WFS Investments Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07690146 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

FOR

WFS INVESTMENTS LTD

Page

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTORS:

Mrs J J Paulson-Ellis

Mr J D Paulson-Ellis

REGISTERED OFFICE:

Unit A4

Speldhurst Business Park

Langton Road

Speldhurst

Kent

TN3 0AQ

REGISTERED NUMBER:

07690146 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

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 WFS Investments Ltd for the year ended 31 July 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 WFS Investments Ltd, 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 WFS Investments Ltd and state those matters that we have agreed to state to the Board of Directors of WFS Investments Ltd, 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 WFS Investments Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that WFS Investments Ltd 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 WFS Investments Ltd. You consider that WFS Investments Ltd 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 WFS Investments Ltd. 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.

Seymour Taylor Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

17 May 2023

FIXED ASSETS

Tangible assets

4

4,949

2,598

Investments

5

410,105

1,307,810

Investment property

6

3,551,875

3,580,000

3,966,929

4,890,408

CURRENT ASSETS

Debtors

7

3,099,098

2,563,678

Cash at bank

1,081,715

324,961

4,180,813

2,888,639

CREDITORS

Amounts falling due within one year

8

312,019

216,116

NET CURRENT ASSETS

3,868,794

2,672,523

TOTAL ASSETS LESS CURRENT LIABILITIES

7,835,723

7,562,931

CREDITORS

Amounts falling due after more than one year

9

6,604,443

6,755,888

NET ASSETS

1,231,280

807,043

CAPITAL AND RESERVES

Called up share capital

10

1

1

Fair value reserve

11

(76,686

)

(29,097

)

Retained earnings

1,307,965

836,139

SHAREHOLDERS' FUNDS

1,231,280

807,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2023 and were signed on its behalf by:

Mr J D Paulson-Ellis - Director

1.	STATUTORY INFORMATION

WFS Investments Ltd is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is Unit A4, Speldhurst Business Park, Langton Road, Speldhurst, Kent, TN3 0AQ. The registered number is 07690146.

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.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

reducing balance - 25%

Computer equipment

-

straight line - 33%

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fixed asset investments

Investments in listed investments are initially recognised at cost and subsequently measured at fair value through profit and loss.

Investments in unlisted investments are recognised at cost less impairment through profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2021

9,641

14,109

23,750

Additions

-

5,153

5,153

At 31 July 2022

9,641

19,262

28,903

DEPRECIATION

At 1 August 2021

7,623

13,529

21,152

Charge for year

504

2,298

2,802

At 31 July 2022

8,127

15,827

23,954

NET BOOK VALUE

At 31 July 2022

1,514

3,435

4,949

At 31 July 2021

2,018

580

2,598

5.	FIXED ASSET INVESTMENTS

Listed

Unlisted

investments

investments

Totals

£

£

£

COST OR VALUATION

At 1 August 2021

131,810

1,176,000

1,307,810

Additions

299,665

-

299,665

Disposals

(2,823

)

(1,176,000

)

(1,178,823

)

Revaluations

(18,547

)

-

(18,547

)

At 31 July 2022

410,105

-

410,105

NET BOOK VALUE

At 31 July 2022

410,105

-

410,105

At 31 July 2021

131,810

1,176,000

1,307,810

The historic cost of listed investments at 31 July 2022 is £386,744 (2021 - £88,985).

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2021

3,580,000

Revaluations

(28,125

)

At 31 July 2022

3,551,875

NET BOOK VALUE

At 31 July 2022

3,551,875

At 31 July 2021

3,580,000

The historic cost of investment properties is £3,651,922 (2021 - £3,651,922).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as

restated

£

£

Other debtors

3,099,098

2,563,678

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as

restated

£

£

Bank loans and overdrafts

144,313

144,313

Taxation and social security

85,568

1,026

Other creditors

82,138

70,777

312,019

216,116

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

as

restated

£

£

Bank loans

222,820

235,677

Other creditors

6,381,623

6,520,211

6,604,443

6,755,888

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2022

2021

value:

as restated

£

£

1

Share capital 1

£1

1

1

18

Share capital 2

£0.01

-

-

18

Share capital 3

£0.01

-

-

1

1

11.

RESERVES

Fair

value

reserve

£

At 1 August 2021

(29,097

)

Revaluation

(47,589

)

At 31 July 2022

(76,686

)

12.	RELATED PARTY DISCLOSURES

During the year ended 31 July 2022, £75,000 of short-term, interest-free, loans were made to The Sports Edit Ltd, a company in which WFS Investments Ltd owns shares. All loans were repaid in full prior to the year end.

Also included within debtors are loans of £2,362,182 (2021 - £1,729,963) due from Stuart Properties LLC. There are no repayment terms and no interest is charged on this loan. Stuart Properties LLC is owned by WFS Investments Ltd.