REGISTERED NUMBER:
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REPORT OF THE DIRECTOR AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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WPC 9 LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTOR AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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FOR |
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WPC 9 LIMITED |
WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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Page |
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Company Information | 1 |
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Report of the Director | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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WPC 9 LIMITED |
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COMPANY INFORMATION |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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REPORT OF THE DIRECTOR |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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The director presents his report with the financial statements of the company for the period 28 December 2020 to 26 December 2021. |
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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 for 2021 is 26 December 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of providing management and support functions to WPC7 Ltd and WPC 8 Limited, whose principal activities are the running of sports bars, with a strong focus on pool, snooker and darts, alongside showing the best sports TV in the best environment. |
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
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- | 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. |
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The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Burnside Chartered Accountants will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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REPORT OF THE DIRECTOR |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WPC 9 LIMITED |
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Opinion |
We have audited the financial statements of WPC 9 Limited (the 'company') for the period ended 26 December 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 26 December 2021 and of its loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WPC 9 LIMITED |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director. |
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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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WPC 9 LIMITED |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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An understanding of the legal and regulatory framework applicable to the entity was obtained from management and those charged with governance of the entity, and the audit engagement team was confirmed to have the appropriate competence and capabilities to identify non-compliance with such a framework. |
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No significant instances of fraud, non-compliance with laws & regulations or other irregularities were communicated to the engagement team by management or those charged with governance, and no particular audit areas or legislation were identified that gave rise to any significant risks of material misstatement in respect of such irregularities. |
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Due to the size & nature of the entity its susceptibility to material misstatement resulting from fraud, non-compliance with laws & regulations, or other irregularities is considered to be low, and the audit approach was appropriately planned so as to address this risk. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
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 a Report of the Auditors 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. |
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for and on behalf of
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Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
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WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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INCOME STATEMENT |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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Period | Period |
28.12.20 | 16.9.19 |
to | to |
26.12.21 | 27.12.20 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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(88,259 | ) | (86,905 | ) |
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Other operating income |
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OPERATING LOSS | 4 | ( |
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Interest payable and similar expenses |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | 6 |
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LOSS FOR THE FINANCIAL PERIOD | ( |
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WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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BALANCE SHEET |
26 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | ( |
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Tangible assets | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the director and authorised for issue on
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WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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STATEMENT OF CHANGES IN EQUITY |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Changes in equity |
Issue of share capital |
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Total comprehensive income | - | ( |
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Balance at 27 December 2020 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 26 December 2021 |
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WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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WPC 9 Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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 for 2021 is 26 December 2021. |
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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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Goodwill |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Government grants |
The company furloughed staff under the Government's Coronavirus Job Retention Scheme (CJRS) in the period. Income receivable under the CJRS and relating to the accounting period has been recognised as Other Operating Income under the accruals method. Salaries paid continue to be included with costs as usual. |
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The company also received Local Restrictions Support Grant payments during the period. These have been recognised as Other Operating Income when received. |
WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes 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 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 may 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. |
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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 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. |
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Interest bearing loans which meet the criteria of basic financial instruments are initially recorded at the present value of cash payable to the lender, 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. |
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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. |
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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 period 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. |
WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The financial statements have been prepared on a going concern basis as the immediate parent undertaking, WPC10 Limited, has confirmed its intention to make available such funds as needed by the company to continue in operational existence for the foreseeable future, by meeting the company's liabilities as they fall due, being a period of at least twelve months from the date of approval of these financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | OPERATING LOSS |
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The operating loss is stated after charging/(crediting): |
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Period | Period |
28.12.20 | 16.9.19 |
to | to |
26.12.21 | 27.12.20 |
£ | £ |
Depreciation - owned assets |
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Auditors' remuneration |
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Amortisation of negative goodwill | ( |
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5. | EXCEPTIONAL ITEMS |
Period | Period |
28.12.20 | 16.9.19 |
to | to |
26.12.21 | 27.12.20 |
£ | £ |
Exceptional items | (24,007 | ) | (54,869 | ) |
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These costs relate to expenses incurred to ensure a smooth transition during the transfer of certain trade and assets from Rileys Sports Bars (2014) Ltd and are included within administrative expenses. |
WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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6. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the period ended 26 December 2021 nor for the period ended 27 December 2020. |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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Period | Period |
28.12.20 | 16.9.19 |
to | to |
26.12.21 | 27.12.20 |
£ | £ |
Loss before tax | ( |
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Loss multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Income not taxable for tax purposes | ( |
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Capital allowances in excess of depreciation | - | ( |
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Tax losses carried forward |
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Other short term timing differences |
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Deferred tax not recognised |
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Total tax charge | - | - |
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At 26 December 2021 the company had tax losses carried forward and available to offset future taxable profits totalling £99,134 (2020 - £297,545). |
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At 26 December 2021 the company had unprovided deferred tax assets of £1,390,555 (2020 - £1,034,143) in respect of tax losses and other short term timing differences. |
WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 28 December 2020 |
and 26 December 2021 | ( |
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AMORTISATION |
At 28 December 2020 | ( |
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Charge written back | (19,732 | ) |
At 26 December 2021 | ( |
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NET BOOK VALUE |
At 26 December 2021 | ( |
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At 27 December 2020 | ( |
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Goodwill arose on purchase of certain trade and assets of Rileys Sports Bars (2014) Limited. |
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8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 28 December 2020 |
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Additions |
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At 26 December 2021 |
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DEPRECIATION |
At 28 December 2020 |
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Charge for period |
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At 26 December 2021 |
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NET BOOK VALUE |
At 26 December 2021 |
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At 27 December 2020 |
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WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Loans due to group companies | 201,742 | 100,051 |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Loans due to group companies |
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Loans due to group companies are subject to interest at a rate of 22% per annum and are repayable in full by 31 December 2029. Interest on these loans has been waived for the period at the discretion of the parent company WPC10 Limited. |
WPC 9 LIMITED (REGISTERED NUMBER: 12207644) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 28 DECEMBER 2020 TO 26 DECEMBER 2021 |
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12. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Loans due to group companies | 201,742 | 100,051 |
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The loan due to the immediate parent undertaking WPC10 Limited is secured by a debenture over the assets of the company. |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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14. | RELATED PARTY DISCLOSURES |
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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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15. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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The immediate parent undertaking is WPC10 Limited. |
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The ultimate parent undertaking is Weight Partners Corporate Limited. |