Company Registration No. 2519883 (England and Wales)
WENTA BUSINESS CENTRES LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015
WENTA BUSINESS CENTRES LIMITED
COMPANY INFORMATION
Directors
S R Arbon
C C Pichon
S M Tagg
S P McAteer
A A Bond
J L Ellis
I R Fielder
G J Jankowski
K N Palmer
Secretary
C C Pichon
Company number
2519883
Registered office
Colne Way
Watford
Hertfordshire
WD24 7ND
Auditors
Myers Clark
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
Bankers
Santander Corporate Banking
Meridien House
69 - 71 Clarendon Road
Watford
Herts
WD17 1DS
Solicitors
Matthew Arnold & Baldwin
21 Station Road
Watford
Herts
WD17 1HT
WENTA BUSINESS CENTRES LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditors' report
3 - 4
Profit and loss account
5
Balance sheet
6
Notes to the financial statements
7 - 11
WENTA BUSINESS CENTRES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2015
- 1 -
The directors present their report and financial statements for the year ended 31 July 2015.
Directors
The following directors have held office since 1 August 2014:
S R Arbon
C C Pichon
S M Tagg
S P McAteer
A A Bond
J L Ellis
I R Fielder
G J Jankowski
K N Palmer
Auditors
In accordance with the company's articles, a resolution proposing that Myers Clark be reappointed as auditors of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WENTA BUSINESS CENTRES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2015
- 2 -
Statement of disclosure to auditors
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
C C Pichon
Director
28 January 2016
WENTA BUSINESS CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF WENTA BUSINESS CENTRES LIMITED
- 3 -
We have audited the financial statements of Wenta Business Centres Limited for the year ended 31 July 2015 set out on pages 5 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on pages 1 - 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements.
Opinion on financial statements
In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 July 2015 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and have been prepared in accordance with the requirements of the Companies Act 2006. In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
give a true and fair view of the state of the company's affairs as at 31 July 2015 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
WENTA BUSINESS CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF WENTA BUSINESS CENTRES LIMITED
- 4 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements and the directors' report in accordance with the small companies regime.
Paul Windmill (Senior Statutory Auditor)
for and on behalf of Myers Clark
28 January 2016
Chartered Accountants
Statutory Auditor
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
WENTA BUSINESS CENTRES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2015
- 5 -
2015
2014
Notes
£
£
Turnover
1,951,812
1,677,396
Administrative expenses
(1,829,605)
(1,555,390)
Operating profit
2
122,207
122,006
Other interest receivable and similar income
3
2,043
5,247
Interest payable and similar charges
(124,250)
(127,253)
Loss on ordinary activities before taxation
-
-
Tax on loss on ordinary activities
4
-
-
Loss for the year
12
-
-
WENTA BUSINESS CENTRES LIMITED
BALANCE SHEET
AS AT
31 JULY 2015
31 July 2015
- 6 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
5 & 6
7,829,135
7,900,131
Current assets
Debtors
7
119,427
545,739
Cash at bank and in hand
228,788
483,367
348,215
1,029,106
Creditors: amounts falling due within one year
8
(944,209)
(772,093)
Net current liabilities/(assets)
(595,994)
257,013
Total assets less current liabilities
7,233,141
8,157,144
Creditors: amounts falling due after more than one year
9
(5,185,986)
(6,109,989)
2,047,155
2,047,155
Capital and reserves
Called up share capital
11
1,000
1,000
Revaluation reserve
12
1,999,059
1,999,059
Profit and loss account
12
47,096
47,096
Shareholders' funds
2,047,155
2,047,155
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 28 January 2016
C C Pichon
S M Tagg
Director
Director
Company Registration No. 2519883
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015
- 7 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of investment properties.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from the requirement to produce a cash flow statement on the grounds that it is a subsidiary undertaking where 90 percent or more of the voting rights are controlled within the group.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents rent and other income received in relation to the company's owned premises and management contracts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets include investment properties professionally valued by Chartered Surveyors on an existing use open market value basis. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Office equipment
FF&E: 20% reducing balance, My Incubator: 20% straight line
1.5
Pensions
The pension costs charged in the financial statements represent the contributions payable by the company during the year in accordance with FRS 17.
