WRC Accounting Limited 31/03/2025 iXBRL

Company registration number: 13099514

WRC Accounting Limited

Company limited by guarantee

Unaudited filleted financial statements

31 March 2025

WRC Accounting Limited

Company limited by guarantee

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

WRC Accounting Limited

Company limited by guarantee

Directors and other information


	Directors	Martin Peters FCA
		Christian Cowley FCCA
		Sharon Clague


	Company number	13099514


	Registered office	Parkgates
		Bury New Road
		Prestwich
		Manchester
		M25 0JW




	Bankers	Royal Bank of Scotland International Limited
		Douglas
		Isle of Man
		IM99 1NJ


	Solicitors	Keystone Law
		48 Chancery Lane
		London
		WC2A 1JF

WRC Accounting Limited

Company limited by guarantee

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Investments	3	3,909,317		3,282,229
		_______		_______
			3,909,317		3,282,229

Current assets
Cash at bank and in hand		623		46,051
		_______		_______
		623		46,051
Creditors: amounts falling due
within one year	4	( 937,429)		( 766,552)
		_______		_______
Net current liabilities			( 936,806)		( 720,501)
			_______		_______
Total assets less current liabilities			2,972,511		2,561,728

Creditors: amounts falling due
after more than one year	5		( 2,448,289)		( 2,131,143)
			_______		_______
Net assets			524,222		430,585
			_______		_______

Capital and reserves
Profit and loss account			524,222		430,585
			_______		_______
Members funds			524,222		430,585
			_______		_______

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 05 December 2025 , and are signed on behalf of the board by:

Martin Peters FCA

Director

Company registration number: 13099514

WRC Accounting Limited

Company limited by guarantee

Notes to the financial statements

Year ended 31 March 2025

1. General information

WRC Accounting Limited is a not-for-profit private company, limited by guarantee without share capital, incorporated in England and Wales. The Company's profits and property can only be used in the promotion of its objects, namely investment and participation in qualified professional accounting practices.The Company's registered number and registered office address are recorded on the Company information sheet. The Financial Statements are presented in Sterling, which is the functional currency of the Company.

2. Accounting policies

Basis of preparation

The 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, subject to a possible temporary departure therefrom in respect of the Goodwill Policy set out below and elaborated in Note 3.

Going concern

The Financial Statements have been so prepared on the Directors' assumption that the Company is able to carry on business as a going concern taking into account the Loan Facilities described in Notes 5 and 9.

Turnover

Revenue is measured at the fair value of Partnership profits and other income received and receivable.

Taxation

Taxation represents Corporation Tax currently payable. No provision is mande for any Deferred Tax liability as it would be insignificant.

Goodwill

Goodwill is valued at cost unless there has been a diminution in value. The Directors consider that the Company's recently purchased Goodwill and the ongoing Purchasing Plan for the remaining Goodwill of the LLP is appropriately held at cost as, in their opinion, no diminution had occurred at 31 March 2025. An Amortisation Policy will be initiated once the Company owns all the Goodwill of the LLP (see note 3)

The company is limited bny guarantee.

3. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 April 2024	3,282,229	3,282,229
Additions	627,088	627,088
	_______	_______
At 31 March 2025	3,909,317	3,909,317
	_______	_______
Impairment
At 1 April 2024 and 31 March 2025	-	-
	_______	_______
Carrying amount
At 31 March 2025	3,909,317	3,909,317
	_______	_______
At 31 March 2024	3,282,229	3,282,229
	_______	_______

