Registered number: 12281035
FOR THE YEAR ENDED 31 OCTOBER 2025
WEDO DEVELOPMENTS LIMITED
COMPANY INFORMATION
WEDO DEVELOPMENTS LIMITED
CONTENTS
WEDO DEVELOPMENTS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
Wedo Developments Ltd is a private limited company incorporated in the United Kingdom, with its construction operational base in Angola and the procurement for those constructions’ projects being done in the United Kingdom and Portugal. The company operates in the construction and civil engineering sector, undertaking large-scale public infrastructure projects.
As of 31 October 2025, the company was engaged in six major construction contracts across Angola, demonstrating its strong positioning in the region’s infrastructure development sector.
As of 31 October 2025, the company was engaged in six major construction contracts across Angola, demonstrating its strong positioning in the region’s infrastructure development sector.
The Company was actively engaged in the following six major projects during the reporting period:
These projects reflect both the technical capacity and the operational scale of the company, positioning Wedo Developments as a trusted contractor in Angola’s national development agenda.
These projects reflect both the technical capacity and the operational scale of the company, positioning Wedo Developments as a trusted contractor in Angola’s national development agenda.
These projects reflect both the technical capacity and the operational scale of the company, positioning Wedo Developments as a trusted contractor in Angola’s national development agenda.
Our strategic objectives are as follows:
Our strategic objectives are as follows:
∙To establish Wedo Developments Ltd as a leading construction company in Angola by successfully delivering high-impact public infrastructure projects.
∙To enhance our brand reputation and recognition in the Angolan market.
∙To gradually expand operations in the United Kingdom, laying the groundwork for future growth in the UK and broader international construction markets.
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WEDO DEVELOPMENTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The Board has identified the following key risks
The following KPIs will be used to assess performance:
The Directors are confident in the company’s future prospects. The Angolan construction market continues to offer significant growth opportunities, particularly in public health, infrastructure, and utilities.
Additionally, steps are being taken to assess and develop opportunities in the UK market, such as the construction of Social Housing and Student Accommodation to expand and diversify the company’s operational footprint.
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WEDO DEVELOPMENTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Wedo Developments Ltd is committed to responsible and sustainable business practices:
∙Environmental: Our construction sites follow waste management, energy usage, and emissions controls aligned with international standards.
∙Social: We prioritise hiring and training local staff, contributing to local employment and skills development.
∙Governance: The company is governed by UK corporate standards and is implementing transparent reporting and oversight procedures in both Angola and the United Kingdom.
This report was approved by the board and signed on its behalf.
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WEDO DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors present their report and the financial statements for the year ended 31 October 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,257,193 (2024 - loss (restated)£6,879,151).
No dividends were paid in 2025 or 2024.
The directors who served during the year were:
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
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WEDO DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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WEDO DEVELOPMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEDO DEVELOPMENTS LIMITED
We have audited the financial statements of Wedo Developments Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 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 Group's or the Parent 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.
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WEDO DEVELOPMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEDO DEVELOPMENTS LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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WEDO DEVELOPMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEDO DEVELOPMENTS LIMITED (CONTINUED)
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 Group 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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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.
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.
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WEDO DEVELOPMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEDO DEVELOPMENTS LIMITED (CONTINUED)
for and on behalf of
Statutory Auditors
London, United Kingdom
London, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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WEDO DEVELOPMENTS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
REGISTERED NUMBER: 12281035
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
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WEDO DEVELOPMENTS LIMITED
REGISTERED NUMBER: 12281035
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
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WEDO DEVELOPMENTS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Wedo Developments Ltd is a private company, limited by shares, incorporated in England and Wales, registered number 12281035. The registered office is 1st Floor, 8 Bridle Close, Kingston Upon Thames, Surrey, KT1 2JW.
The principal activity of the company is that of project management.
The financial statements are rounded to the nearest pound sterling.
The significant accounting policies applied in the presentation of these financial statements are set out below.
The principal activity of the company is that of project management.
The financial statements are rounded to the nearest pound sterling.
The significant accounting policies applied in the presentation of these financial statements are set out below.
