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Registered number: 10853441
W Finance Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10853441
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,282 1,826
1,282 1,826
CURRENT ASSETS
Debtors 5 12,342 12,591
Cash at bank and in hand 9,861 16,837
22,203 29,428
Creditors: Amounts Falling Due Within One Year 6 (9,650 ) (9,490 )
NET CURRENT ASSETS (LIABILITIES) 12,553 19,938
TOTAL ASSETS LESS CURRENT LIABILITIES 13,835 21,764
NET ASSETS 13,835 21,764
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 13,735 21,664
SHAREHOLDERS' FUNDS 13,835 21,764
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For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Wei Wu
Director
12th April 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
W Finance Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10853441 . The registered office is 3 Fitzhardinge Street, London, W1H 6EF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 August 2022 498 2,257 2,755
As at 31 July 2023 498 2,257 2,755
Depreciation
As at 1 August 2022 498 431 929
Provided during the period - 544 544
As at 31 July 2023 498 975 1,473
Net Book Value
As at 31 July 2023 - 1,282 1,282
As at 1 August 2022 - 1,826 1,826
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 12,342 12,591
12,342 12,591
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 160 -
Taxation and social security 9,490 9,490
9,650 9,490
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2022 Amounts advanced Amounts repaid Amounts written off As at 31 July 2023
£ £ £ £ £
Ms Wei Wu 2,976 5,253 5,503 - 2,726
The above loan is unsecured, interest free and repayable on demand.
9. Ultimate Controlling Party
The company's ultimate controlling party is Ms Wei Wu by virtue of her ownership of 100% of the issued share capital in the company.
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