Registered number:
03090966
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Wainstones Investments Limited
Financial statements
Information for filing with the registrar
31 December 2021
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Wainstones Investments Limited
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Balance sheet
At
31 December 2021
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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1
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Wainstones Investments Limited
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Balance sheet
(continued)
At
31 December 2021
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
26 August 2022
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Company registered number: 03090966
The notes on pages 3 to 8 form part of these financial statements.
2
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Wainstones Investments Limited
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Notes to the financial statements
Year ended 31 December 2021
Wainstones Investments Limited is a private company limited by shares and incorporated in England and Wales. The registered office is 26 Ellerbeck Court, Stokesley Business Park, Stokesley, North Yorkshire, United Kingdom, TS9 5PT.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The directors consider it appropriate to prepare the accounts on the going concern basis.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Rental income is recognised on an accruals basis. Interest is recognised when the right to receive payment is recognised.
Interest income is recognised in profit or loss using the effective interest method.
3
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Wainstones Investments Limited
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Notes to the financial statements
Year ended 31 December 2021
2.
Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
4
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Wainstones Investments Limited
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Notes to the financial statements
Year ended 31 December 2021
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The company has no employees other than the directors, who did not receive any remuneration.
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5
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Wainstones Investments Limited
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Notes to the financial statements
Year ended 31 December 2021
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Freehold investment property
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Investment property comprises 4 Ellerbeck Court and Lower Langage Farm. The fair value of these investments have been arrived at by the directors on the basis of existing use and by referring to current land and property prices in the areas concerned. No external valuations have been obtained.
6
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Wainstones Investments Limited
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Notes to the financial statements
Year ended 31 December 2021
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Current asset investments
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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7
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Wainstones Investments Limited
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Notes to the financial statements
Year ended 31 December 2021
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Creditors: amounts falling due after more than one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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1,501
(2020 -
1,501
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Ordinary
shares of £
0.01
each
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Related party transactions
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Included in other debtors at 31 December 2021 is £16,371,230 owed from the directors (2020 - £15,824,427). These loans are interest free, unsecured and repayable upon demand.
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The company is a wholly owned subsidiary of Carlton Investments (Holdings) Limited.
The ultimate controlling entity is Carlton Energy Limited.
The registered office of Carlton Energy Limited is 26 Ellerbeck Court, Stokesley, Middlesbrough, England, TS9 5PT.
8
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