2.Accounting policies
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 November 2023.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 November 2023.
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. At 31 October 2025, the Group had net liabilities of £6,613,325 (2024: £8,874,958 as restated) and the Company had net liabilities of £19,247,760 (2024: £8,713,361 as restated). For the year ended 31 October 2025, the Group generated a profit after taxation of £2,257,193, while the Company incurred a loss of £10,534,399.
The directors have considered the ability of both the Group and the Company to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements. In making this assessment, the directors have considered the Group's and Company's financial position, economic conditions, budgets and forecasts and the expected future trading performance of the business.
The directors have also considered the financial support available from an associated entity. The associated entity has confirmed its willingness to provide financial support to the Group and Company as required throughout the going concern assessment period. The directors have considered the financial position and resources available to the associated entity and are satisfied that it has the ability to provide such support.
Having considered the above, including the availability of financial support, the directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors have concluded that there are no material uncertainties that may cast significant doubt on the Group's or Company's ability to continue as a going concern and continue to adopt the going concern basis in preparing the financial statements.
The directors have considered the ability of both the Group and the Company to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements. In making this assessment, the directors have considered the Group's and Company's financial position, economic conditions, budgets and forecasts and the expected future trading performance of the business.
The directors have also considered the financial support available from an associated entity. The associated entity has confirmed its willingness to provide financial support to the Group and Company as required throughout the going concern assessment period. The directors have considered the financial position and resources available to the associated entity and are satisfied that it has the ability to provide such support.
Having considered the above, including the availability of financial support, the directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors have concluded that there are no material uncertainties that may cast significant doubt on the Group's or Company's ability to continue as a going concern and continue to adopt the going concern basis in preparing the financial statements.
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Analysis of turnover by country of destination:
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
12.Tangible fixed assets (continued)
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Foreign exchange reserve
Profit and loss account
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
During the year, the Company identified errors in the accounting treatment of downpayments made to subcontractors in respect of construction projects.
At the commencement of certain projects, subcontractors invoice the Company for a downpayment, which is subsequently recovered through a 15% reduction applied to subsequent invoices. In certain instances, downpayments were not recognised as prepayments. In other instances, subsequent subcontractor invoices were recorded at their gross amounts without releasing the corresponding prepayments. These errors resulted in misstatements in prepayments, payables, the VAT control account and operating profit in prior periods.
The errors have been corrected retrospectively in accordance with Section 10 of FRS 102. The comparative figures for the year ended 31 October 2024 have been restated, and opening reserves at 1 November 2023 have been adjusted to reflect the cumulative effect of errors arising before that date.
The effect of the correction on operating profit was as follows:
At the commencement of certain projects, subcontractors invoice the Company for a downpayment, which is subsequently recovered through a 15% reduction applied to subsequent invoices. In certain instances, downpayments were not recognised as prepayments. In other instances, subsequent subcontractor invoices were recorded at their gross amounts without releasing the corresponding prepayments. These errors resulted in misstatements in prepayments, payables, the VAT control account and operating profit in prior periods.
The errors have been corrected retrospectively in accordance with Section 10 of FRS 102. The comparative figures for the year ended 31 October 2024 have been restated, and opening reserves at 1 November 2023 have been adjusted to reflect the cumulative effect of errors arising before that date.
The effect of the correction on operating profit was as follows:
At 31 October 2025, the Company had entered into an agreement to purchase the entire share capital of a subsidiary undertaking. Under the terms of the purchase agreement, if the Company defaulted on completion or failed to fulfil certain contractual obligations, it would have been required to pay a penalty amounting to 10% of the total purchase price.
The total potential liability under this arrangement amounted to £19,140,900 (2024: £18,134,192).
The total potential liability under this arrangement amounted to £19,140,900 (2024: £18,134,192).
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WEDO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £983 (2024 - £447). Contributions totalling £194 (2024 - £185) were payable to the fund at the balance sheet date and are included in other creditors.
The directors consider that the ultimate controlling parties of the Group are Mr Antonio Henrique Marques Antunes and Mr Pedro Miguel Marques Vieira DOS Santos, by virtue of their shareholdings.
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