WMM Publishing Ltd 10699395 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of publishing and event management. Digita Accounts Production Advanced 6.30.9574.0 true true 10699395 2022-04-01 2023-03-31 10699395 2023-03-31 10699395 bus:OrdinaryShareClass1 2023-03-31 10699395 core:RetainedEarningsAccumulatedLosses 2023-03-31 10699395 core:ShareCapital 2023-03-31 10699395 core:CurrentFinancialInstruments 2023-03-31 10699395 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10699395 core:Non-currentFinancialInstruments 2023-03-31 10699395 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10699395 core:Goodwill 2023-03-31 10699395 bus:SmallEntities 2022-04-01 2023-03-31 10699395 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10699395 bus:FullAccounts 2022-04-01 2023-03-31 10699395 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10699395 bus:RegisteredOffice 2022-04-01 2023-03-31 10699395 bus:CompanySecretary1 2022-04-01 2023-03-31 10699395 bus:Director1 2022-04-01 2023-03-31 10699395 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10699395 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10699395 core:Goodwill 2022-04-01 2023-03-31 10699395 core:UKTax 2022-04-01 2023-03-31 10699395 1 2022-04-01 2023-03-31 10699395 countries:EnglandWales 2022-04-01 2023-03-31 10699395 core:Goodwill 2022-03-31 10699395 2021-04-01 2022-03-31 10699395 2022-03-31 10699395 bus:OrdinaryShareClass1 2022-03-31 10699395 core:RetainedEarningsAccumulatedLosses 2022-03-31 10699395 core:ShareCapital 2022-03-31 10699395 core:CurrentFinancialInstruments 2022-03-31 10699395 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10699395 core:Non-currentFinancialInstruments 2022-03-31 10699395 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 10699395 core:Goodwill 2022-03-31 10699395 core:UKTax 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10699395

WMM Publishing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

WMM Publishing Ltd

Contents

Company Information

1

Director's Report

2

Statement of Income and Retained Earnings

3

Statement of Financial Position

4 to 5

Notes to the Unaudited Financial Statements

6 to 11

 

WMM Publishing Ltd

Company Information

Director

S Marquardt

Company secretary

Goodwille Limited

Registered office

51 Holland Street
London
W8 7JB

Accountants

Harmer Slater Limited
Chartered Accountants
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

WMM Publishing Ltd

Director's Report for the Year Ended 31 March 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Principal activity

The principal activity of the company is that of publishing and event management.

Director of the company

The director who served throughout the year and up to date of authorisation of this report was as follows:

S Marquardt

Going concern

The director has considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months form the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the company's financial statements.

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the director on 14 March 2024
 

.........................................
S Marquardt
Director

 

WMM Publishing Ltd

Statement of Income and Retained Earnings
for the Year Ended 31 March 2023

Note

2023
£

2022
£

Revenue

 

63,604

46,841

Cost of sales

 

(5,555)

(5,059)

Gross profit

 

58,049

41,782

Sales and marketing expenses

 

(36,114)

(8,026)

Administrative expenses

 

(30,036)

(22,093)

Operating (loss)/profit

 

(8,101)

11,663

Other interest receivable and similar income

 

30

-

Interest payable and similar charges

 

(574)

-

(Loss)/profit before tax

(8,645)

11,663

Taxation

4

(877)

(2,626)

(Loss)/profit for the financial year

 

(9,522)

9,037

Retained earnings brought forward

 

20,057

11,020

Retained earnings carried forward

 

10,535

20,057

 

WMM Publishing Ltd

(Registration number: 10699395)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Non-current assets

 

Intangible assets

5

50,000

60,000

Current assets

 

Receivables

6

14,947

17,672

Cash at bank and in hand

192

2,341

 

15,139

20,013

Payables: Amounts falling due within one year

7

(46,716)

(54,752)

Net current liabilities

 

(31,577)

(34,739)

Total assets less current liabilities

 

18,423

25,261

Payables: Amounts falling due after more than one year

7

(7,788)

(5,104)

Net assets

 

10,635

20,157

Equity

 

Called up share capital

9

100

100

Retained earnings

9

10,535

20,057

Shareholders' funds

 

10,635

20,157

For the financial year ending 31 March 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 year in question in accordance with section 476; and

The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

 

WMM Publishing Ltd

(Registration number: 10699395)
Statement of Financial Position as at 31 March 2023 (continued)

The financial statements of WMM Publishing Ltd were approved and authorised for issue by the director on 14 March 2024
 

.........................................

S Marquardt
Director

 

WMM Publishing Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

1

General information

WMM Publishing Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The director has considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months form the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the company's financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

 

WMM Publishing Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of event services in the ordinary course of the company’s activities. Revenue is shown net of value added tax.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Intangible assets

Intangible assets represents goodwill which reflects the difference between the cost of businesses acquired and the aggregate of the fair value of identifiable assets and liabilities. Positive purchased goodwill has been capitalised, classified as an asset on the balance sheet and is being written off on a straight line basis over its estimated useful economic life of ten years. Impairment review is carried out at the end of the first financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and are subject to an insignificant risk of change in value.

 

WMM Publishing Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables 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.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

 

WMM Publishing Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

877

2,626

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

(Loss)/profit before tax

(8,645)

11,663

Corporation tax at standard rate

(1,643)

2,216

Effect of expense not deductible in determining taxable profit (tax loss)

2,520

1,930

Effect of tax losses

-

(1,520)

Total tax charge

877

2,626

5

Intangible assets

Goodwill
 £

Cost

At 1 April 2022

100,000

At 31 March 2023

100,000

Amortisation

At 1 April 2022

40,000

Amortisation charge

10,000

At 31 March 2023

50,000

Carrying amount

At 31 March 2023

50,000

At 31 March 2022

60,000

 

WMM Publishing Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

6

Receivables

2023
£

2022
£

Trade receivables

13,015

8,689

Other receivables

203

1,855

Prepayments

1,729

7,128

14,947

17,672

7

Payables

Note

2023
£

2022
£

Due within one year

 

Bank loans and borrowings

8

4,106

-

Trade payables

 

4,217

13,738

Social security and other taxes

 

1,381

296

Other payables

 

22,523

21,840

Accruals

 

1,753

3,000

Income tax liability

877

2,625

Director's loan account

 

11,859

13,253

 

46,716

54,752

Due after one year

 

Loans and borrowings

8

7,788

5,104

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

7,788

5,104

 

WMM Publishing Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

8

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,462

-

Bank overdrafts

644

-

4,106

-

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         



Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

10

Related party transactions

The company's shareholders have jointly provided a guarantee for the sum of £11,250 (2022: £20,104) included within other payables.

11

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.