Welcome Skills Limited
Unaudited Financial Statements
For the year ended 31 July 2022
For Filing with Registrar
Company Registration No. 04664538 (England and Wales)
Welcome Skills Limited
Company Information
Director
K Hussin
Company number
04664538
Registered office
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Welcome Skills Limited
Balance Sheet
As at 31 July 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,952
14,603
10,952
14,603
Current assets
Debtors
4
1,125,471
1,100,518
Cash at bank and in hand
10,928
12,289
1,136,399
1,112,807
Creditors: amounts falling due within one year
5
(794,120)
(553,821)
Net current assets
342,279
558,986
Total assets less current liabilities
353,231
573,589
Creditors: amounts falling due after more than one year
6
(38,375)
(38,885)
Net assets
314,856
534,704
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
314,855
534,703
Total equity
314,856
534,704

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 and signed by the director and authorised for issue on 10 October 2023
K Hussin
Welcome Skills Limited
Balance Sheet (Continued)
As at 31 July 2022
Page 2
Director
Company Registration No. 04664538
Welcome Skills Limited
Notes to the Financial Statements
For the year ended 31 July 2022
Page 3
1
Accounting policies
Company information

Welcome Skills Limited is a private company limited by shares incorporated in England and Wales. The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.

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 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 represents amounts receivable for goods and services provided during the year net of VAT.

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, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance

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 include cash in hand and balances held at call with banks.

1.5
Financial instruments

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.

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 tax currently payable.

Welcome Skills Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2022
1
Accounting policies
(Continued)
Page 4
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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

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

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 22 (2021: 20).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2021 and 31 July 2022
47,563
Depreciation and impairment
At 1 August 2021
32,960
Depreciation charged in the year
3,651
At 31 July 2022
36,611
Carrying amount
At 31 July 2022
10,952
At 31 July 2021
14,603
Welcome Skills Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2022
Page 5
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
49,997
600
Amounts owed by group undertakings
643,634
632,461
Other debtors
431,840
467,457
1,125,471
1,100,518
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
4,071
11,879
Trade creditors
67,639
56,407
Amounts owed to group undertakings
432,533
296,533
Corporation tax
11,017
11,017
Other taxation and social security
233,435
106,298
Other creditors
45,425
71,687
794,120
553,821
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
38,375
38,885
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
8
Controlling party

The ultimate controlling company is Welcome Skills Holdings (UK) Limited, a company registered in England and Wales. The ultimate controlling party is K Hussin due to her majority shareholding Welcome Skills Holdings (UK) Limited .

9
Related party transactions
Welcome Skills Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2022
9
Related party transactions
(Continued)
Page 6

At the year end a balance due from Yumn Limited, a fellow subsidiary of Welcome Skills Holdings (UK) Limited, of £59,935 (2021: £42,809) has been fully provided for.

 

Included within debtors at year end is a balance due from Welcome Skills PVT Limited, a fellow subsidiary of Welcome Skills Holdings (UK) Limited, of £643,634 (2021: £632,461).

 

Included within creditors at year end is a balance due to Welcome Skills Holdings (UK) Limited, the parent company, of £92,778 (2021: £92,778).

 

Included within creditors at year end is a balance due to Welcome Property Investments Limited, a fellow subsidiary of Welcome Skills Holdings (UK) Limited, of £339,755 (2021: £203,755).

 

Also included within debtors at year end is a balance due from K Hussin, the company director, of £294,143 (2021: £306,115). This amount is interest free and repayable on demand.

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