ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-05-312020-05-31The auditor's report on the financial statements for the year ended 31 May 2020 was unqualified. In our opinion the financial statements: give a true and fair view of the state of the Company's affairs as at 31 May 2020 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.truetruetruetruetruetrue5false2019-06-01No description of principal activity5truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10188341 2019-06-01 2020-05-31 10188341 2018-06-01 2019-05-31 10188341 2020-05-31 10188341 2019-05-31 10188341 c:CompanySecretary1 2019-06-01 2020-05-31 10188341 c:Director1 2019-06-01 2020-05-31 10188341 c:Director2 2019-06-01 2020-05-31 10188341 c:Director3 2019-06-01 2020-05-31 10188341 c:Director4 2019-06-01 2020-05-31 10188341 c:Director5 2019-06-01 2020-05-31 10188341 c:RegisteredOffice 2019-06-01 2020-05-31 10188341 d:CurrentFinancialInstruments 2020-05-31 10188341 d:CurrentFinancialInstruments 2019-05-31 10188341 d:Non-currentFinancialInstruments 2020-05-31 10188341 d:Non-currentFinancialInstruments 2019-05-31 10188341 d:CurrentFinancialInstruments d:WithinOneYear 2020-05-31 10188341 d:CurrentFinancialInstruments d:WithinOneYear 2019-05-31 10188341 d:Non-currentFinancialInstruments d:AfterOneYear 2020-05-31 10188341 d:Non-currentFinancialInstruments d:AfterOneYear 2019-05-31 10188341 d:ShareCapital 2020-05-31 10188341 d:ShareCapital 2019-05-31 10188341 d:RetainedEarningsAccumulatedLosses 2020-05-31 10188341 d:RetainedEarningsAccumulatedLosses 2019-05-31 10188341 c:FRS102 2019-06-01 2020-05-31 10188341 c:Audited 2019-06-01 2020-05-31 10188341 c:FullAccounts 2019-06-01 2020-05-31 10188341 c:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31 10188341 d:Subsidiary1 2019-06-01 2020-05-31 10188341 d:Subsidiary1 1 2019-06-01 2020-05-31 10188341 d:Subsidiary2 2019-06-01 2020-05-31 10188341 d:Subsidiary2 1 2019-06-01 2020-05-31 10188341 6 2019-06-01 2020-05-31 iso4217:GBP xbrli:pure

Registered number: 10188341

WPL (WGC) LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

WPL (WGC) LTD

COMPANY INFORMATION

Directors	P J Wilson
	C J Wilson
	A J Wilson
	G J Barton
	A J Carey


Company secretary	Ami Jayne Wilson


Registered number	10188341


Registered office	8 Parkway
	Welwyn Garden City
	Hertfordshire
	AL8 6HG


Independent auditor	Parvez & Co Chartered Accountants
	Chartered Accountants & Statutory Auditors
	20 Greyhound Rd
	Newbury Park
	Hammersmith
	London
	W6 8NX


Accountants	Meer & Co Chartered Accountants
	N0.1 Cochrane House
	Admirals Way
	Canary Wharf
	London
	E14 9UD

WPL (WGC) LTD

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditor's Report	3 - 5
Statement of Comprehensive Income	6
Statement of Financial Position	7
Notes to the Financial Statements	8 - 12

WPL (WGC) LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MAY 2020

The directors present their report and the financial statements for the year ended 31 May 2020.

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.

Results and dividends

The loss for the year, after taxation, amounted to £560 (2019 - loss £560).

Directors

The directors who served during the year were:

P J Wilson

C J Wilson

A J Wilson

G J Barton

A J Carey

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Page 1

WPL (WGC) LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2020

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Parvez & Co, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006

This report was approved by the board on 27 August 2021 and signed on its behalf.

G J Barton

Director

Page 2

WPL (WGC) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WPL (WGC) LTD

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Opinion

We have audited the financial statements of WPL (WGC) LTD (the 'Company') for the year ended 31 May 2020, which comprise the Statement of Comprehensive Income, the Statement of Financial Position 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 May 2020 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 Auditor's 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material

Page 3

WPL (WGC) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WPL (WGC) LTD (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement 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 4

WPL (WGC) LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WPL (WGC) LTD (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Auditor's 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 Auditor's 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.

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 Auditor's Report.

Use of our report

This report is made solely to the Company's members 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 Auditor's 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 for our audit work, for this report, or for the opinions we have formed.

