Registration number:
WMM Publishing Ltd
for the Year Ended 31 March 2023
WMM Publishing Ltd
Contents
Company Information |
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Director's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
WMM Publishing Ltd
Company Information
Director |
S Marquardt |
Company secretary |
Goodwille Limited |
Registered office |
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Accountants |
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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:
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
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WMM Publishing Ltd
Statement of Income and Retained Earnings
for the Year Ended 31 March 2023
Note |
2023 |
2022 |
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Revenue |
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Cost of sales |
( |
( |
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Gross profit |
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Sales and marketing expenses |
( |
( |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
( |
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Other interest receivable and similar income |
|
- |
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Interest payable and similar charges |
( |
- |
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(Loss)/profit before tax |
( |
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Taxation |
( |
( |
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(Loss)/profit for the financial year |
( |
|
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Retained earnings brought forward |
20,057 |
11,020 |
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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 |
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Non-current assets |
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Intangible assets |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Payables: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
• |
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• |
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
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Director
WMM Publishing Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023
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.
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
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
Staff numbers |
The average number of persons employed by the company during the year, was
WMM Publishing Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
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Current taxation |
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UK corporation tax |
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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 -
The differences are reconciled below:
2023 |
2022 |
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(Loss)/profit before tax |
( |
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Corporation tax at standard rate |
( |
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Effect of expense not deductible in determining taxable profit (tax loss) |
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Effect of tax losses |
- |
( |
Total tax charge |
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Intangible assets |
Goodwill |
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Cost |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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WMM Publishing Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
Receivables |
2023 |
2022 |
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Trade receivables |
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Other receivables |
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Prepayments |
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Payables |
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and borrowings |
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- |
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Trade payables |
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Social security and other taxes |
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Other payables |
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Accruals |
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Income tax liability |
877 |
2,625 |
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Director's loan account |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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WMM Publishing Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
8 |
Loans and borrowings (continued) |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Bank overdrafts |
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- |
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- |
Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
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100 |
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100 |
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
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.
Events after the financial period |
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