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COMPANY REGISTRATION NUMBER: 08057237
Whitecap Consulting Limited
Filleted unaudited financial statements
31 March 2022
Whitecap Consulting Limited
Statement of financial position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
7,850
3,077
Investments
6
52
52
------
------
7,902
3,129
Current assets
Debtors
7
260,348
235,654
Cash at bank and in hand
9,586
98,576
---------
---------
269,934
334,230
Creditors: amounts falling due within one year
8
( 159,904)
( 222,574)
---------
---------
Net current assets
110,030
111,656
---------
---------
Total assets less current liabilities
117,932
114,785
---------
---------
Net assets
117,932
114,785
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
117,832
114,685
---------
---------
Shareholders funds
117,932
114,785
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Whitecap Consulting Limited
Statement of financial position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 13 September 2022 , and are signed on behalf of the board by:
Mr R Coates
Mr J Wells
Director
Director
Company registration number: 08057237
Whitecap Consulting Limited
Notes to the financial statements
year ended 31st March 2022
1. General information
The principal activity of the company is marketing consultancy. The company is a private limited company, which is incorporated in England and Wales (no. 08057237 ). The address of the registered office is Gresham House, 5-7 St Pauls Street, Leeds, LS1 2JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture
-
25% Straight Line
Computer Equipment
-
33.33% Straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
The company pays contributions to individual defined contribution schemes on behalf of the employees. The assets of those schemes are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2021: 10 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1st April 2021
165
26,786
26,951
Additions
1,430
6,590
8,020
Disposals
( 1,908)
( 1,908)
------
-------
-------
At 31st March 2022
1,595
31,468
33,063
------
-------
-------
Depreciation
At 1st April 2021
72
23,802
23,874
Charge for the year
80
3,167
3,247
Disposals
( 1,908)
( 1,908)
------
-------
-------
At 31st March 2022
152
25,061
25,213
------
-------
-------
Carrying amount
At 31st March 2022
1,443
6,407
7,850
------
-------
-------
At 31st March 2021
93
2,984
3,077
------
-------
-------
6. Investments
Shares in participating interests
£
Cost
At 1st April 2021 and 31st March 2022
52
----
Impairment
At 1st April 2021 and 31st March 2022
----
Carrying amount
At 31st March 2022
52
----
At 31st March 2021
52
----
The company owns 50% of the share capital in Fintech North Limited and 50% of the share capital in Fintech West Limited.
7. Debtors
2022
2021
£
£
Trade debtors
92,444
158,024
Amounts owed by group undertakings and undertakings in which the company has a participating interest
32,350
32,000
Other debtors
135,554
45,630
---------
---------
260,348
235,654
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
33,254
77,180
Amounts owed to group undertakings and undertakings in which the company has a participating interest
52
52
Corporation tax
78,968
83,500
Social security and other taxes
31,230
40,283
Other creditors
16,400
21,559
---------
---------
159,904
222,574
---------
---------
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary A shares of £ 1 each
10
10
10
10
Ordinary B shares of £ 1 each
30
30
30
30
Ordinary C shares of £ 1 each
30
30
30
30
Ordinary D shares of £ 1 each
10
10
10
10
Ordinary E shares of £1 each
10
10
10
10
Ordinary F shares of £1 each
10
10
10
10
----
----
----
----
100
100
100
100
----
----
----
----