1.6
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
No provision has been made for deferred tax on gains recognised on revaluing property to its market value as the company does not intend to sell the revalued assets.
1.7
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2015
- 8 -
2
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
107,382
73,757
Auditors' remuneration
4,738
15,238
Directors' remuneration
80,340
78,652
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2014 - 2).
3
Investment income
2015
2014
£
£
Bank interest
2,043
5,247
2,043
5,247
4
Taxation
On the basis of these financial statements no provision has been made for corporation tax.
5
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 August 2014
560,031
Additions
36,388
At 31 July 2015
596,419
Depreciation
At 1 August 2014
302,870
Charge for the year
107,384
At 31 July 2015
410,254
Net book value
At 31 July 2015
186,165
At 31 July 2014
257,161
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2015
- 9 -
6
Tangible fixed assets
Investment properties
£
Cost or valuation
At 1 August 2014 & at 31 July 2015
7,642,970
Net book value
At 31 July 2015
7,642,970
At 31 July 2014
7,642,970
The company has the following properties;
Leasehold property at Potters Bar - On 11th December 2012, the property was revalued to £2,150,000 by Lambert Smith Hampton.
Freehold property at Watford - On 31st March 2013, the property was transferred from Wenta Services Limited at a market value of £2,900,000.
Freehold property at Enfield - On 28th March 2013, the company purchased the property for £2,450,000 plus additional cost of £142,970.
If these properties were sold for their revalued amounts it would be necessary to replace them with similar property and rollover relief against tax on the gain would be available. Accordingly no timing difference arises and no provision has been made for deferred tax in respect of the revaluation.
In accordance with SSAP 19 investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve, except for permanent diminutions in value which are charged to the profit and loss account. No amortisation is provided in respect of leasehold investment properties with over 20 years to run. The Directors consider that this accounting policy results in the financial statements giving a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of depreciation or amortisation which might otherwise have been shown cannot be separately identified or quantified.
7
Debtors
2015
2014
£
£
Trade debtors
40,765
42,724
Amounts owed by group undertakings and undertakings in which the company has a participating interest
35,000
473,582
Other debtors
43,662
29,433
119,427
545,739
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2015
- 10 -
8
Creditors: amounts falling due within one year
2015
2014
£
£
Bank loans and overdrafts
200,000
200,000
Trade creditors
118,991
51,737
Amounts owed to group undertakings and undertakings in which the company has a participating interest
125,161
-
Taxation and social security
95,098
93,957
Other creditors
404,959
426,399
944,209
772,093
The bank loan is secured by way of a fixed and floating charge over the company's assets, present and future.
9
Creditors: amounts falling due after more than one year
2015
2014
£
£
Bank loans
3,590,000
3,773,333
Other creditors
1,595,986
2,336,656
5,185,986
6,109,989
Analysis of loans
Wholly repayable within five years
5,385,986
6,309,989
Included in current liabilities
(200,000)
(200,000)
5,185,986
6,109,989
Other creditors as at 31 July 2015 relates to amounts owed to other group companies of £1,595,986.
10
Pension costs
Defined contribution
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.
2015
2014
£
£
Contributions payable by the company for the year
3,090
3,000
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2015
- 11 -
11
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
12
Statement of movements on reserves
Revaluation reserve
Profit and loss
account
£
£
Balance at 1 August 2014
1,999,059
47,096
Balance at 31 July 2015
1,999,059
47,096
13
Financial commitments
At 31 July 2015 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 July 2016:
2015
2014
£
£
Operating leases which expire:
Within one year
2,600
2,292
Between two and five years
2,400
188
5,000
2,480
14
Auditors' Ethical Standards
In common with many businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
15
Control
The ultimate holding company is Wenta, a company incorporated in
England and Wales.
