WB OFFICES LIMITED


Directors	Mr Q G D Bull
	Mr R W R Churchill


Registered Address	3 Coldbath Square
	London
	EC1R 5HL


Registered Number	10176490 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The financial statements report the financial results only of the company and are presented in Sterling (£).

	Statement of compliance
	The financial statements have been prepared in compliance with Section 1A of Financial Reporting Standard 102 and Companies Act 2006 as these apply to the financial statements for the period and there were no material departures from the reporting standard.

	Going concern
	After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Going concern

After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

	Revenue from rendering of services
	Revenue comprises rental income, service charges and other recoveries from tenants of the company’s investment properties net of value added tax. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

	Current taxation
	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.

Current taxation

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
	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.

Deferred tax

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.

	Tangible fixed assets and depreciation
	Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Vehicles	33

	Investments
	Investments in subsidiaries are measured at cost less accumulated impairment.

	Investment property
	Investment property is carried at fair value determined annually by the director 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.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	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. 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Basic financial liabilities, including trade and other creditors, bank loans 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. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the profit and loss account. Financial assets are derecognised when (i) the contractual rights to the cashflows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (iii) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Basic financial liabilities, including trade and other creditors, bank loans 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. Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

Financial assets are derecognised when (i) the contractual rights to the cashflows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (iii) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.	Average number of employees
	The average number of employees include directors.


		2025		2024
	Average number of employees during the year	2		1

3.	Tangible fixed assets

	Vehicles	Total
	£	£
Cost or valuation
At 01 April 24	47,625	47,625
At 31 March 25	47,625	47,625
Depreciation and impairment
At 01 April 24	36,847	36,847
Charge for year	3,557	3,557
At 31 March 25	40,404	40,404
Net book value
At 31 March 25	7,221	7,221
At 31 March 24	10,778	10,778

4.	Investment property
	The 2024 valuations were made by the director, on an open market value for existing use basis.


		£
	Fair value at 01 April 24	10,800,000
	At 31 March 25	10,800,000

5.	Fixed asset investments

	Investments in groups¹	Other investments²	Total
	£	£	£
Cost or valuation
At 01 April 24	1	192,632	192,633
At 31 March 25	1	192,632	192,633
Net book value
At 31 March 25	1	192,632	192,633
At 31 March 24	1	192,632	192,633

	Notes
	¹Investments in group undertakings and participating interests ²Other investments other than loans

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	28,612	91,190
Other debtors	695,640	424,124
Prepayments and accrued income	325,041	522,212
Total	1,049,293	1,037,526

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	277,495	244,749
Bank borrowings and overdrafts	6,800,470	6,800,470
Amounts owed to related parties	1	1
Taxation and social security	152,108	104,301
Finance lease and HP contracts	20,002	18,478
Other creditors	747,172	882,214
Accrued liabilities and deferred income	1,741,710	1,787,698
Total	9,738,958	9,837,911


	Bank loans are secured by a fixed and floating charge over the company's investment properties. Hire purchase liabilities are secured over the asset to which their contract relates.

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	1,880,045	1,899,407
Total	1,880,045	1,899,407


	Other creditors include the finance lease and HP contracts after one year detailed below.

9.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	150,047		167,885

10.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	169,770	169,770
Total	169,770	169,770

11.	Related party transactions
	During the year, the director withdrew total funds of £151,189 (2024: £186,452) from the company, and repaid £Nil (2024: £20,000). At the balance sheet date, the director was owed £273,859 by the company (2024: £425,048)

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		7,221		10,778
Investments	5		192,633		192,633
Investment property	4		10,800,000		10,800,000
			10,999,854		11,003,411
Current assets
Debtors	6	1,049,293		1,037,526
Cash at bank and on hand		109,269		332,543
		1,158,562		1,370,069
Creditors amounts falling due within one year	7	(9,738,958)		(9,837,911)
Net current assets (liabilities)			(8,580,396)		(8,467,842)
Total assets less current liabilities			2,419,458		2,535,569
Creditors amounts falling due after one year	8		(1,880,045)		(1,899,407)
Provisions for liabilities	10		(169,770)		(169,770)
Net assets			369,643		466,392
Capital and reserves
Called up share capital			100		100
Revaluation reserve			820,691		820,691
Profit and loss account			(451,148)		(354,399)
Shareholders' funds			369,643		466,392