Wallop Group Investments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08567041 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1ST JULY 2022 TO 31ST MARCH 2023

FOR

WALLOP GROUP INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Lord O H R Lymington

Lady F Lymington

M W A Doran

REGISTERED OFFICE:

Estate Office

Farleigh Wallop

Basingstoke

Hampshire

RG25 2HT

REGISTERED NUMBER:

08567041 (England and Wales)

ACCOUNTANTS:

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

FIXED ASSETS

Tangible assets

4

24,221

28,856

Investments

5

49,026,485

33,138,376

Investment property

6

2,200,000

2,200,000

51,250,706

35,367,232

CURRENT ASSETS

Debtors

7

4,297,174

4,290,720

Investments

8

473,800

4,497,203

Cash at bank

29,006

113,836

4,799,980

8,901,759

CREDITORS

Amounts falling due within one year

9

16,253,310

15,097,824

NET CURRENT LIABILITIES

(11,453,330

)

(6,196,065

)

TOTAL ASSETS LESS CURRENT LIABILITIES

39,797,376

29,171,167

CREDITORS

Amounts falling due after more than one year

10

(35,251,823

)

(25,352,229

)

PROVISIONS FOR LIABILITIES

(131,327

)

(153,810

)

NET ASSETS

4,414,226

3,665,128

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

12

(567,534

)

461,430

Retained earnings

12

4,981,660

3,203,598

SHAREHOLDERS' FUNDS

4,414,226

3,665,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st March 2023 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 21st December 2023 and were signed on its behalf by:

M W A Doran - Director

1.	STATUTORY INFORMATION

Wallop Group Investments 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.

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.

Plant and machinery etc

-

12.50% straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 period 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 period 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.

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.

Fixed asset investments

Listed investments are included at fair value and gains are recognised in the income statement. Unlisted investments are included at cost less impairment where it is not possible to measure fair value reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st July 2022

and 31st March 2023

49,450

DEPRECIATION

At 1st July 2022

20,594

Charge for period

4,635

At 31st March 2023

25,229

NET BOOK VALUE

At 31st March 2023

24,221

At 30th June 2022

28,856

5.	FIXED ASSET INVESTMENTS

2023

2022

£

£

Shares in group undertakings

1

1

Loans to group undertakings

12,612,147

9,988,158

Other investments not loans

36,414,337

23,150,217

49,026,485

33,138,376

Additional information is as follows:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1st July 2022

1

23,150,217

23,150,218

Additions

-

27,411,784

27,411,784

Disposals

-

(13,321,446

)

(13,321,446

)

Revaluations

-

(826,218

)

(826,218

)

At 31st March 2023

1

36,414,337

36,414,338

NET BOOK VALUE

At 31st March 2023

1

36,414,337

36,414,338

At 30th June 2022

1

23,150,217

23,150,218

Cost or valuation at 31st March 2023 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2021

-

2,015,770

2,015,770

Valuation in 2022

-

(2,151,066

)

(2,151,066

)

Valuation in 2023

-

(826,218

)

(826,218

)

Cost

1

37,375,851

37,375,852

1

36,414,337

36,414,338

Loans to

group

undertakings

£

At 1st July 2022

9,988,158

New in year

2,623,989

At 31st March 2023

12,612,147

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st July 2022

and 31st March 2023

2,200,000

NET BOOK VALUE

At 31st March 2023

2,200,000

At 30th June 2022

2,200,000

The investment property was revalued in 2022 by an external valuer. The directors do not consider the fair value to have significantly changed since that date.

Fair value at 31st March 2023 is represented by:

£

Valuation in 2022

525,307

Cost

1,674,693

2,200,000

7.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

27,669

24,215

Amounts owed by group undertakings

87,813

88,999

Other debtors

42,395

50,755

157,877

163,969

Amounts falling due after more than one year:

Amounts owed by group undertakings

135,297

122,751

Amounts owed by participating interests

4,004,000

4,004,000

4,139,297

4,126,751

Aggregate amounts

4,297,174

4,290,720

8.	CURRENT ASSET INVESTMENTS

2023

2022

£

£

Unlisted investments

473,800

4,497,203

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

17,983

8,564

Amounts owed to participating interests

6,207,856

5,684,291

Taxation and social security

418,587

84,518

Other creditors

9,608,884

9,320,451

16,253,310

15,097,824

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

9,000,000

9,000,000

Other creditors

26,251,823

16,352,229

35,251,823

25,352,229

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

5,250,000

9,000,000

As at 31 March 2023, the Company owed the director £26,251,823 (2022: £16,352,229). The loan is unsecured and interest free. The director has confirmed that he will not demand repayment until 1 April 2024 at the earliest and only thereafter if to do so would not prejudice the interest of other creditors or the company's ability to continue trading as a going concern.

11.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

9,000,000

9,000,000

Other loans

9,250,000

9,250,000

18,250,000

18,250,000

The bank loan is secured by way of guarantees and charges over various properties owned by Lord Lymington and Wallop Estates (Fulham) Limited and the investment property owned by Wallop Group Investments Limited.

The other loan is secured by way of a fixed charge over the company's investments.

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1st July 2022

3,203,598

461,430

3,665,028

Profit for the period

749,098

749,098

Transfer

803,734

(803,734

)

-

Realisation of gains

225,230

(225,230

)

-

At 31st March 2023

4,981,660

(567,534

)

4,414,126