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Registration number: 07832005

WYF7188 Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 December 2021 to 30 April 2023

 

WYF7188 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

WYF7188 Limited

Company Information

Director

Mrs Linghong Wang

Registered office

13 Cannon Hill Road
Birmingham
West Midlands
B12 9NH

Accountants

RSW Chartered Accountants
Unit 6,
17 Thorp Street
Birmingham
West Midlands
B5 4AT

 

WYF7188 Limited

(Registration number: 07832005)
Balance Sheet as at 30 April 2023

Note

2023
£

2021
£

Fixed assets

 

Tangible assets

4

22,878

6,391

Current assets

 

Stocks

5

3,650

3,640

Debtors

6

227,502

177,010

Cash at bank and in hand

 

49,105

224,712

 

280,257

405,362

Creditors: Amounts falling due within one year

7

(33,718)

(88,096)

Net current assets

 

246,539

317,266

Total assets less current liabilities

 

269,417

323,657

Provisions for liabilities

-

(1,214)

Net assets

 

269,417

322,443

Capital and reserves

 

Called up share capital

8

20,000

20,000

Retained earnings

249,417

302,443

Shareholders' funds

 

269,417

322,443

For the financial period ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 January 2024
 

.........................................
Mrs Linghong Wang
Director

 

WYF7188 Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 30 April 2023

1

General information

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

The address of its registered office is:
13 Cannon Hill Road
Birmingham
West Midlands
B12 9NH
England

These financial statements were authorised for issue by the director on 31 January 2024.

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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 financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue is recognised at the point of delivery of goods to the customer.

Government grants

Government grant revenue is recognised when the linked expenditure required by the grant is due payable.

Tax

The tax expense for the period comprises current and deferred 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.

 

WYF7188 Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Fixture and fittings

15% reducing balance

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 goods sold in the ordinary course of business.

Trade debtors are recognised at the transaction price less any fees deducted by the agent in the course of trade. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of work in progress comprises direct materials and, where applicable and direct labour costs that have been incurred in their production. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are recognised at the transaction price.

 

WYF7188 Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 30 April 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 17 (2021 - 18).

 

WYF7188 Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 30 April 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2021

9,404

-

9,404

Additions

21,099

1,330

22,429

At 30 April 2023

30,503

1,330

31,833

Depreciation

At 1 December 2021

3,013

-

3,013

Charge for the period

5,499

443

5,942

At 30 April 2023

8,512

443

8,955

Carrying amount

At 30 April 2023

21,991

887

22,878

At 30 November 2021

6,391

-

6,391

5

Stocks

2023
£

2021
£

Other inventories

3,650

3,640

6

Debtors

Current

2023
£

2021
£

Prepayments

1,119

1,434

Other debtors

226,383

175,576

7

Creditors

Creditors: amounts falling due within one year

2023
£

2021
£

Due within one year

Taxation and social security

19,839

71,969

Accruals and deferred income

1,931

12,172

Other creditors

11,948

3,955

33,718

88,096

 

WYF7188 Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 30 April 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2021

 

No.

£

No.

£

Ordinary share capital of £1 each

20,000

20,000

20,000

20,000

         

9

Dividends

Interim dividends paid

   

2023
£

 

2021
£

Interim dividend of £1.40 per each Ordinary share capital

 

28,000

 

28,000

         

10

Related party transactions

 

WYF7188 Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 30 April 2023

Transactions with the director

2023

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mrs Linghong Wang

Loans and expenses paid

126,078

68,423

(28,000)

166,501

Interest charged

2,916

2,540

-

5,456

 

128,994

70,963

(28,000)

171,957

       

 

2021

At 1 December 2020
£

Advances to director
£

Repayments by director
£

At 30 November 2021
£

Mrs Linghong Wang

Loans and expenses paid

112,160

41,918

(28,000)

126,078

Interest charged

-

2,916

-

2,916

 

112,160

44,834

(28,000)

128,994

       

 

 

WYF7188 Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 30 April 2023

Director's remuneration

The director's remuneration for the period was as follows:

2023
£

2021
£

Remuneration

31,646

22,416

Contributions paid to money purchase schemes

698

485

32,344

22,901