REGISTERED NUMBER: 13582161 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

Wynn Weinzweig UK JV Co Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

8

DIRECTOR:

Mr J M Weinzweig

REGISTERED OFFICE:

S223 - S224 Churchill House

120 Bunns Lane

London

NW7 2AS

REGISTERED NUMBER:

13582161 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Alan Kaye (FCA)

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

FIXED ASSETS

Investment property

4

5,240,000

8,800,051

CURRENT ASSETS

Debtors

5

246,836

102,099

CREDITORS

Amounts falling due within one year

6

(5,652,777

)

(4,781,855

)

NET CURRENT LIABILITIES

(5,405,941

)

(4,679,756

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(165,941

)

4,120,295

CREDITORS

Amounts falling due after more than one year

7

(5,659,909

)

(4,970,475

)

NET LIABILITIES

(5,825,850

)

(850,180

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(5,825,950

)

(850,280

)

SHAREHOLDERS' FUNDS

(5,825,850

)

(850,180

)

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 16 October 2025 and were signed by:

Mr J M Weinzweig - Director

1.	STATUTORY INFORMATION

Wynn Weinzweig UK JV Co Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are presented in Sterling (£), which is the functional currency of the company.

Monetary amounts in these financial styatements are rounded to the neareest £.

Significant judgements and estimates

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of the 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 estimates are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to and insignificant risk of change in value.

Foreign currency transactions and balances

Transactions in foreign currency are initially recorded at the functional currency rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective financial currency of the entity at the rate prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements for at least twelve months after the reporting date they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Going concern

The company's activities generated a loss of £4,975,670 (2023: £170,326) and has a net liability of £5,825,850 (2023: £850,180). The company's operational existence is still dependent on the ability to raise further funding from its parent company and other group members.

After making due enquires, the directors have formed a judgement that there is a reasonable expectation that the company can secure further adequate resources to continue in operational existence for the foreseeable future and that adequate arrangements will be in place to enable the settlement of their financial commitments, as and when they fall due.

For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. Whilst there are inherent uncertainties in relation to future events, and therefore no certainty over the outcome of the matters described, the directors consider that, based upon the financial projections and dependent upon the success of their efforts to complete these activities, the company will be a going concern for the next twelve months.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Employee benifits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

8,800,051

Additions

1,428,044

Revaluations

(4,988,095

)

At 31 December 2024

5,240,000

NET BOOK VALUE

At 31 December 2024

5,240,000

At 31 December 2023

8,800,051

Fair value at 31 December 2024 is represented by:

£

Valuation in 2024

5,240,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Directors' current accounts

1,500

1,500

VAT

120,449

100,599

Prepayments

124,887

-

246,836

102,099

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 8)

3,406,000

3,347,218

Trade creditors

82,822

20,981

Tax

1,600

-

Other creditors

-

42,780

Accrued expenses

2,162,355

1,370,876

5,652,777

4,781,855

Included in other loans is a loan which is subject to interest of 9.48% p.a. and has a fixed charge over the company investment property.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed to group undertakings

5,659,909

4,970,475

Amounts owed to group undertakings and shareholder loans bear interest at 8% for the first 24 months and at 10% thereafter. They have no fixed repayment date and are unsecured.

8.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank loans

3,406,000

3,347,218

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

90

Ordinary A

£1

90

90

10

Ordinary B

£1

10

10

100

100

10.

RESERVES

Retained

earnings

£

At 1 January 2024

(850,280

)

Deficit for the year

(4,975,670

)

At 31 December 2024

(5,825,950

)

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Alan Kaye (FCA) (Senior Statutory Auditor)

for and on behalf of BBK Partnership

12.	RELATED PARTY DISCLOSURES

Included within 'Amounts owed to group undertakings' is an amount of £5,659,908.57 (2023: 4,970,474.95) due to Wynn Weinzweig UK Hold Co Ltd, the immediate parent company.

13.	CONTROLLING PARTY

The immediate parent undertaking of the company is Wynn Weinzweig UK Hold Co Ltd, whose registered office is S223 - S224 Churchill House 120 Bunns Lane, London, United Kingdom, NW7 2AS.

The ultimate controlling party is Jeffrey Weinzweig.

14.

CHARGES

During the year the company had granted charges in favour of Blue Shield Capital Limited over its fixed and floating assets covering all property and undertakings.