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Financial Statements for the Year Ended 31 May 2022 |
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WIDECOVER HOLDINGS LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 May 2022 |
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for |
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WIDECOVER HOLDINGS LIMITED |
WIDECOVER HOLDINGS LIMITED (REGISTERED NUMBER: 11905825) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MAY 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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WIDECOVER HOLDINGS LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 MAY 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
& Statutory Auditor |
Third Floor |
126-134 Baker Street |
London |
W1U 6UE |
WIDECOVER HOLDINGS LIMITED (REGISTERED NUMBER: 11905825) |
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Balance Sheet |
31 MAY 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Investments | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were authorised for issue by the Board of Directors and authorised for issue on
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WIDECOVER HOLDINGS LIMITED (REGISTERED NUMBER: 11905825) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MAY 2022 |
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1. | STATUTORY INFORMATION |
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Widecover Holdings Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future. The basis may not be appropriate because the company's current liabilities exceeded its current assets at year-end. The directors, having made appropriate enquiries, consider that adequate resources exist for the company to continue in operational existence for the foreseeable future; and with the continued support of the company's shareholder, the company will be able to meet its liabilities as they fall due for payment. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements.. |
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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. |
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Key sources of estimation uncertainty and judgements |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contigent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reported period. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover represents rents receivable for the period, net of Value added tax. |
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Tangible fixed assets |
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Land and buildings | - |
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WIDECOVER HOLDINGS LIMITED (REGISTERED NUMBER: 11905825) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at 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 will not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
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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 assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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Taxation |
Taxation for the year 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2021 - NIL). |
WIDECOVER HOLDINGS LIMITED (REGISTERED NUMBER: 11905825) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
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4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
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COST |
At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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The entity rents its freehold investment property to one of its group member company. The company has transferred this property to property,plant and equipment and has accounted for it using the cost model. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
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6. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
Listed investments | - | 50,000 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 9) |
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WIDECOVER HOLDINGS LIMITED (REGISTERED NUMBER: 11905825) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Interest rate: 2.1% per annum over the base rate |
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SECURITY: |
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1.First Legal Mortgage over the freehold property of the company known as Lees Mill Lane, Huddersfield. |
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2.Debenture comprising fixed and floating charge over all assets and undertaking of the borrower, including all present and future freehold and leasehold property, book and other debts,chattels goodwill uncalled capital, both present and future. |
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3.Debenture comprising fixed and floating charges over all the assets and undertaking of Cropthetics Ltd including all present and future freehold and leasehold property, book and other debts, chattels goodwill uncalled capital, both present and future. |
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4.Group Guarantee in favour of the Bank from Cropthetics Ltd, Widecover Holdings Ltd, Widecover Ltd and JT Agro Ltd guaranteeing the obligations of each other to the bank. |
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5.Group Guarantee in favour of the Bank from Widecover Holdings Ltd and Widecover Ltd guaranteeing the obligations of each other to the Bank. |
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The loan is repayable by April 2023. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary shares | £1 | 100 | 100 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 June 2021 |
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Profit for the year |
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At 31 May 2022 |
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WIDECOVER HOLDINGS LIMITED (REGISTERED NUMBER: 11905825) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | RELATED PARTY DISCLOSURES |
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At the balance sheet date, the company owed £554,772 (2021: £554,772) to its parent undertaking and was owed £152,430 (2021:£108,000) by a fellow subsidiary. |
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14. | ULTIMATE PARENT ENTITY |
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The company is a wholly owned subsidiary of Widecover Limited, a company controlled by G Singh and his family interests. |
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The ultimate parent entity which produces group financial statements is Widecover Limited, a company registered in England and Wales, copies of these can be obtained from Companies House, Crown Way, Cardiff. |