Company registration number 03180334 (England and Wales)
W Squared Limited
Unaudited Financial Statements
For the year ended 31 March 2022
PAGES FOR FILING WITH REGISTRAR
W Squared Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
W Squared Limited
Balance sheet
As at 31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,177
1,758
Current assets
Debtors
4
9,953
11,490
Cash at bank and in hand
102,606
71,159
112,559
82,649
Creditors: amounts falling due within one year
5
(104,916)
(78,873)
Net current assets
7,643
3,776
Net assets
8,820
5,534
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
8,720
5,434
Total equity
8,820
5,534

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 2022 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.

The 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.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2022 and are signed on its behalf by:
Ms. K.J. Webster
Director
Company Registration No. 03180334
W Squared Limited
Notes to the Financial Statements
For the year ended 31 March 2022
- 2 -
1
Accounting policies
Company information

W Squared Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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 for services 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.

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:

Fixtures and fittings
15% straight line
Computers and Office equipment
33% 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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

W Squared Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 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.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair 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, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.6
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.

1.7
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
2
W Squared Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
- 4 -
3
Tangible fixed assets
Fixtures and fittings
Computers and Office equipment
Total
£
£
£
Cost
At 1 April 2021
1,858
7,385
9,243
Disposals
-
0
(4,644)
(4,644)
At 31 March 2022
1,858
2,741
4,599
Depreciation and impairment
At 1 April 2021
1,342
6,143
7,485
Depreciation charged in the year
91
474
565
Eliminated in respect of disposals
-
0
(4,628)
(4,628)
At 31 March 2022
1,433
1,989
3,422
Carrying amount
At 31 March 2022
425
752
1,177
At 31 March 2021
516
1,242
1,758
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
9,409
11,177
Other debtors
544
313
9,953
11,490
5
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
20,123
14,264
Other taxation and social security
677
1,324
Other creditors
84,116
63,285
104,916
78,873
W Squared Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
- 5 -
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
7
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2022
2021
2022
2021
£
£
£
£
Ms. K.J. Webster
-
0
-
0
81,291
60,932
8
Parent company

Ultimate control of the Company vests with the directors who are the shareholders.

2022-03-312021-04-01false01 August 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr. M.C. WadeMs. K.J. WebsterM.C. Wade031803342021-04-012022-03-31031803342022-03-31031803342021-03-3103180334core:FurnitureFittings2022-03-3103180334core:ComputerEquipment2022-03-3103180334core:FurnitureFittings2021-03-3103180334core:ComputerEquipment2021-03-3103180334core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103180334core:CurrentFinancialInstrumentscore:WithinOneYear2021-03-3103180334core:CurrentFinancialInstruments2022-03-3103180334core:CurrentFinancialInstruments2021-03-3103180334core:ShareCapital2022-03-3103180334core:ShareCapital2021-03-3103180334core:RetainedEarningsAccumulatedLosses2022-03-3103180334core:RetainedEarningsAccumulatedLosses2021-03-3103180334bus:Director12021-04-012022-03-3103180334core:FurnitureFittings2021-04-012022-03-3103180334core:ComputerEquipment2021-04-012022-03-31031803342020-04-012021-03-3103180334core:FurnitureFittings2021-03-3103180334core:ComputerEquipment2021-03-31031803342021-03-3103180334core:WithinOneYear2022-03-3103180334core:WithinOneYear2021-03-3103180334bus:PrivateLimitedCompanyLtd2021-04-012022-03-3103180334bus:SmallCompaniesRegimeForAccounts2021-04-012022-03-3103180334bus:FRS1022021-04-012022-03-3103180334bus:AuditExemptWithAccountantsReport2021-04-012022-03-3103180334bus:Director22021-04-012022-03-3103180334bus:CompanySecretary12021-04-012022-03-3103180334bus:FullAccounts2021-04-012022-03-31xbrli:purexbrli:sharesiso4217:GBP