Company Registration No. 2519883 (England and Wales)
WENTA BUSINESS CENTRES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
WENTA BUSINESS CENTRES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
WENTA BUSINESS CENTRES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
128,812
185,778
Investment properties
7
9,050,000
9,050,000
9,178,812
9,235,778
Current assets
Debtors
8
24,855
182,726
Cash at bank and in hand
1,336,268
643,125
1,361,123
825,851
Creditors: amounts falling due within one year
9
(7,132,846)
(3,423,638)
Net current liabilities
(5,771,723)
(2,597,787)
Total assets less current liabilities
3,407,089
6,637,991
Creditors: amounts falling due after more than one year
10
(3,192,000)
Deferred tax liability
11
(491,946)
(440,162)
Net assets
2,915,143
3,005,829
Capital and reserves
Called up share capital
12
1,000
1,000
Profit and loss reserves
2,914,143
3,004,829
Total equity
2,915,143
3,005,829
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WENTA BUSINESS CENTRES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 July 2021 and are signed on its behalf by:
E Jordan
G Lane
Director
Director
Company Registration No. 2519883
WENTA BUSINESS CENTRES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2020:
Balance at 1 August 2019
1,000
2,468,517
2,469,517
Prior year adjustment
-
520,098
520,098
As restated
1,000
2,988,615
2,989,615
Period ended 31 March 2020:
Profit and total comprehensive income for the period
-
16,214
16,214
Balance at 31 March 2020
1,000
3,004,829
3,005,829
Period ended 31 March 2021:
Loss and total comprehensive income for the period
-
(90,686)
(90,686)
Balance at 31 March 2021
1,000
2,914,143
2,915,143
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
1
Accounting policies
Company information
Wenta Business Centres Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Colne Way, Watford, Hertfordshire, WD24 7ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
the hire of office space,
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Assets are only capitalised if the initial costs in total exceed £500.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments
of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Exceptional item
In 2019 the trade, assets and liability of a fellow subsidiary company were transferred to the ultimate parent company Wenta. This included an inter-company loan with this company. This year the directors have waived this loan.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
11
9
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
5
Taxation
2021
2020
£
£
Deferred tax
Origination and reversal of timing differences
51,784
2,022
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
907,467
Additions
8,598
At 31 March 2021
916,065
Depreciation and impairment
At 1 April 2020
721,689
Depreciation charged in the year
65,564
At 31 March 2021
787,253
Carrying amount
At 31 March 2021
128,812
At 31 March 2020
185,778
7
Investment property
2021
£
Fair value
At 1 April 2020 and 31 March 2021
9,050,000
The company has the following investment properties;
Leasehold property at Potters Bar - This property is valued at £2,000,000.
Freehold property at Watford - This property is valued at £3,300,000.
Freehold property at Enfield - This property is valued at £3,750,000.
Revaluations were carried out by an independent valuer who holds a relevant professional qualification and has experience of valuing similar properties.
The Board consider the value of the properties recognised in the accounts represents their fair values in accordance with the requirements of FRS 102.
All movement in the revalued amount have been recognised through the profit and loss account.
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
11,199
34,288
Other debtors
13,656
148,438
24,855
182,726
9
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
3,192,000
199,500
Trade creditors
30,065
129,226
Amounts owed to group undertakings
3,326,602
2,526,159
Taxation and social security
137,350
105,944
Other creditors
446,829
462,809
7,132,846
3,423,638
The bank loan is secured by way of a fixed and floating charge over the present and future assets of the company.
10
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
3,192,000
11
Deferred taxation
The deferred tax liability relates to the revaluation of the company's investment properties. The liability represents the potential future tax liability if the properties were to be disposed of. The liability does not take account of any reliefs that may be available other than indexation allowance.
Liabilities
Liabilities
2021
2020
Balances:
£
£
Deferred tax on revaluation
491,946
440,162
WENTA BUSINESS CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
12
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
13
Prior period adjustment
Reconciliation of changes in equity
1 August
31 March
2019
2020
£
£
Adjustments to prior year
Inter-company loan waiver
520,098
520,098
Equity as previously reported
2,469,517
2,485,731
Equity as adjusted before transition adjustments
2,989,615
3,005,829
Analysis of the effect upon equity
Profit and loss reserves
520,098
520,098
Notes to reconciliation
Inter-company loan waiver
During the year ended 2019 the directors agreed to waive a loan between this company and another fellow subsidiary. This entry was recorded correctly at the time. It was the intention of the directors that at the time the loan was waive
d
, the expense recorded would be passed up from this company to the immediate parent company. This entry was omitted from the 2019 accounts in error. The prior year adjustment corrects this error.
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08 July 2021
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Z Hancock
G Lane
P Oxley
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