PTP Accounts Production v23.1.0.753 09473627 director 1.4.22 31.3.23 31.3.23 0 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure094736272022-03-31094736272023-03-31094736272022-04-012023-03-31094736272021-03-31094736272021-04-012022-03-31094736272022-03-3109473627ns15:EnglandWales2022-04-012023-03-3109473627ns14:PoundSterling2022-04-012023-03-3109473627ns10:Director12022-04-012023-03-3109473627ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3109473627ns10:SmallEntities2022-04-012023-03-3109473627ns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3109473627ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3109473627ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-3109473627ns10:FullAccounts2022-04-012023-03-3109473627ns10:OrdinaryShareClass12022-04-012023-03-3109473627ns10:RegisteredOffice2022-04-012023-03-3109473627ns5:CurrentFinancialInstruments2023-03-3109473627ns5:CurrentFinancialInstruments2022-03-3109473627ns5:Non-currentFinancialInstruments2023-03-3109473627ns5:Non-currentFinancialInstruments2022-03-3109473627ns5:ShareCapital2023-03-3109473627ns5:ShareCapital2022-03-3109473627ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3109473627ns5:FurtherSpecificReserve3ComponentTotalEquity2022-03-3109473627ns5:RetainedEarningsAccumulatedLosses2023-03-3109473627ns5:RetainedEarningsAccumulatedLosses2022-03-3109473627ns5:FurnitureFittings2022-03-3109473627ns5:FurnitureFittings2022-04-012023-03-3109473627ns5:FurnitureFittings2023-03-3109473627ns5:FurnitureFittings2022-03-3109473627ns5:AcceleratedTaxDepreciationDeferredTax2023-03-3109473627ns5:AcceleratedTaxDepreciationDeferredTax2022-03-3109473627ns5:DeferredTaxation2022-03-3109473627ns5:DeferredTaxation2022-04-012023-03-3109473627ns5:DeferredTaxation2023-03-3109473627ns10:OrdinaryShareClass12023-03-3109473627ns5:FurtherSpecificReserve3ComponentTotalEquity2022-03-31
REGISTERED NUMBER: 09473627 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Wmsys Ltd

Wmsys Ltd (Registered number: 09473627)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wmsys Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: J B Patel





REGISTERED OFFICE: 10 Dunlin Rise
Guildford
Surrey
GU4 7DX





REGISTERED NUMBER: 09473627 (England and Wales)





ACCOUNTANTS: Euro Ashfords (UK) Ltd
2nd Floor,
39 Ludgate hill
London
EC4M 7JN

Wmsys Ltd (Registered number: 09473627)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,196 262
Investment property 5 297,000 297,000
303,196 297,262

CURRENT ASSETS
Cash at bank and in hand 45,960 26,196

CREDITORS
Amounts falling due within one year 6 11,487 4,305
NET CURRENT ASSETS 34,473 21,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

337,669

319,153

CREDITORS
Amounts falling due after more than one
year

7

(253,244

)

(251,406

)

PROVISIONS FOR LIABILITIES 8 (9,568 ) (9,930 )
NET ASSETS 74,857 57,817

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Fair value reserve 10 52,000 52,000
Retained earnings 21,857 4,817
SHAREHOLDERS' FUNDS 74,857 57,817

Wmsys Ltd (Registered number: 09473627)

Balance Sheet - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 October 2023 and were signed by:





J B Patel - Director


Wmsys Ltd (Registered number: 09473627)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Wmsys Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise.
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
No depreciation is provided on investment properties as a result of FRS 102 section 16, this represents a departure from the requirements of the Companies Act. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure consumption and to depreciate them would not give a true and fair view.
However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separated or quantified.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Wmsys Ltd (Registered number: 09473627)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022 349
Additions 6,000
At 31 March 2023 6,349
DEPRECIATION
At 1 April 2022 87
Charge for year 66
At 31 March 2023 153
NET BOOK VALUE
At 31 March 2023 6,196
At 31 March 2022 262

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 297,000
NET BOOK VALUE
At 31 March 2023 297,000
At 31 March 2022 297,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2020 245,000
Valuation in 2021 52,000
297,000

Wmsys Ltd (Registered number: 09473627)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 246,837 245,000

Investment property was valued on an open market basis on 31 March 2023 by the director. .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 1 1
Taxation and social security 2,848 1,666
Other creditors 8,638 2,638
11,487 4,305

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 185,588 183,750
Other creditors 67,656 67,656
253,244 251,406

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 185,588 183,750
Orasys long term loan 67,656 67,656
253,244 251,406

8. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax
Accelerated capital allowances 9,568 50
Deferred tax - 9,880
9,568 9,930

Deferred
tax
£   
Balance at 1 April 2022 9,930
Provided during year (362 )
Balance at 31 March 2023 9,568

Wmsys Ltd (Registered number: 09473627)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
1,000 Ordinary 1 1,000 1,000

10. RESERVES
Fair
value
reserve
£   
At 1 April 2022
and 31 March 2023 52,000

11. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £67,656 (2022:£67,656) to its related company Orasys ltd. The director Mr Jigar Patel is also a director of Orasys ltd.

12. ULTIMATE CONTROLLING PARTY

The controlling party is J B Patel.