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Registration number: 08570595

Weight Reduction and Aerospace Security Products Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 13 December 2021

 

Weight Reduction and Aerospace Security Products Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Weight Reduction and Aerospace Security Products Ltd

(Registration number: 08570595)
Abridged Balance Sheet as at 13 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

269,473

361,555

Tangible assets

5

25,916

32,274

 

295,389

393,829

Current assets

 

Debtors

3,773,364

3,801,944

Cash at bank and in hand

 

3,782

6,282

 

3,777,146

3,808,226

Creditors: Amounts falling due within one year

(121,514)

(117,277)

Net current assets

 

3,655,632

3,690,949

Total assets less current liabilities

 

3,951,021

4,084,778

Creditors: Amounts falling due after more than one year

(1,188,494)

(1,188,494)

Provisions for liabilities

(20,583)

(20,583)

Accruals and deferred income

 

(124,597)

(124,597)

Net assets

 

2,617,347

2,751,104

Capital and reserves

 

Called up share capital

6

318

318

Share premium reserve

4,741,797

4,741,797

Profit and loss account

(2,124,768)

(1,991,011)

Shareholders' funds

 

2,617,347

2,751,104

For the financial year ending 13 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Weight Reduction and Aerospace Security Products Ltd

(Registration number: 08570595)
Abridged Balance Sheet as at 13 December 2021

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 4 April 2022 and signed on its behalf by:
 

.........................................
Mr S A K Anderson
Director

 

Weight Reduction and Aerospace Security Products Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 13 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

These financial statements were authorised for issue by the Board on 4 April 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The objective for the year was to continue to design innovative security products for the Airline, Logistics, Forensics and Pharmaceutical industries. The company's directors and investors are confident of future sales and growth and will continued to support the company in the future.
As such, the directors feel that the business will operate a solvent entity and will continue as a going concern.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Weight Reduction and Aerospace Security Products Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 13 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Fixtures and fittings

15% on cost and 15% on reducing balance

Computer equipment

33% on cost

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Development costs

Development costs, being the amount paid in connection with products of the business in 2013 is being amortised evenly over its estimated useful life of ten years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Weight Reduction and Aerospace Security Products Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 13 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

 

Weight Reduction and Aerospace Security Products Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 13 December 2021

4

Intangible assets

Total
£

Cost or valuation

At 14 December 2020

931,593

At 13 December 2021

931,593

Amortisation

At 14 December 2020

570,038

Amortisation charge

92,082

At 13 December 2021

662,120

Carrying amount

At 13 December 2021

269,473

At 13 December 2020

361,555

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 14 December 2020

6,290

148,662

9,681

164,633

At 13 December 2021

6,290

148,662

9,681

164,633

Depreciation

At 14 December 2020

4,351

118,327

9,681

132,359

Charge for the year

291

6,067

-

6,358

At 13 December 2021

4,642

124,394

9,681

138,717

Carrying amount

At 13 December 2021

1,648

24,268

-

25,916

At 13 December 2020

1,939

30,335

-

32,274

6

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £0.01 each

31,783

318

31,783

318