved in that each property is unique and the value can only ultimately be reliably tested in the market itself. Page 5
WIP REAL ESTATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
5. | Investment properties
|  | Freehold investment properties
|  | £
| Valuation |
| At 1 January 2024 | 11,303,291
| Additions at cost | 41,091
| Deficit on revaluation | (144,382)
| At 31 December 2024 | 11,200,000
The investment properties were revalued at 31 December 2024 on the basis of an open market valuation by the directors, based on professional valuations by external valuers, Savills (UK) Limited, in accordance with the valuation standard issued by the Royal Institute of Chartered Surveyors. The deficit on revaluation has been recognised in the profit and loss account and accumulated in the profit and loss reserve.
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 11,104 | 3,000
| Amounts owed by group undertakings | 347,189 | 21,724
| Other debtors | 24,063 | 521,251
| Prepayments and accrued income | 21,441 | 60,067
|  | 403,797 | 606,042
| Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.
Page 6
WIP REAL ESTATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 49,882 | 185,743
| Amounts owed to group undertakings | 8,191,836 | 8,891,836
| Corporation tax | 114,784 | 26,470
| Other taxation and social security | 32,923 | -
| Accruals and deferred income | 1,887,512 | 1,353,573
|  | 10,276,937 | 10,457,622
| The amounts owed to group undertakings are unsecured and accrue interest at a rate of 4.75% per annum. The amounts owed to group undertakings have been classified as current, as there is no right to defer payment for more than 12 months. However, the company has received an undertaking that they will not have to repay the monies owed for a period of at least 12 months, unless there is a re-financing.
8. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 5,700,000 (2023 - 5,700,000) Ordinary shares of £1.00 each | 5,700,000 | 5,700,000
| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
9. | Related party transactions
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
10. | Capital commitments
| At 31 December 2024 the Company had capital commitments as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 435,960 | -
|  | 435,960 | -
Page 7
WIP REAL ESTATE (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Controlling party
The immediate parent undertaking is Ed Real Holding AG, a company registered in Switzerland with registered office Kirschgartenstrasse 5, CH-4051 Basel, this also being the parent company in the smallest group that prepares consolidated accounts for which the company is a member.
12. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 16 October 2025 by Marc Levy FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 8