Willoughby (481) Ltd - Period Ending 2021-12-31

Willoughby (481) Ltd

Balance Sheet

31 December 2021

	Note	2021  £	2020  £
Fixed assets
Investments	2	2,342,139	2,342,139
Creditors: Amounts falling due after more than one year	3	(3,694,568)	(3,694,568)
Net liabilities		(1,352,429)	(1,352,429)
Capital and reserves
Called up share capital	4	12	12
Profit and loss account		(1,352,441)	(1,352,441)
Shareholders' deficit		(1,352,429)	(1,352,429)

For the year ending 31 December 2021 the company was entitled to exemption under section 480 of the Companies Act 2006 relating to dormant companies.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 14 September 2022 and signed on its behalf by:

.........................................
J S Lansdown
Director

Company Registration Number: 05097420

Willoughby (481) Ltd

Notes to the Financial Statements

1	Accounting policies

Trading status

The company was dormant and has not traded during the year. The directors are satisfied, having made all necessary enquiries, that the loans due to shareholders of £3,694,568 will not be required for repayment for the foreseeable future being at least greater than 12 months from the date of approval of these financial statements.

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided in the Companies Act 2006 and has not prepared group accounts.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

The directors consider that the substance of the loan to group undertakings is such that the loans are deemed to be an effective equity stake. This view has been taken as the company does not expect repayment of the loan for the foreseeable future or until the investment is sold. Accordingly the loan to the group undertaking is not retranslated on an annual basis.

2	Investments held as fixed assets

	2021  £	2020  £
Shares in group undertakings and participating interests	44	44
Loans to group undertakings and participating interests	2,342,095	2,342,095
	2,342,139	2,342,139

Loans to group undertakings and participating interests

	Subsidiary undertakings £	Total £
Cost
At 1 January 2021	3,660,991	3,660,991
At 31 December 2021	3,660,991	3,660,991
Provision
At 1 January 2021	1,318,896	1,318,896
At 31 December 2021	1,318,896	1,318,896
Carrying value at 31 December 2021	2,342,095	2,342,095
Carrying value at 31 December 2019	2,342,095	2,342,095

Willoughby (481) Ltd

Notes to the Financial Statements

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Santuario Dezanove Lda	Mozambique	Ordinary shares	100%	Lodge owner

Santuario Dezanove Lda holds a beneficial interest in 90% of the ordinary share capital of Pambele Lda (the company holds the remaining 10%). Pambele Lda is incorporated in Mozambique and acts as the operator of a lodge.

3	Creditors: Amounts falling due after more than one year

	2021  £	2020  £
Other loans	3,694,568	3,694,568

4	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary Share capital of £1 each	12	12	12	12

5

Control

The company is controlled by Mr S P and Mrs M A Lansdown.