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Company No: 09876703 (England and Wales)

WQW LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

WQW LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WQW LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
WQW LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 6,539 2,661
6,539 2,661
Current assets
Debtors 4 191,440 170,574
Cash at bank and in hand 113,851 113,116
305,291 283,690
Creditors: amounts falling due within one year 5 ( 134,018) ( 102,640)
Net current assets 171,273 181,050
Total assets less current liabilities 177,812 183,711
Provision for liabilities 6 ( 1,616) ( 641)
Net assets 176,196 183,070
Capital and reserves
Called-up share capital 7 150 150
Profit and loss account 176,046 182,920
Total shareholders' funds 176,196 183,070

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of WQW Limited (registered number: 09876703) were approved and authorised for issue by the Board of Directors on 29 February 2024. They were signed on its behalf by:

Fergal Paul Quinn
Director
WQW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WQW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WQW Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Great Marlborough Street, London, W1F 7HU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Fees billed represent the amounts (excluding value added tax) derived from the provision of completed work done for clients in the year. In addition, accrued income is recognised in accordance with the principles of FRS 102. The movement in accrued income has been shown in turnover for the year.

Accrued income is calculated based upon the value of work done but not billed at the year end. The value represents the time spent on matters in progress at the firm's billing rates and reduced to realisable value.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Office equipment 20 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 January 2023 5,586 7,045 12,631
Additions 0 6,520 6,520
At 31 December 2023 5,586 13,565 19,151
Accumulated depreciation
At 01 January 2023 4,199 5,771 9,970
Charge for the financial year 277 2,365 2,642
At 31 December 2023 4,476 8,136 12,612
Net book value
At 31 December 2023 1,110 5,429 6,539
At 31 December 2022 1,387 1,274 2,661

4. Debtors

2023 2022
£ £
Trade debtors 31,456 8,343
Amounts owed by directors 30,055 0
Prepayments 17,754 23,798
Other debtors 112,175 138,433
191,440 170,574

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 129 9,242
Accruals 3,000 4,750
Corporation tax 122,376 81,707
Other taxation and social security 8,513 6,941
134,018 102,640

6. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 641) ( 982)
(Charged)/credited to the Statement of Income and Retained Earnings ( 975) 341
0 0
At the end of financial year ( 1,616) ( 641)

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
150 Ordinary shares of £ 1.00 each 150 150

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 30,000 30,503
between one and five years 60,000 0
90,000 30,503

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by directors 30,056 0

During the year the directors maintained a director's current account with the company. At the year end the directors owed the company £30,056 (2022: £nil ). Interest is charged at HMRC approved rates, when overdrawn, and there are no set repayment terms.