31 July 2022 v2024.4.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP069539652022-07-312023-07-30069539652023-07-30069539652022-07-3006953965core:WithinOneYear2023-07-3006953965core:WithinOneYear2022-07-3006953965core:ShareCapital2023-07-3006953965core:ShareCapital2022-07-3006953965core:RetainedEarningsAccumulatedLosses2023-07-3006953965core:RetainedEarningsAccumulatedLosses2022-07-3006953965bus:Director12022-07-312023-07-3006953965bus:RegisteredOffice2022-07-312023-07-30069539652021-07-312022-07-300695396512022-07-312023-07-3006953965countries:EnglandWales2022-07-312023-07-3006953965bus:AuditExemptWithAccountantsReport2022-07-312023-07-3006953965bus:PrivateLimitedCompanyLtd2022-07-312023-07-3006953965bus:SmallEntities2022-07-312023-07-3006953965bus:AbridgedAccounts2022-07-312023-07-30
Company registration number:
06953965
W3 Benefits Limited
Unaudited Filleted Abridged Financial Statements for the year ended
30 July 2023
W3 Benefits Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of W3 Benefits Limited
Year ended
30 July 2023
As described on the abridged statement of financial position, the Board of Directors of
W3 Benefits Limited
are responsible for the preparation of the
abridged financial statements
for the year ended
30 July 2023
, which comprise the abridged income statement, abridged statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
SGP Accountants Group Ltd
Kingfisher House
2 Kingfisher Way
Stockton-on-Tees
TS18 3EX
United Kingdom
W3 Benefits Limited
Abridged Statement of Financial Position
30 July 2023
20232022
Note££
Fixed assets    
Tangible assets 5
1,423
  -  
Current assets    
Debtors
159,633
 
95,714
 
Cash at bank and in hand
6,629
 
3,645
 
166,262
 
99,359
 
Creditors: amounts falling due within one year
(53,855
)
(61,594
)
Net current assets
112,407
 
37,765
 
Total assets less current liabilities 113,830   37,765  
Net assets excluding defined benefit pension plan balance 113,830   37,765  
Defined benefit pension liability (263 ) (1,781 )
Net assets including defined benefit pension plan balance
113,567
 
35,984
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
113,566
 
35,983
 
Shareholders funds
113,567
 
35,984
 
For the year ending
30 July 2023
, 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 abridged 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 abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the year ended
30 July 2023
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged 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.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
8 February 2024
, and are signed on behalf of the board by:
M Weston
Director
Company registration number:
06953965
W3 Benefits Limited
Notes to the Abridged Financial Statements
Year ended
30 July 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
2nd Floor Sopwith Court Offices
,
Slough Road
,
Windsor
,
SL3 9AU
, England.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
abridged financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined benefit pension plan

The entity recognises a net defined benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. Plan deficits are recognised as a defined benefit liability to the extent it reflects a legal or constructive obligation.
Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur.
Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or loss.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2022:
4
).

5 Fixed assets

Tangible assets
£
Cost  
At
31 July 2022
-  
Additions
1,596
 
At
30 July 2023
1,596
 
Depreciation  
At
31 July 2022
-  
Charge
173
 
At
30 July 2023
173
 
Carrying amount  
At
30 July 2023
1,423
 
At 30 July 2022 -