The WCD Group Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05961387 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

THE WCD GROUP HOLDINGS LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

F K Cairns Palmer

P N Glanville

C J Way

SECRETARY:

C J Way

REGISTERED OFFICE:

Clearview House

Unit 24, Bamel Way

Gloucester Business Park, Brockworth

Gloucester

Gloucestershire

GL3 4BH

REGISTERED NUMBER:

05961387 (England and Wales)

ACCOUNTANTS:

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

FIXED ASSETS

Tangible assets

4

595,000

639,084

Investments

5

442

442

595,442

639,526

CURRENT ASSETS

Debtors

145,162

139,092

Cash at bank

232,693

11,404

377,855

150,496

CREDITORS

Amounts falling due within one year

(280,321

)

(88,562

)

NET CURRENT ASSETS

97,534

61,934

TOTAL ASSETS LESS CURRENT LIABILITIES

692,976

701,460

CREDITORS

Amounts falling due after more than one year

6

(387,014

)

(387,406

)

NET ASSETS

305,962

314,054

CAPITAL AND RESERVES

Called up share capital

8

8,459

8,459

Share premium

56,333

56,333

Retained earnings

241,170

249,262

SHAREHOLDERS' FUNDS

305,962

314,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2021 and were signed on its behalf by:

F K Cairns Palmer - Director

P N Glanville - Director

1.	STATUTORY INFORMATION

The WCD Group Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about The WCD Group Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Freehold property has not been depreciated as the directors are of the opinion that, as the asset has been kept in a continual state of sound repair, its useful life is so long, and its residual value so high, that depreciation is not significant.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2020

639,084

Impairments

(44,084

)

At 31 March 2021

595,000

NET BOOK VALUE

At 31 March 2021

595,000

At 31 March 2020

639,084

Cost or valuation at 31 March 2021 is represented by:

Totals

£

Valuation in 2021

(44,084

)

Cost

639,084

595,000

Freehold Property was valued on an open market basis on 28 October 2021 by Kurt Wyman Surveyors Limited .

As the directors believe this value will not have materially changed since 31 March 2021, they have booked an impairment loss to revalue the property to its open market value from that date.

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2020

and 31 March 2021

442

NET BOOK VALUE

At 31 March 2021

442

At 31 March 2020

442

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.3.21

31.3.20

£

£

Repayable by instalments

Bank loans

273,743

275,938

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Bank loans

413,131

413,309

The original bank loan commenced on 28 February 2008 for a period of 25 years, with monthly repayments commencing in March 2011. Interest is payable at a rate of 1.8% over bank base rate.

An additional loan was drawn down on 12 February 2019 for a period of 5 years, with monthly repayments commencing in March 2019. Interest is payable at a rate of 3.5%.

The loans are secured by a fixed charge over the company's freehold property, supported by limited and several guarantees from five individual shareholders.

A Coronavirus Business Interruption Loan (CBIL) taken out by one of its subsidiary companies is secured by way of a cross company guarantee, with a fixed and floating charge covering all of the property and undertakings of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

516

Preferred Ordinary

£1

516

516

7,943

Ordinary

£1

7,943

7,943

8,459

8,459

9.	RELATED PARTY DISCLOSURES

The WCD Group Limited

Subsidiary company

At the year end the amount due to the subsidiary undertaking was £240,676 (2020: £49,091). During the year the company charged its subsidiary undertaking rent on a commercial basis of £62,000 (2020: £62,000) for the use of its business premises.

Routes Direct Limited

Subsidiary company

During the year, The WCD Group Holdings Limited advanced a further £56 (2020: £24,372) to Routes Direct Limited as working capital. At the year end the amount owed by the subsidiary undertaking was £138,962 (2020: £138,906). The advance is unsecured and remains repayable on demand, although no terms of repayment or interest have been agreed.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The WCD Group Holdings Limited for the year ended 31 March 2021 which comprise the Statement of Income and Retained Earnings, Abridged Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The WCD Group Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The WCD Group Holdings Limited and state those matters that we have agreed to state to the Board of Directors of The WCD Group Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The WCD Group Holdings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The WCD Group Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The WCD Group Holdings Limited. You consider that The WCD Group Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The WCD Group Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

25 November 2021