Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 false false false 2025-01-01 0 0 false 05586506 2025-01-01 2025-12-31 05586506 2024-01-01 2024-12-31 05586506 2025-12-31 05586506 2024-12-31 05586506 2024-01-01 05586506 1 2025-01-01 2025-12-31 05586506 1 2024-01-01 2024-12-31 05586506 5 2025-01-01 2025-12-31 05586506 5 2024-01-01 2024-12-31 05586506 d:CompanySecretary1 2025-01-01 2025-12-31 05586506 d:Director1 2025-01-01 2025-12-31 05586506 d:Director2 2025-01-01 2025-12-31 05586506 d:RegisteredOffice 2025-01-01 2025-12-31 05586506 e:PlantMachinery 2025-01-01 2025-12-31 05586506 e:FurnitureFittings 2025-01-01 2025-12-31 05586506 e:FurnitureFittings 2025-12-31 05586506 e:FurnitureFittings 2024-12-31 05586506 e:FurnitureFittings e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 05586506 e:FreeholdInvestmentProperty 2025-12-31 05586506 e:FreeholdInvestmentProperty 2024-12-31 05586506 e:CurrentFinancialInstruments 2025-12-31 05586506 e:CurrentFinancialInstruments 2024-12-31 05586506 e:CurrentFinancialInstruments e:WithinOneYear 2025-12-31 05586506 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 05586506 e:UKTax 2025-01-01 2025-12-31 05586506 e:UKTax 2024-01-01 2024-12-31 05586506 e:ShareCapital 2025-01-01 2025-12-31 05586506 e:ShareCapital 2025-12-31 05586506 e:ShareCapital 2024-01-01 2024-12-31 05586506 e:ShareCapital 2024-12-31 05586506 e:ShareCapital 2024-01-01 05586506 e:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 05586506 e:RetainedEarningsAccumulatedLosses 2025-12-31 05586506 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05586506 e:RetainedEarningsAccumulatedLosses 2024-12-31 05586506 e:RetainedEarningsAccumulatedLosses 2024-01-01 05586506 e:AcceleratedTaxDepreciationDeferredTax 2025-12-31 05586506 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 05586506 e:TaxLossesCarry-forwardsDeferredTax 2025-12-31 05586506 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 05586506 e:RetirementBenefitObligationsDeferredTax 2025-12-31 05586506 e:RetirementBenefitObligationsDeferredTax 2024-12-31 05586506 d:OrdinaryShareClass1 2025-01-01 2025-12-31 05586506 d:OrdinaryShareClass1 2025-12-31 05586506 d:OrdinaryShareClass1 2024-12-31 05586506 d:OrdinaryShareClass2 2025-01-01 2025-12-31 05586506 d:OrdinaryShareClass2 2025-12-31 05586506 d:OrdinaryShareClass2 2024-12-31 05586506 d:OrdinaryShareClass3 2025-01-01 2025-12-31 05586506 d:OrdinaryShareClass3 2025-12-31 05586506 d:OrdinaryShareClass3 2024-12-31 05586506 d:OrdinaryShareClass4 2025-01-01 2025-12-31 05586506 d:OrdinaryShareClass4 2025-12-31 05586506 d:OrdinaryShareClass4 2024-12-31 05586506 d:OrdinaryShareClass5 2025-01-01 2025-12-31 05586506 d:OrdinaryShareClass5 2025-12-31 05586506 d:OrdinaryShareClass5 2024-12-31 05586506 d:FRS102 2025-01-01 2025-12-31 05586506 d:Audited 2025-01-01 2025-12-31 05586506 d:FullAccounts 2025-01-01 2025-12-31 05586506 d:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 05586506 2 2025-01-01 2025-12-31 05586506 f:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05586506 WEXAS INVESTMENTS LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
WEXAS INVESTMENTS LIMITED COMPANY INFORMATION
Directors | M N Wilson
| J E Wilson
Company secretary | M N Wilson
Registered number | 05586506
Registered office | Runway East Borough Market
| 20 St. Thomas Street
| London
| SE1 9RS
Independent auditors | White Hart Associates (London) Limited
| Chartered Accountants and Statutory Auditors
| 2nd Floor, Nucleus House
| 2 Lower Mortlake Road
| Richmond
| TW9 2JA
WEXAS INVESTMENTS LIMITED CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditors' Report | 3 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10 - 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 - 21
WEXAS INVESTMENTS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Principal activity
The Company's principal activity during the year continued to be that of a property investment company.
Results and dividends
The loss for the year, after taxation, amounted to £27,718 (2024 - loss £343,646). No dividends will be distributed for the year ended 31 December 2025.
