WPC10 Limited - Accounts to registrar (filleted) - small 23.2.5
WPC10 Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE PERIOD 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| FOR |
| WPC10 LIMITED |
| WPC10 LIMITED (REGISTERED NUMBER: 12820672) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Period 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| WPC10 LIMITED |
| COMPANY INFORMATION |
| for the Period 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditor |
| 61 Queen Square |
| Bristol |
| BS1 4JZ |
| WPC10 LIMITED (REGISTERED NUMBER: 12820672) |
| BALANCE SHEET |
| 1 JANUARY 2023 |
| 2023 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| WPC10 LIMITED (REGISTERED NUMBER: 12820672) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Period 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| 1. | STATUTORY INFORMATION |
| WPC10 Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounting reference date of the company is 31 December but the financial statements have been drawn up to a Sunday within seven days of this date, which is 1 January 2023. |
| Preparation of consolidated financial statements |
| In accordance with the requirements of FRS 102 para 9.9, all subsidiary companies should be excluded from consolidation on the grounds that the companies are held exclusively with a view to subsequent resale as part of an investment portfolio. A subsidiary is an entity that is controlled by the company. Control is a power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
| 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. |
| Significant judgements and estimates |
| The directors have concluded that all subsidiary companies should be excluded from consolidation on the grounds that the companies are held exclusively with a view to subsequent resale as part of an investment portfolio. |
| Investments are held at fair value. Methodologies have been applied for the valuation of these investments, with the movement in fair value being recognised through the Statement of Comprehensive Income. |
| WPC10 LIMITED (REGISTERED NUMBER: 12820672) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments in subsidiaries |
| Investments, which includes equity investments and loan advances, are measured at fair value. They are recognised and de-recognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. The company manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of investments. |
| Investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in accordance with the company's valuation policies. |
| Unquoted investments, including both equity and loans are designated at fair value through profit and loss and are subsequently carried in the Balance Sheet at fair value. |
| Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm's length transaction at the measurement date. The fair value of investments is based on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with industry standard valuation guidelines such as the International Private Equity and Venture Capital valuation guidelines (December 2015) for direct investments in portfolio companies. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Given the subjectivity of the direct investments in portfolio companies, the valuations are approved by an Investment Committee. Earnings based valuation techniques are the most commonly used for estimating fair value of direct investments in portfolio companies, along with Discounted Cash Flow models and net asset values. EBITDA is the most common measure for earnings and the earnings multiple is derived from comparable listed companies or relevant precedent transaction multiples. We adjust for relative performance in the set of comparable exit expectations and other company specific factors. |
| Financial instruments |
| Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
| Interest bearing loans which meet the criteria of basic financial instruments are initially recorded at the present value of cash payable to the bank, usually being equivalent to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method. |
| WPC10 LIMITED (REGISTERED NUMBER: 12820672) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Going concern |
| At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was NIL (2021 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| 2023 | 2021 |
| £ | £ |
| Shares in group undertakings |
| Loans to group undertakings |
| WPC10 LIMITED (REGISTERED NUMBER: 12820672) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| Additional information is as follows: |
| Shares in |
| group |
| undertakin |
| £ |
| COST OR VALUATION |
| At 27 December 2021 |
| Additions |
| Revaluations | ( |
) |
| At 1 January 2023 |
| NET BOOK VALUE |
| At 1 January 2023 |
| At 26 December 2021 |
| Shares in group undertakings |
| £ |
| Change in valuation in 2021 | 2,431,679 |
| Change in valuation in 2022 | (2,431,679 | ) |
| Cost | 5 |
| Total | 5 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: C/O Drp Oasys Ltd, Pure Offices Waterwells Drive, Quedgeley, Gloucester, England, GL2 2AT |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 | 2021 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the period | ( |
) | ( |
) |
| WPC10 LIMITED (REGISTERED NUMBER: 12820672) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| Registered office: C/O Drp Oasys Ltd, Pure Offices Waterwells Drive, Quedgeley, Gloucester, England, GL2 2AT |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 | 2021 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the period | ( |
) | ( |
) |
| Registered office: C/O Drp Oasys Ltd, Pure Offices Waterwells Drive, Quedgeley, Gloucester, England, GL2 2AT |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 | 2021 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit/(loss) for the period | ( |
) |
| Registered office: C/O Drp Oasys Ltd, Pure Offices Waterwells Drive, Quedgeley, Gloucester, England, GL2 2AT |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 | 2021 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the period | ( |
) | ( |
) |
| WPC10 LIMITED (REGISTERED NUMBER: 12820672) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| Registered office: C/O Drp Oasys Ltd, Pure Offices Waterwells Drive, Quedgeley, Gloucester, England, GL2 2AT |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 |
| £ |
| Aggregate capital and reserves |
| Profit for the period |
| Loans to |
| group |
| undertakin |
| £ |
| At 27 December 2021 |
| New in year |
| Revaluations | ( |
) |
| At 1 January 2023 |
| A loss of £3,497,154 was recognised on revaluation of the loans and shareholdings in each of the subsidiaries in the current period. This is included in loss on revaluation of investments on the face of the income statement. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2021 |
| £ | £ |
| Amounts owed by group undertakings |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2021 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Accruals and deferred income |
| WPC10 LIMITED (REGISTERED NUMBER: 12820672) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 27 DECEMBER 2021 TO 1 JANUARY 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2021 |
| £ | £ |
| Other loans - 1-2 years | - |
| Other loans - 2-5 years |
| Loans from group undertakings due in more than 5yrs |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Loans from group undertakings due in more than 5yrs |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2021 |
| £ | £ |
| Loans | 10,086,618 | 7,423,616 |
| Loans were secured over all property and assets of the company. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2021 |
| value: | £ | £ |
| Ordinary share capital | 0.01 | 1 | 1 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| The immediate and ultimate parent undertaking is Weight Partners Corporate Limited |