1 29 March 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 198,377 196,723 1,654 198,377 1,654 xbrli:pure xbrli:shares iso4217:GBP 10037854 2022-01-01 2022-12-31 10037854 2022-12-31 10037854 2021-12-31 10037854 2021-01-01 2021-12-31 10037854 2021-12-31 10037854 2020-12-31 10037854 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 10037854 bus:Director1 2022-01-01 2022-12-31 10037854 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 10037854 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 10037854 core:WithinOneYear 2022-12-31 10037854 core:WithinOneYear 2021-12-31 10037854 core:ShareCapital 2022-12-31 10037854 core:ShareCapital 2021-12-31 10037854 core:RetainedEarningsAccumulatedLosses 2022-12-31 10037854 core:RetainedEarningsAccumulatedLosses 2021-12-31 10037854 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 10037854 bus:SmallEntities 2022-01-01 2022-12-31 10037854 bus:Audited 2022-01-01 2022-12-31 10037854 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 10037854 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10037854 bus:FullAccounts 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 10037854
WESHOOT LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2022
WESHOOT LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Intangible assets
5
1,654
Current assets
Debtors
6
7,254
28,001
Cash at bank and in hand
88,025
9,564
---------
---------
95,279
37,565
Creditors: amounts falling due within one year
7
( 210,209)
( 208,443)
----------
----------
Net current liabilities
( 114,930)
( 170,878)
----------
----------
Total assets less current liabilities
( 114,930)
( 169,224)
Provisions
Taxation including deferred tax
577
5,259
----------
----------
Net liabilities
( 114,353)
( 163,965)
----------
----------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 114,354)
( 163,966)
----------
----------
Shareholders deficit
( 114,353)
( 163,965)
----------
----------
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
J M Laporte
Director
Company registration number: 10037854
WESHOOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
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 and are prepared in sterling, which is the functional currency of the entity.
Going concern
The company continues to be profitable however the balance sheet continues to show a net deficit at the year end. The director considers that the company will remain profitable in the forthcoming years. The parent company (Laporte Industries UK Ltd) have agreed to continue to provide the company with the support that it needs to continue to trade. The director has therefore concluded that they should prepare the accounts on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements No judgements have been made which would have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty The annual amortisation charge for intangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
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 material 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortised over the life of the project. Amortisation is charged from the date the project's developments are usable. All other research and development expenditure is written off in the period in which it is incurred.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2022 and 31 December 2022
198,377
----------
Amortisation
At 1 January 2022
196,723
Charge for the year
1,654
----------
At 31 December 2022
198,377
----------
Carrying amount
At 31 December 2022
----------
At 31 December 2021
1,654
----------
6. Debtors
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,000
28,000
Other debtors
254
1
-------
---------
7,254
28,001
-------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,580
1,380
Amounts owed to group undertakings and undertakings in which the company has a participating interest
204,129
203,798
Other creditors
3,500
3,265
----------
----------
210,209
208,443
----------
----------
8. Summary audit opinion
The auditor's report dated 29 March 2024 was unqualified .
The senior statutory auditor was Georgina Gale , for and on behalf of Streets Audit LLP .
9. Related party transactions
There are no related party transactions which require disclosure under Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
10. Controlling party
Laporte Industries UK Ltd owns 100% of the share capital of the company. The company regards Laporte Holding SAS , which is incorporated in France, as its ultimate parent company. The company is part of the Laporte Group and copies of the group's consolidated accounts can be obtained by writing to: Laporte Holding SAS 371 Chemin des Pres F-06410 Biot France