Directors
The directors who served during the year were:
M N Wilson
J E Wilson
Page 1
WEXAS INVESTMENTS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 17 June 2026 and signed on its behalf.
M N Wilson Director
Page 2
WEXAS INVESTMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEXAS INVESTMENTS LIMITED
Opinion
We have audited the financial statements of Wexas Investments Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 December 2025 and of its loss 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 United Kingdom, including the Financial Reporting Council'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. Page 3
WEXAS INVESTMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEXAS INVESTMENTS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which 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' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. Page 4
WEXAS INVESTMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEXAS INVESTMENTS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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. Page 5
WEXAS INVESTMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEXAS INVESTMENTS LIMITED (CONTINUED)
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 an Auditors' Report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We exercise professional judgment and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern. 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 Auditors' Report. Page 6
WEXAS INVESTMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEXAS INVESTMENTS LIMITED (CONTINUED)
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 an Auditors' Report 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. N A Spoor FCA FCCA (Senior Statutory Auditor) for and on behalf of White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 17 June 2026 Page 7
WEXAS INVESTMENTS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 34,720 | 30,089
Administrative expenses |  | (58,598) | (225,101)
Operating loss |  | (23,878) | (195,012)
Profit on sale of investment property |  | - | 132,000
Interest receivable and similar income |  | - | 438
Loss before tax |  | (23,878) | (62,574)
Tax on loss |  | (3,840) | (281,072)
Loss for the financial year |  | (27,718) | (343,646)
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | (27,718) | (343,646)
The notes on pages 13 to 21 form part of these financial statements.
Page 8
WEXAS INVESTMENTS LIMITED REGISTERED NUMBER: 05586506 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 8 |  | 32,580 |  | 17,340
Investment property | 9 |  | 3,450,000 |  | 3,450,000
|  |  | 3,482,580 |  | 3,467,340
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 18,198 |  | 21,985 |
Cash at bank and in hand | 11 | 3,539 |  | 10,624 |
|  | 21,737 |  | 32,609 |
Creditors: amounts falling due within one year | 12 | (1,583,866) |  | (1,551,780) |
Net current liabilities |  |  | (1,562,129) |  | (1,519,171)
Total assets less current liabilities |  |  | 1,920,451 |  | 1,948,169
Net assets |  |  | 1,920,451 |  | 1,948,169
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 1,000 |  | 1,000
Profit and loss account | 15 |  | 1,919,451 |  | 1,947,169
|  |  | 1,920,451 |  | 1,948,169
The Company's financial statements have been prepared in accordance with the 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 on 17 June 2026.
M N Wilson
Director
The notes on pages 13 to 21 form part of these financial statements. Page 9
WEXAS INVESTMENTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 1,000 | 1,947,169 | 1,948,169
Comprehensive income for the year |  |  |
Loss for the year | - | (27,718) | (27,718)
Total comprehensive income for the year | - | (27,718) | (27,718)
At 31 December 2025 | 1,000 | 1,919,451 | 1,920,451
| The notes on pages 13 to 21 form part of these financial statements.
| Non-distributable reserves - Of the total balance shown above of £1,919,451 for the "profit and loss account" at 31 December 2025, an amount of £1,046,081 is undistributable at this date as it represents the net unrealised gain on investment property.
Page 10
WEXAS INVESTMENTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1,000 | 2,290,815 | 2,291,815
Comprehensive income for the year |  |  |
Loss for the year | - | (343,646) | (343,646)
Total comprehensive income for the year | - | (343,646) | (343,646)
At 31 December 2024 | 1,000 | 1,947,169 | 1,948,169
| The notes on pages 13 to 21 form part of these financial statements.
Page 11
WEXAS INVESTMENTS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (27,718) | (343,646)
Adjustments for: |  |
Depreciation of tangible assets | 5,966 | 6,400
Interest received | - | (438)
Taxation charge | 3,840 | 281,072
(Increase) in debtors | (53) | (9,277)
(Decrease)/increase in creditors | (7,078) | 1,731
Increase/(decrease)) in amounts owed to groups | 505,598 | (4,021,210)
Corporation tax (paid)/received | (466,434) | -
Net cash generated from operating activities | 14,121 | (4,085,368)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (21,206) | (6,246)
Sale of investment properties | - | 4,100,000
Interest received | - | 438
Net cash from investing activities | (21,206) | 4,094,192
Net (decrease)/increase in cash and cash equivalents | (7,085) | 8,824
Cash and cash equivalents at beginning of year | 10,624 | 1,800
Cash and cash equivalents at the end of year | 3,539 | 10,624
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,539 | 10,624
| 3,539 | 10,624
The notes on pages 13 to 21 form part of these financial statements.
