REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
W Series Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
W Series Limited |
W Series Limited (Registered number: 10692502) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
W Series Limited |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
11 The Office Village |
North Road |
Loughborough |
Leicestershire |
LE11 1QJ |
W Series Limited (Registered number: 10692502) |
Abridged Statement of Financial Position |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
W Series Limited (Registered number: 10692502) |
Abridged Statement of Financial Position - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
W Series Limited (Registered number: 10692502) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
W Series Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors are required formally to confirm that they continue to adopt the going concern basis when preparing the accounts, which they do. The accounts show net liabilities of £7,572,802 as at 31 December 2021 but this was in line with expectations given the business is in the start-up phase. The directors have reviewed the cash flow forecasts for a period exceeding twelve months from the date of signing the accounts. On the basis of these projections, the securing of new sponsorship contracts and investors and the on-going commitment of the directors to support the business including by provision of loans, the directors have concluded it is appropriate to prepare these financial statements on a going concern basis. |
Turnover |
Turnover comprises sponsorship income recognised in line with the terms of the sponsorship agreements. It is measured at fair value of sponsorship received or receivable, excluding value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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. |
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. |
W Series Limited (Registered number: 10692502) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
Payments made under operating leases are recognised on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increase are recognised as incurred. Lease incentives received are recognised over the term of the lease as an integral part if the total lease expense. |
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. |
W Series Limited (Registered number: 10692502) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Classification of financial instruments issued by the company |
In accordance with FRS 102.22, financial instruments issued by the company are treated as equity only to the extent that they meet the following two conditions: |
a. they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and |
b. where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. |
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares. |
Basic financial instruments |
Non-derivative financial instruments comprise, trade and other debtors, cash and cash equivalents and trade and other creditors. |
Trade and other debtors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If any arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits. |
Trade and other creditors |
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If any arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
W Series Limited (Registered number: 10692502) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 | 16,700 |
DEPRECIATION |
At 1 January 2021 | 7,422 |
Charge for year | 5,567 |
At 31 December 2021 | 12,989 |
NET BOOK VALUE |
At 31 December 2021 | 3,711 |
At 31 December 2020 | 9,278 |
5. | LOANS |
An analysis of the maturity of loans is given below: |
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years |
W Series Limited (Registered number: 10692502) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
5. | LOANS - continued |
Included in other loans is £5,160,435 (2020: £5,185,000) from a director. The company has the option defer repayment of the loan for over 12 months if required. The loan is secured by a fixed charge over the company's assets and bears interest at 7%. The agreement includes the option to be converted to equity at the directors choice. |
The remaining £500,000 in other loans is unconnected, unsecured and bears interest at 7% per annum. |
Creditors falling due after one year include a loan with another director which is unsecured and bears interest at 7% per annum. |
6. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Between one and five years |
Non-cancellable |
operating leases |
2021 | 2020 |
£ | £ |
Within one year |
Between one and five years |
Hire purchase agreements are secured on the assets concerned. |