16
Related party relationships and transactions
The company has taken advantage of the exemption available in accordance with FRS 8 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
WENTA BUSINESS CENTRES LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 JULY 2015
WENTA BUSINESS CENTRES LIMITED
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2015
2015
2014
£
£
£
£
Turnover
Turnover
1,873,337
1,598,941
Grant income received
78,475
78,455
1,951,812
1,677,396
Administrative expenses
(1,829,605)
(1,555,390)
Operating profit
122,207
122,006
Other interest receivable and similar income
Bank interest received
2,043
5,247
Interest payable
Interest payable
(124,250)
(127,253)
Loss before taxation
-
-
-
WENTA BUSINESS CENTRES LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 JULY 2015
2015
2014
£
£
Administrative expenses
Wages and salaries
337,194
297,666
Directors' remuneration
77,250
75,188
Directors' pension costs
3,090
3,000
Recruitment costs
4,650
2,240
Share of rent to Hertsmere Borough Council
48,643
54,016
Rent and rates
82,856
94,602
Insurance
33,864
25,815
Light and heat
95,499
107,994
Cleaning
85,046
80,971
Repairs and maintenance
202,073
130,575
Security
36,039
15,496
Service charge payable
8,726
5,877
Printing, postage and stationery
18,638
17,806
Advertising
25,325
24,110
Telephone
30,279
35,788
Computer running costs
48,345
58,578
Motor and travel
16,582
9,870
Entertaining
-
185
Legal and professional fees
12,505
7,086
Audit fees
4,738
15,238
Bank charges and interest
13,003
16,207
Bad and doubtful debts
2,336
68
Staff welfare
8,136
10,034
Sundry expenses
29,382
20,549
Subscriptions
1,191
1,729
Donations to Watford Enterprise Agency
496,833
370,945
Depreciation
107,382
73,757
1,829,605
1,555,390
2015-07-31
2014-08-01
false
true
true
true
true
true
tmpACF4.html
2016-02-26
2519883
2014-08-01
2015-07-31
2519883
uk-bus:Director1
2014-08-01
2015-07-31
2519883
uk-bus:CompanySecretaryDirector
2014-08-01
2015-07-31
2519883
uk-bus:Director2
2014-08-01
2015-07-31
2519883
uk-bus:Director3
2014-08-01
2015-07-31
2519883
uk-bus:Director4
2014-08-01
2015-07-31
2519883
uk-bus:Director5
2014-08-01
2015-07-31
2519883
uk-bus:Director6
2014-08-01
2015-07-31
2519883
uk-bus:Director7
2014-08-01
2015-07-31
2519883
uk-bus:Director8
2014-08-01
2015-07-31
2519883
uk-bus:CompanySecretary
2014-08-01
2015-07-31
2519883
uk-bus:RegisteredOffice
2014-08-01
2015-07-31
2519883
uk-bus:EntityAccountantsOrAuditors
2014-08-01
2015-07-31
2519883
2015-07-31
2519883
uk-bus:EntityAccountantsOrAuditors
2015-07-31
2519883
2013-08-01
2014-07-31
2519883
2014-07-31
2519883
uk-gaap:FixturesFittingsToolsEquipment
2015-07-31
2519883
uk-gaap:FixturesFittingsToolsEquipment
2014-07-31
2519883
uk-gaap:InvestmentProperties
2015-07-31
2519883
uk-gaap:InvestmentProperties
2014-07-31
2519883
2014-07-31
2519883
uk-gaap:FixturesFittingsToolsEquipment
2014-08-01
2015-07-31
2519883
uk-gaap:OwnedOrFreeholdTangibleFixedAssets
2014-08-01
2015-07-31
2519883
uk-gaap:OwnedOrFreeholdTangibleFixedAssets
2013-08-01
2014-07-31
2519883
uk-bus:EntityAccountantsOrAuditors
2013-08-01
2014-07-31
2519883
uk-bus:AllEntityOfficers
2014-08-01
2015-07-31
2519883
uk-bus:AllEntityOfficers
2013-08-01
2014-07-31
2519883
uk-gaap:CurrentFinancialInstruments
uk-curr:PoundSterling
2015-07-31
2519883
uk-gaap:CurrentFinancialInstruments
uk-curr:PoundSterling
2014-07-31
2519883
uk-gaap:AfterOneYear
uk-curr:PoundSterling
2015-07-31
2519883
uk-gaap:AfterOneYear
uk-curr:PoundSterling
2014-07-31
2519883
uk-bus:OrdinaryShareClass1
2014-08-01
2015-07-31
2519883
uk-bus:OrdinaryShareClass1
2015-07-31
2519883
uk-bus:OrdinaryShareClass1
2014-07-31
xbrli:pure
xbrli:shares
iso4217:GBP