The initial Goodwill cost of £600,000 is payable over a maximum of 6 years, from 1st April 2021, without interest, to former partners of the accounting practice, and could be reduced in the event of future Partnership Profits being less than anticipated. The further Goodwill of £574,577, the interest of the deceased Partner, became payable as to £343, 433 in April 2024 and a further £231,144 is due in September 2025. The remaining Partner's interest in the LLP is to be purchased on terms yet to be fully agreed, but his Capital and Loan Accounts of £350,000 were acquired in the current year. His Goodwill has been estimated at £536,00 payable 50% on 31/3/26 and 50% on 31/3/27 . The LLP discloses in its Accounts total Mambers' Capital of £2,925,397 , with £2,734,740 attributable to the Company. the LLP classifies this Capital as £100,000 Equity and the balance as an Unsecured Liability. The Directors intend to review the Goodwill accounting policy as applied to the Company's accounts for the four years ended 31st March 2025, once the Goodwill acquisition is complete, including the acquisition of the remaining Equity Partner's interests, or there being arrangements in place for appropriate alternative acquisitor(s) to complete the purchase. The Directors consider that when applied, amortisation to write off the asset over 20 years to be the appropriate policy. If this policy were applied from the time of the initial acquisition, a charge of £30,000 would apply for the three years to 31 March 2024 and approximately £58,700 for the year to 31 March 2025, a total of £148,700. Once the final acquisition annual amortisation is expected at £85,000 per annum. The Goodwill acquisition was initially for a 50% entitlement to profits of the LLP. This was subsequently adjusted to 40% on the introduction of a further profit sharing partner. The Directors did not expect any reduction in its profit entitlement and therefore considered it did not affect the value of the acquired Goodwill. The Accounting Policy for Goodwill, either as currently in place or an alternative, does not have any effect on the Company's Corporation Tax liability.

4. Creditors: amounts falling due within one year

		2025	2024
		£	£
	Corporation tax	26,500	56,250
Administrative expenses	2,453 2,893
White Rock Capital Limited - Current Account	25,981 8,540
White Rock Capital Limited - Loan interest	451,351 255,436
Goodwill of deceased LLP Partner	231,144 343,433
Goodwill of former LLP Partners	200,000 100,000
		_______	_______
		937,429	766,552
		_______	_______

5. Creditors: amounts falling due after more than one year

			2025	2024
			£	£
White Rock Capital Limited (secured loan)	2,448,289	1,650,000
Goodwill of LLP deceased Partner	-	231,143
Goodwill of former LLP Partners	-	250,000
			_______	_______

All money due to White Rock Capital Limited is secured by a fixed and floating charge on all the Company's property and undertaking. The Charge was created and registered in May 2022.White Rock Capital Limited has confirmed that it will provide by way of additional secured loans, such funds as the Company reasonably requires to meet its liabilities to the former and deceased partners of the accounting practice in respect of the Goodwill and in respect of the anticipated liability to the remaining partner when the amounts and dates are agreed.White Rock Capital Limited has also confirmed that, although repayment of the current and anticipated loans in full is due on demand, it will not demand repayment in full or in part in such circumstances that would materially disrupt the Company's current and anticipated activities, always provided that the payment or accrual of due interest is in circumstances acceptable to White Rock Capital Limited.

6. Turnover

The net partnership income is made up of LLP Partnership Internal Interest of £190,425 (2024: £144,656) and LLP Partnership Share of Profit of £142,663 (2024: £221,694).

7. Tax on profit

Major components of tax expense

	2025	2024
	£	£
Current tax:
UK current tax expense	26,584	56,250
Adjustments in respect of previous periods	( 42)	( 1,552)
	_______	_______
Tax on profit	26,542	54,698
	_______	_______

8. Staff costs

The average number of persons employed by the company during the year amounted to 3 (2024: 2 ).

9. Related party transactions

Christian Cowley was until 3 May 2024, a Director of Oak Group (IoM) Limited who charged £14,443 for administrative expenses (2024: £12,957) to the Company at normal market rates.

10. Capital commitments

The Company is committed to acquire the remaining 20% interest in the LLP, but anticipated that this would be taken up in full or part by new Equity Partners of the LLP, with the Company assisting with the financing thereof, if and as required. This position, although still desirable is less achievable following the death of the Partner who was due to remain with the LLP the longest. If this position is not achieved before the retirement of the remaining partner, the Company's arrangements with White Rock Capital Limited will be extended for a greater loan, possibly with participation in the profits which emanate from the LLP.