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Registered number: 12664326
WUK BARNABUS PROPCO LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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WUK BARNABUS PROPCO LIMITED
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COMPANY INFORMATION
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WUK BARNABUS PROPCO LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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WUK BARNABUS PROPCO LIMITED
REGISTERED NUMBER:12664326
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STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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WUK BARNABUS PROPCO LIMITED
REGISTERED NUMBER:12664326
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with 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 by:
The notes on pages 3 to 8 form part of these financial statements.
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WUK BARNABUS PROPCO LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
WUK Barnabus PropCo Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Berkeley Street, London, England, W1J 8DZ.
The principal activity of the company continued to be that of owning and letting residential properties.
The company's functional and presentational currency is £ Sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover represents rental income receivable during the period from the company's investment property net of value added tax.
Rental income is recognised when earned which is over the terms of rental agreements.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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WUK BARNABUS PROPCO LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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Current and deferred taxation
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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.
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:
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.
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WUK BARNABUS PROPCO LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluation are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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.
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.
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.
The Company enters into basic financial instrument transactions. Basic financial instruments, including trade debtors, trade creditors, cash and loans to related parties, are accounted for in accordance with FRS 102 Section 11.
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The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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WUK BARNABUS PROPCO LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Charge for the year on owned assets
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Freehold investment property
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The investment properties were valued at 30 June 2025 by Kroll Advisory Limited, a surveyor valuer, on a fair value basis.
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WUK BARNABUS PROPCO LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Amounts owed by related parties
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Bank loan relates to a secured fixed term loan from Secure Trust Bank PLC for a period of 5 years at an interest rate of 2.75% p.a payable quarterly. The loan is secured against the properties held by Company.
The Company has obtained a guarantee in respect of bank loans from WUK Barnabus Holdco Limited, the Company's parent. The guarantee is secured by a charge on the 1 ordinary shares in the Company.
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Capital contribution account
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Capital contribution reserve includes a contribution from the parent company to fund the acquistion of investments. During the year, the company received an additional £1,069,213 (2024 - £689,000) from its parent company in the form of a capital contribution and £Nil (2024 - £Nil) was returned to the parent company.
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WUK BARNABUS PROPCO LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Related party transactions
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, not to disclose related party transactions with wholly owned subsidiaries within the group.
Amounts owed to related parties are unsecured, interest free and repayable on demand, being a company where a director has material interest or execute significant control.
Included within other creditors are amounts totalling £124,071 owed to a company under common control. These amounts are interest free and repayable on demand.
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WUK Barnabus Holdco Limited is the immediate parent company which holds a majority shareholding of the Company. WUK Barnabus Holdco Limited is a company incorporated in United Kingdom. The parent company's registered office address is 16 Berkeley Street, London, England, W1J 8DZ.
The ultimate parent company is Warwick Real Estate Fund I. The registered address of Warwick UK Real Estate Fund I is CO Services Cayman Limited, PO Box 10008, Pavilion East, Cricket Square, Grand Cayman, KY1 1001, Cayman Islands.
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