Parvez Khan (Senior Statutory Auditor)

for and on behalf of

Parvez & Co Chartered Accountants

and Statutory Auditors

20 Greyhound Rd

Newbury Park

Hammersmith

London

W6 8NX

27 August 2021

Page 5

WPL (WGC) LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MAY 2020

	2020	2019
Note	£	£


Administrative expenses	(560)	(560)
Operating loss	(560)	(560)
Loss for the financial year	(560)	(560)

There was no other comprehensive income for 2020 (2019:£NIL).

The notes on pages 8 to 12 form part of these financial statements.

Page 6

WPL (WGC) LTD

REGISTERED NUMBER: 10188341

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2020

		2020		2019
Note		£		£

Fixed assets
Investments	5		15,577,120		15,577,120
			15,577,120		15,577,120
Current assets
Debtors: amounts falling due within one year	6	13,121,052		3,851,465
Cash at bank and in hand	7	484		205,772
		13,121,536		4,057,237
Creditors: amounts falling due within one year	8	(21,751,110)		(546,863)
Net current (liabilities)/assets			(8,629,574)		3,510,374
Total assets less current liabilities			6,947,546		19,087,494
Creditors: amounts falling due after more than one year	9		(6,949,546)		(19,088,934)

Net liabilities			(2,000)		(1,440)

Capital and reserves
Called up share capital	2	2
Profit and loss account	(2,002)	(1,442)
	(2,000)	(1,440)

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2021.

G J Barton

Director

The notes on pages 8 to 12 form part of these financial statements.

Page 7

WPL (WGC) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

1.	General information

WPL (WGC) Limited is a private company limited by shares incorporated in England and Wales. Its principal place of business is the same as the registered office given in the Company Information page. Its principal activity is that of property developers and contractors.

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 Section 1A of 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.

WPL (WGC) Limited is the parent entity of Chase (WGC) Limited and CNH Trading Limited. It has not prepared group accounts as it is a subsidiary of Wilson Properties (London) Ltd and is consolidated in to the financial statements of that company. These financial statements reflect the company, not the group.
The financial statements have been prepared in £ sterling, the functional currency, rounded to the
nearest £1.

The following principal accounting policies have been applied:

2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of 31 May 2020 as at Wilson Properties (London) Ltd and these financial statements may be obtained from 8 Parkway, Welwyn Garden City, Hertfordshire, AL8 6HG.

Page 8

WPL (WGC) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.3

Going concern

At 31 May 2020, the Company had total net liabilities of (£2,000). The financial statements have been prepared on a going concern basis as the shareholders have indicated their willingness and ability to support the Company for at least 12 months from the date of approval of the financial statements.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.5

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.

2.6

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.

2.7

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.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 9

WPL (WGC) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.8

Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

3.	Auditor's remuneration

The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

4.	Employees
	The directors were the only employees of the company and they received no remuneration, (2019: £Nil).

The average monthly number of employees, including directors, during the year was 5 (2019 - 5).

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 June 2019	15,577,120
	At 31 May 2020	15,577,120

Page 10

WPL (WGC) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

	Chase (WGC) Limited	Ordinary	100%
	CNH Trading Limited	Ordinary	100%

The aggregate of the share capital and reserves as at 31 May 2020 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

	Chase (WGC) Limited	11,235,503	6,906
	CNH Trading Limited	9,562,753	8,322,044

Debtors

					2020	2019
					£	£


Amounts owed by group undertakings	13,121,052	3,851,465
	13,121,052	3,851,465

7.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	484	205,772
	484	205,772

Page 11

WPL (WGC) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

8.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Amounts owed to group undertakings	21,734,196	529,449
Other creditors	16,414	16,414
Accruals and deferred income	500	1,000
	21,751,110	546,863

9.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Amounts owed to group undertakings	-	11,675,497
Other creditors	6,949,546	7,413,437
	6,949,546	19,088,934

10.	Related party transactions
	In accordance with FRS 102 1AC.35, as a wholly owned subsidiary of Wilson Properties (London) Ltd, the Company is exempt from the requirement to disclose transaction with other wholly owned members of the group.

11.	Controlling party

WPL (WGC) Ltd is the wholly-owned subsidiary undertakings of Wilson Properties (London) Ltd. The parent of the smallest and largest group for which consolidated financial statements are drawn up is the ultimate parent undertaking and controlling party, Wilson Properties (London) Ltd, which is incorporated in the United Kingdom and registered in England and Wales.
The consolidated financial statements of Wilson Properties (London) Ltd are available at 8 Parkway, Welwyn Garden City, Hertfordshire, England, AL8 6HG.

12.	Auditor's information

The auditor's report on the financial statements for the year ended 31 May 2020 was unqualified.

The audit report was signed on 27 August 2021 by Parvez Khan (Senior Statutory Auditor) on behalf of Parvez & Co Chartered Accountants.

Page 12

WPL (WGC) LTD

Page 13