Company No: 11055321 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Investments	3	200,250		200,101
		200,250		200,101
Current assets
Debtors	4	102,583		149,133
Cash at bank and in hand	5	3,175		10,610
		105,758		159,743
Creditors: amounts falling due within one year	6	( 473,839)		( 463,885)
Net current liabilities		(368,081)		(304,142)
Total assets less current liabilities		(167,831)		(104,041)
Net liabilities		( 167,831)		( 104,041)
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		( 167,931 )		( 104,141 )
Total shareholder's deficit		( 167,831)		( 104,041)

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Wimshurst Pelleriti 1 Ltd (registered number: 11055321) were approved and authorised for issue by the Director. They were signed on its behalf by:

T Wimshurst Director

02 August 2023

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wimshurst Pelleriti 1 Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The company made a loss for the period and had net current liabilities of £368,081 and net liabilities of £167,831 at the statement of financial position date.

The parent company will continue its support of the Company, including not recalling its intercompany loan of £201,900 until it can afford to do so, and there are balances of £200,000 within creditors due within one year which are not payable until there are returns on the Company's fixed asset investment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Fixed asset investments

Investments in subsidiaries and associates are measured at cost less accumulated impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial assets
Basic financial assets, including other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Fixed asset investments

	2023		2022
	£		£
Subsidiary undertakings	0		1
Participating interests	200,250		200,100
	200,250		200,101

Investments in subsidiaries

	2023
	£
Cost
At 01 April 2022	1
Reclassification to investments in associates	(1)
At 31 March 2023	0
Carrying value at 31 March 2023	0
Carrying value at 31 March 2022	1

	Investments in associates		Total
	£		£
Carrying value before impairment
At 01 April 2022	200,100		200,100
Additions	149		149
Reclassification of balance from subsidiary undertakings	1		1
At 31 March 2023	200,250		200,250
Provisions for impairment
At 01 April 2022	0		0
At 31 March 2023	0		0
Carrying value at 31 March 2023	200,250		200,250
Carrying value at 31 March 2022	200,100		200,100

Investments in shares

Name of entity	Registered office	Nature of business	Class of shares	Ownership 31.03.2023	Ownership 31.03.2022
Priests Bridge Ltd	35 Ballards Lane, London, N3 1XW	Property development	Ordinary	7.14%	100.00%

4. Debtors

	2023		2022
	£		£
Amounts owed by Group undertakings	0		84,999
Amounts owed by associates	84,850		0
Prepayments	330		0
VAT recoverable	528		1,834
Other debtors	16,875		62,300
	102,583		149,133

5. Cash and cash equivalents

	2023		2022
	£		£
Cash at bank and in hand	3,175		10,610

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Amounts owed to Group undertakings	201,900		191,900
Amounts owed to associates	100		100
Accruals	1,839		1,885
Other creditors	270,000		270,000
	473,839		463,885

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Included within amounts owed by group undertakings is a balance of £nil (2022: £84,999) due from a Company with a shared director. This balance is unsecured and interest free, with no fixed repayment terms.

Included within amounts owed by associates is a balance of £84,850 (2022: £nil) due from a Company with a shared director. This balance is unsecured and interest free, with no fixed repayment terms.

Included within amounts owed to group undertakings is a balance of £201,900 (2022: £191,900) owed to the parent company. This balance is unsecured and interest free, with no fixed repayment terms.