Wishco Ltd - Accounts to registrar (filleted) - small 23.2.5
Wishco Ltd - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
FOR |
WISHCO LTD |
WISHCO LTD (REGISTERED NUMBER: SC388655) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 November 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WISHCO LTD |
COMPANY INFORMATION |
for the year ended 30 November 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisors and Accountants |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
WISHCO LTD (REGISTERED NUMBER: SC388655) |
BALANCE SHEET |
30 November 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
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. |
WISHCO LTD (REGISTERED NUMBER: SC388655) |
BALANCE SHEET - continued |
30 November 2022 |
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 |
WISHCO LTD (REGISTERED NUMBER: SC388655) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 November 2022 |
1. | STATUTORY INFORMATION |
Wishco Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
RELATED PARTY EXEMPTION |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
TURNOVER |
Turnover represents the invoiced value of rental income and management services, net of value added tax and is recognised on an accruals basis. |
INCOME FROM INVESTMENTS |
Income from investments represents dividends received from group undertakings. |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
INVESTMENT PROPERTY |
Investment property is initially recognised at cost. Subsequent recognition, in accordance with FRS 102, requires investment property to be held at fair value with fair value gains and losses recognised in the Statement of Income and Retained Earnings. FRS 102 also requires deferred tax to be accounted for on assets subject to revaluation. |
WISHCO LTD (REGISTERED NUMBER: SC388655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
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 non-puttable 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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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. |
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 balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
WISHCO LTD (REGISTERED NUMBER: SC388655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2021 |
Additions |
Disposals | ( |
) |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 4 Maxwell Square, Brucefield Industrial Estate, Livingston, West Lothian, EH54 9BL |
Nature of business: |
% |
Class of shares: | holding |
2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: 482 Lanark Road West, Edinburgh, United Kingdom, EH14 7AN |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
WISHCO LTD (REGISTERED NUMBER: SC388655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2022 |
4. | FIXED ASSET INVESTMENTS - continued |
Registered office: 3 AV ANTOINE DE ST EXUPERY 44860 SAINT-AIGNAN-GRANDLIEU |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: está situada en Calle Fontanella Pau 21 8 Esc.1 7, (03300), Orihuela, provincia de Alicante, Comunidad Valenciana |
Nature of business: |
% |
Class of shares: | holding |
2022 |
£ |
Aggregate capital and reserves |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2021 |
Additions |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
Fair value at 30 November 2022 is represented by: |
£ |
Valuation in 2018 | 413,072 |
Valuation in 2021 | 579,701 |
Cost | 1,630,321 |
2,623,094 |
WISHCO LTD (REGISTERED NUMBER: SC388655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2022 |
5. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 1,630,321 | 1,617,727 |
The investment properties were valued on an open market basis on 6 July 2021 by Shepherd Commercial . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Barclays Security Trustee Limited have been granted a standard and floating charge over the investment properties. |
10. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 212,388 | 161,415 |
WISHCO LTD (REGISTERED NUMBER: SC388655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2022 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 December 2021 |
Property revaluation | 50,973 |
Balance at 30 November 2022 |
11. | RELATED PARTY DISCLOSURES |
Included in 'Other debtors' is an amount of £nil (2021 - £588,627) due to the company from the directors. These loans are interest free and have no fixed terms of repayment. |
Included in 'Other creditors' is an amount of £1,511,795 (2021 - £787) due from the company to the directors. These loans are interest free and have no fixed terms of repayment. |