REGISTERED NUMBER: 10982283 (England and Wales)

WHARFEDALE LIMITED

Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

S F Kunz

B C Kunz

REGISTERED OFFICE:

Wharfedale House

Smithies Lane

Birstall

West Yorkshire

WF17 9HR

REGISTERED NUMBER:

10982283 (England and Wales)

AUDITORS:

Walter Dawson & Son Chartered Accountants

1 Valley Court

Canal Road

Bradford

West Yorkshire

BD1 4SP

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a property investment company.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 10,777,760 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

S F Kunz

B C Kunz

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Walter Dawson & Son Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S F Kunz - Director

15 December 2025

Opinion

We have audited the financial statements of WHARFEDALE LIMITED (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit 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.

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 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 UK, including the FRC'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.

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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussion with directors and other management, and form our commercial knowledge and experience of the sector;

- we focussed on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and overide of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 and where indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

John Richard Hall (Senior Statutory Auditor)

for and on behalf of Walter Dawson & Son Chartered Accountants

1 Valley Court

Canal Road

Bradford

West Yorkshire

BD1 4SP

15 December 2025

TURNOVER

11,301,128

11,667,571

Administrative expenses

4,513,599

5,249,040

6,787,529

6,418,531

Other operating income

3,111,693

1,871,409

OPERATING PROFIT

4

9,899,222

8,289,940

Interest receivable and similar income

644,938

356,542

10,544,160

8,646,482

Interest payable and similar expenses

1,115,780

969,334

PROFIT BEFORE TAXATION

9,428,380

7,677,148

Tax on profit

5

2,304,663

1,910,854

PROFIT FOR THE FINANCIAL YEAR

7,123,717

5,766,294

FIXED ASSETS

Tangible assets

7

106,940

140,038

Investment property

8

121,209,500

119,413,000

121,316,440

119,553,038

CURRENT ASSETS

Debtors

9

2,682,349

725,130

Cash at bank and in hand

15,762,097

23,696,056

18,444,446

24,421,186

CREDITORS

Amounts falling due within one year

10

3,878,658

4,991,885

NET CURRENT ASSETS

14,565,788

19,429,301

TOTAL ASSETS LESS CURRENT LIABILITIES

135,882,228

138,982,339

CREDITORS

Amounts falling due after more than one year

11

(14,059,516

)

(14,271,007

)

PROVISIONS FOR LIABILITIES

(8,116,905

)

(7,351,482

)

NET ASSETS

113,705,807

117,359,850

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Share premium

13

-

74,726,856

Fair value reserve

13

24,350,718

22,054,448

Retained earnings

13

89,255,089

20,478,546

SHAREHOLDERS' FUNDS

113,705,807

117,359,850

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

B C Kunz - Director

S F Kunz - Director

Called up

Fair

share

Retained

Share

value

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

100,000

16,386,309

74,726,856

20,650,891

111,864,056

Changes in equity

Dividends

-

(270,500

)

-

-

(270,500

)

Total comprehensive income

-

5,766,294

-

-

5,766,294

Reserve transfer

-

(1,403,557

)

-

1,403,557

-

Balance at 31 March 2024

100,000

20,478,546

74,726,856

22,054,448

117,359,850

Changes in equity

Dividends

-

(10,777,760

)

-

-

(10,777,760

)

Total comprehensive income

-

7,123,717

-

-

7,123,717

Reserve transfer

-

72,430,586

(74,726,856

)

2,296,270

-

Balance at 31 March 2025

100,000

89,255,089

-

24,350,718

113,705,807

1.	STATUTORY INFORMATION

WHARFEDALE LIMITED 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred tax is provided on these gains or deficiencies at the rate expected to apply when the property is ever sold.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 10 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Depreciation - owned assets

30,672

44,712

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

1,539,240

1,443,002

Deferred tax

765,423

467,852

Tax on profit

2,304,663

1,910,854

UK corporation tax has been charged at 25% (2024 - 25%).

6.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary 'C' shares of £1 each

Interim

60,000

70,500

Ordinary 'D' shares of £1 each

Interim

200,000

200,000

Ordinary shares of £1 each

Final

10,517,760

-

10,777,760

270,500

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2024

75,019

197,500

272,519

Additions

11,989

-

11,989

Disposals

-

(38,920

)

(38,920

)

At 31 March 2025

87,008

158,580

245,588

DEPRECIATION

At 1 April 2024

37,840

94,641

132,481

Charge for year

6,715

23,957

30,672

Eliminated on disposal

-

(24,505

)

(24,505

)

At 31 March 2025

44,555

94,093

138,648

NET BOOK VALUE

At 31 March 2025

42,453

64,487

106,940

At 31 March 2024

37,179

102,859

140,038

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

119,413,000

Additions

1,134,807

Disposals

(2,450,000

)

Revaluations

3,111,693

At 31 March 2025

121,209,500

NET BOOK VALUE

At 31 March 2025

121,209,500

At 31 March 2024

119,413,000

The fair value of investment properties has been determined by both independent, professionally-qualified valuers and by the directors by reference to recent market prices of similar properties in the area.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

459,521

529,044

Other debtors

2,222,828

196,086

2,682,349

725,130

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

916,672

1,820,381

Trade creditors

1,613,438

1,739,847

Taxation

1,286,380

1,365,142

Other creditors

62,168

66,515

3,878,658

4,991,885

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

13,749,757

13,748,233

Other creditors

309,759

522,774

14,059,516

14,271,007

12.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

14,666,429

15,568,614

Bank borrowings are secured by fixed charges against the specific properties to which they relate.

13.

RESERVES

Fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2024

20,478,546

74,726,856

22,054,448

117,259,850

Profit for the year

7,123,717

7,123,717

Dividends

(10,777,760

)

(10,777,760

)

Reserve transfer

72,430,586

(74,726,856

)

2,296,270

-

At 31 March 2025

89,255,089

-

24,350,718

113,605,807

14.	RELATED PARTY DISCLOSURES

Wharfedale Limited, Skell Finance Co Limited and Wharfedale Properties Limited are related parties due to both companies being under the control of Brian Charles Kunz and Simon Fraser Kunz.

During the year the complete shareholding of Wharfedale Limited was purchased by Wharfedale (2024) Limited, a company under the control of Simon Fraser Kunz, in a share for share transfer. Payments totalling £10,000,000 were made to Brian Charles Kunz on behalf of Wharfedale (2024) Limited and payments for stamp duty were made of £517,760.

During the year Wharfedale Properties Limited incurred expenses of £4,600 (2024 - £4,600) that were paid for by Wharfedale Limited. At the year end Wharfedale Properties Limited owed Wharfedale Limited £51,657 (2024 - £47,057).

Wharfedale Limited loaned Wharfedale Properties Limited £3,000,000 during the year, of which £1,000,000 was repaid leaving a balance at the year end of £2,000,000. This loan is interest free and repayable upon demand.

Skell Finance Co Limited also incurred expenses of £22,142 (2024 - £29,923) that were paid for by Wharfedale Limited. At the year end Skell Finance Co Limited owed Wharfedale Limited £171,171 (2024 - £149,029).

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Simon Fraser Kunz due to his majority shareholding in the parent company Wharfedale (2024) Limited.