REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
WHITESQUARE INVESTMENTS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
WHITESQUARE INVESTMENTS LTD |
WHITESQUARE INVESTMENTS LTD (REGISTERED NUMBER: 12601861) |
Contents of the Financial Statements |
for the year ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WHITESQUARE INVESTMENTS LTD |
Company Information |
for the year ended 31 May 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Juniper House |
Warley Hill Business Park |
The Drive |
Brentwood |
Essex |
CM13 3BE |
WHITESQUARE INVESTMENTS LTD (REGISTERED NUMBER: 12601861) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Stocks |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 6 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WHITESQUARE INVESTMENTS LTD (REGISTERED NUMBER: 12601861) |
Notes to the Financial Statements |
for the year ended 31 May 2023 |
1. | Statutory information |
Whitesquare Investments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each reporting date, stocks are assessed for impairment. If stock is 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. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
WHITESQUARE INVESTMENTS LTD (REGISTERED NUMBER: 12601861) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2023 |
2. | Accounting policies - continued |
Going concern |
The financial statements have been prepared on the going concern basis. The director has reviewed the company's cashflows over the next twelve months from the date of signing the financial statements and considers that, based on the support that is likely to be available, the company will be able to meet its debts as and when they fall due. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by associates |
Other debtors |
5. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to associates | 1,000,625 | 621,775 |
Taxation and social security |
Other creditors |
6. | Called up share capital |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Called up share capital | £1 | 1 | 1 |
7. | Related party disclosures |
As at 31 May 2023, a total amount of £13,668 (2022: £28,868) is due from companies related by virtue of common ownership. |
As at 31 May 2023, a total amount of £1,000,625 (2022: £621,775) is due to companies related by virtue of common ownership. All the companies are connected by virtue of having M Smith as a common director. |
8. | Controlling party |
The company is under the control of Michael Smith by virtue of his 100% shareholding. |