Page 12
WEXAS INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Wexas Investments Limited is a private company limited by shares and incorporated in England under number 05586506. Its registered office is at Runway East Borough Market, 20 St. Thomas Street, London SE1 9RS. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents income from investment property transactions and is recognised as it is earned.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 13
WEXAS INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.
| 2.5 | Tangible fixed assets
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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% |
|  |  |  | Fixtures and fittings | - | 20% |
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. Page 14
WEXAS INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | 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.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 15
WEXAS INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. a) Critical judgments in applying the Company's accounting policies The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure. b) Key accounting estimates and assumptions The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.
4. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 2,200 | 2,200
5. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
6. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | - | 438
|  | - | 438
Page 16
WEXAS INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 466,434
|  | - | 466,434
| Total current tax | - | 466,434
| Deferred tax |  |
| Origination and reversal of timing differences | 3,840 | (185,362)
| Total deferred tax | 3,840 | (185,362)
| Tax on loss | 3,840 | 281,072
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (23,878) | (62,574)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | (5,970) | (15,644)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | - | 1,123
| Capital allowances for year in excess of depreciation | (3,839) | 4
| Utilisation of tax losses | - | 14,517
| Capital gains tax on sale of investment property | - | 466,434
| Deferred tax | 3,840 | (185,362)
| Group relief | 9,809 | -
| Total tax charge for the year | 3,840 | 281,072
Page 17
WEXAS INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 7.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
8. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 January 2025 | 109,317
| Additions | 21,206
| Disposals | (53,554)
| At 31 December 2025 | 76,969
| Depreciation |
| At 1 January 2025 | 91,977
| Charge for the year on owned assets | 5,966
| Disposals | (53,554)
| At 31 December 2025 | 44,389
| Net book value |
| At 31 December 2025 | 32,580
| At 31 December 2024 | 17,340
Page 18
WEXAS INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 3,450,000
| At 31 December 2025 | 3,450,000
| The above investment consists of 2 properties held at the following addresses: 1) Quarleston House, Bryanston, Blandford Forum DT11 ODU 2) Old Barn Quarleston, Bryanston, Blandford Forum DT11 ODU The above properties were revalued by Symonds & Sampson LLP, Agricultural House, Sturminster Newton, Dorset DT10 1AR on 25 January 2023.
10. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Prepayments and accrued income | 12,703 | 12,650
| Deferred taxation | 5,495 | 9,335
|  | 18,198 | 21,985
11. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,539 | 10,624
|  | 3,539 | 10,624
Page 19
WEXAS INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 1,576,790 | 1,071,192
| Corporation tax | - | 466,434
| Accruals and deferred income | 7,076 | 14,154
|  | 1,583,866 | 1,551,780
13. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 9,335
| Charged to profit or loss | (3,840)
| At end of year | 5,495
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (8,011) | (4,171)
| Tax losses carried forward | 78,212 | 78,212
| Deferred tax on revaluation of property | (64,706) | (64,706)
|  | 5,495 | 9,335
Page 20
WEXAS INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 996 (2024 - 996) A Ordinary shares shares of £1.00 each | 996 | 996
|  | 1 (2024 - 1) B Ordinary share share of £1.00 | 1 | 1
|  | 1 (2024 - 1) C Ordinary share share of £1.00 | 1 | 1
|  | 1 (2024 - 1) D Ordinary share share of £1.00 | 1 | 1
|  | 1 (2024 - 1) E Ordinary shares share of £1.00 | 1 | 1
|  |  | 1,000 | 1,000
15. | Reserves
Profit and loss account The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position and non-distributable reserves relate to unrealised gain on investment property.
16. | Related party transactions
| Wexas Limited - a company 99.99% owned by the same parent Rivers (Holdings) Limited. Intercompany balance due to the related party, at the year end (included in creditors due within one year) amounted to £1,576,790 (2024 - £1,071,192).
17. | Cross Company Guarantee Undertaking
There is an unlimited joint cross company guarantee with Wexas Limited, a fellow subsidiary undertaking of Rivers (Holdings) Limited.
18. | Holding Company
The immediate and ultimate holding company is Rivers (Holdings) Limited, a company registered in Seychelles whose registered office is situated at Office 1, 1st Floor, Dekk Complex, PO Box 456, Mahe,Seychelles and its registered number is 114492. Rivers (Holdings) Limited is ultimately controlled by Intercontinental Trust (Seychelles) Limited.
Page 21