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COMPANY REGISTRATION NUMBER: 09098615
Western Money Limited
Filleted Unaudited Financial Statements
30 June 2023
Western Money Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Western Money Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Investments
4
1,200
1,150
Current assets
Debtors
5
64,100
Cash at bank and in hand
59,067
36,547
--------
----------
59,067
100,647
Creditors: amounts falling due within one year
6
9,049
34,501
--------
----------
Net current assets
50,018
66,146
--------
--------
Total assets less current liabilities
51,218
67,296
Creditors: amounts falling due after more than one year
7
12,253
17,659
--------
--------
Net assets
38,965
49,637
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
38,865
49,537
--------
--------
Shareholders funds
38,965
49,637
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 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 financial statements .
Western Money Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
Mr J B Clark-Ward
Director
Company registration number: 09098615
Western Money Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 12 Rowe House, Emson Close, Saffron Walden, CB10 1HL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Investments
Investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Investments
Other investments other than loans
£
Cost
At 1 July 2022
1,150
Revaluations
50
-------
At 30 June 2023
1,200
-------
Impairment
At 1 July 2022 and 30 June 2023
-------
Carrying amount
At 30 June 2023
1,200
-------
At 30 June 2022
1,150
-------
5. Debtors
2023
2022
£
£
Trade debtors
64,100
----
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,991
6,250
Trade creditors
1,677
Accruals and deferred income
1,200
26,840
Corporation tax
181
1,411
-------
--------
9,049
34,501
-------
--------
The bank loans and overdrafts amount relate to a Bounce Back loan which is secured by a government guarantee.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,253
17,659
--------
--------
The bank loans and overdrafts amount relate to a Bounce Back loan which is secured by a government guarantee.
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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