Wolverburgh Limited Filleted accounts for Companies House (small and micro)

WOLVERBURGH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01348688

Wolverburgh Limited

Filleted Unaudited Financial Statements

31 March 2019

Wolverburgh Limited

Balance Sheet

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	6		5,266,782	5,286,148

Current assets

Debtors	7	–	14,897
Cash at bank and in hand		69,919	18,298
		--------	--------
		69,919	33,195

Creditors: amounts falling due within one year	8	( 685,923)		( 671,545)
		---------		---------
Net current liabilities			( 616,004)	( 638,350)
			------------	------------
Total assets less current liabilities			4,650,778	4,647,798

Provisions

Taxation including deferred tax	( 495,938)	( 495,938)
	------------	------------
Net assets	4,154,840	4,151,860
	------------	------------

Capital and reserves

Called up share capital	105	105
Revaluation reserve	3,149,765	3,149,765
Profit and loss account	1,004,970	1,001,990
	------------	------------
Shareholders funds	4,154,840	4,151,860
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Wolverburgh Limited

Balance Sheet (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 14 November 2019 , and are signed on behalf of the board by:

Mr. A. Somji
Director

Company registration number: 01348688

Wolverburgh Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Revenue recognition

The company holds a 65.715% interest in a hotel partnership. The company's share of profits is disclosed on the face of the income statement.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments in associates

Investments in associates are recorded at cost less any accumulated impairment losses in accordance with the cost model.

Investments in joint ventures

Investments in joint ventures are accounted for in accordance with the equity method, under which the investment is initially recognised at cost and subsequently adjusted to reflect the company's share of the profit or loss, other comprehensive income and equity of the jointly controlled entity. Distributions received from the jointly controlled entity reduce the carrying amount of the investment.

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, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. 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 profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 3 (2018: 3).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	14,388	30,032
	--------	--------
Tax on profit	14,388	30,032
	--------	--------

The Finance Act 2015 enacted a 1% reduction in the main corporation tax rate to 19% with effect from 1 April 2017 and a further reduction to 18% with effect from 1 April 2020. The Finance Act 2016 enacted a further reduction to 17% with effect from 1 April 2020 which superseded the 18% rate effective from that date introduced in Finance Act 2015. As these changes in rate were substantively enacted prior to 31 March 2019, the effect has been reflected in the deferred tax liability in these financial statements. Deferred tax has been provided at the rate of 17% as there is no intention to sell the revalued assets in the foreseeable future.

Tax recognised as other comprehensive income or equity

The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £Nil

(2018: £ (11,105) ).

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2018: higher than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Profit on ordinary activities before taxation	17,368	120,020
	--------	---------
Profit on ordinary activities by rate of tax	3,300	22,804
Effect of expenses not deductible for tax purposes	11,461	7,516
Effect of capital allowances and depreciation	( 373)	( 288)
	--------	---------
Tax on profit	14,388	30,032
	--------	---------

6. Investments

	Interests in partnerships	Associated company	Total
	£	£	£
Cost
At 1 April 2018	5,221,848	64,300	5,286,148
Share of profits	18,179	–	18,179
Drawings	( 37,545)	–	( 37,545)
	------------	--------	------------
At 31 March 2019	5,202,482	64,300	5,266,782
	------------	--------	------------
Impairment
At 1 April 2018 and 31 March 2019	–	–	–
	------------	--------	------------

Carrying amount
At 31 March 2019	5,202,482	64,300	5,266,782
	------------	--------	------------
At 31 March 2018	5,221,848	64,300	5,286,148
	------------	--------	------------

(a) The company holds interest of 65.715% in both Swiss Cottage Hotel LLP and Swiss Cottage Investments LLP.

(b) The company also holds a 25.72% interest in Swissco Investments Limited, a company registered in England and Wales. The principal activity of Swissco Investments Limited is that of an investment company.

7. Debtors

	2019	2018
	£	£
Other debtors	–	14,897
	----	--------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Accruals and deferred income	1,393	1,393
Corporation tax	14,378	–
Other creditors	670,152	670,152
	---------	---------
	685,923	671,545
	---------	---------

9. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2019	2018
	£	£
Included in provisions	495,938	495,938
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Other revaluations	495,938	495,938
	---------	---------