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Company No: 08598355 (England and Wales)

WOOLLEY & WALLIS FINANCE LIMITED

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

WOOLLEY & WALLIS FINANCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WOOLLEY & WALLIS FINANCE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
WOOLLEY & WALLIS FINANCE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr C R Bishop
Mrs S R Clotworthy
Mr R M Nocton (Resigned 29 June 2023)
REGISTERED OFFICE Hitchcock House Hilltop Park
Devizes Road
Salisbury
SP3 4UF
United Kingdom
BUSINESS ADDRESS 4-5 Hughenden Yard
High Street
Marlborough,
SN8 1LT
COMPANY NUMBER 08598355 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
WOOLLEY & WALLIS FINANCE LIMITED

BALANCE SHEET

As at 31 December 2023
WOOLLEY & WALLIS FINANCE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 4 5,366 19,576
Cash at bank and in hand 5 4,639 53,234
10,005 72,810
Creditors: amounts falling due within one year 6 ( 11,118) ( 19,570)
Net current (liabilities)/assets (1,113) 53,240
Total assets less current liabilities (1,113) 53,240
Net (liabilities)/assets ( 1,113) 53,240
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 1,213 ) 53,140
Total shareholders' (deficit)/funds ( 1,113) 53,240

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 Woolley & Wallis Finance Limited (registered number: 08598355) were approved and authorised for issue by the Board of Directors on 05 April 2024. They were signed on its behalf by:

Mr C R Bishop
Director
WOOLLEY & WALLIS FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WOOLLEY & WALLIS FINANCE 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

Woolley & Wallis Finance 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 Hitchcock House Hilltop Park, Devizes Road, Salisbury, SP3 4UF, United Kingdom. The principal place of business is 4-5 Hughenden Yard, High Street, Marlborough,, SN8 1LT.

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 £.

Going concern

Due to the increases in UK interest rates from mid-2022 into 2023, the company has seen a decline in demand for its services. However, as The Bank of England base rate has not increased since August 2023, and there is an anticipated small reduction in the latter part of 2024, the directors remain confident that the company can continue as a going concern. The company’s controlling party has indicated that it will continue to provide working capital for the foreseeable future. Accordingly, these financial statements have been prepared on the going concern basis.

Turnover

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property 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:

Plant and machinery etc. 4 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.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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 Balance Sheet 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.

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 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 1,920 1,920
At 31 December 2023 1,920 1,920
Accumulated depreciation
At 01 January 2023 1,920 1,920
At 31 December 2023 1,920 1,920
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Debtors

2023 2022
£ £
Trade debtors 0 17,250
Corporation tax 3,032 0
Other debtors 2,334 2,326
5,366 19,576

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 4,639 53,234

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,188 4,486
Taxation and social security 1,505 9,234
Other creditors 6,425 5,850
11,118 19,570