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REGISTERED NUMBER: 05237578 (England and Wales)


WMG Funds Limited

Abridged Audited Financial Statements

for the Year Ended 31 October 2023






WMG Funds Limited (Registered number: 05237578)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


WMG Funds Limited

Company Information
for the year ended 31 October 2023







DIRECTOR: Mr P Van Leuven





SECRETARY:





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 05237578 (England and Wales)





AUDITORS: Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU

WMG Funds Limited (Registered number: 05237578)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 5 3,276,958 4,175,253

CURRENT ASSETS
Debtors 6 23,215,957 20,887,085
Cash at bank 9,454 4,894
23,225,411 20,891,979
CREDITORS
Amounts falling due within one year 7 22,035,111 20,478,738
NET CURRENT ASSETS 1,190,300 413,241
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,467,258

4,588,494

CREDITORS
Amounts falling due after more than one
year

8

1,050,000

1,050,000
NET ASSETS 3,417,258 3,538,494

CAPITAL AND RESERVES
Called up share capital 9 1,010,002 1,010,002
Share premium 10 1,034,999 1,034,999
Retained earnings 10 1,372,257 1,493,493
SHAREHOLDERS' FUNDS 3,417,258 3,538,494

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:




Mr P Van Leuven - Director


WMG Funds Limited (Registered number: 05237578)

Notes to the Financial Statements
for the year ended 31 October 2023

1. STATUTORY INFORMATION

WMG Funds Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about WMG Funds Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, W M G Limited, .

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises service charges made to companies in the financial services sector and share of financial securities trading activities. Fees and other income are recognised on an accruals basis and recognition shown exclusive of Value Added Tax.

Turnover is recognised when the service is completed and the company obtained the right to the consideration. It is generated from ordinary activities of the business.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

WMG Funds Limited (Registered number: 05237578)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The director has indicated that, in their judgement, there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Notwithstanding this, the company is assured of continuing necessary financial support from WMG Limited, the parent company to enable it to meet its liability as that fall due. Therefore, the director continues to adopt the going concern basis in preparing these financial statements.

Expenses
Expenses incurred have been recognised on an accruals basis.

Investments
Investments are stated at cost less provision for any permanent diminution in value.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

WMG Funds Limited (Registered number: 05237578)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 November 2022 3,080,000 2,464,629 5,544,629
Additions - 113,000 113,000
Disposals - (1,011,295 ) (1,011,295 )
At 31 October 2023 3,080,000 1,566,334 4,646,334
PROVISIONS
At 1 November 2022
and 31 October 2023 1,369,376 - 1,369,376
NET BOOK VALUE
At 31 October 2023 1,710,624 1,566,334 3,276,958
At 31 October 2022 1,710,624 2,464,629 4,175,253

Investments represent the company's 100% capital contribution in WMG Advisors LLP. The partnership is an investment manager registered in UK.

Other investments are funds available for investment management services at a valuation which is lower of cost and net realisable value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 13,872 -
Amounts owed by group undertakings 23,202,085 20,887,085
23,215,957 20,887,085

Amounts owed by group undertakings are unsecured, interest free and have no fixed date of repayment.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 22,035,111 20,353,755
Tax - 124,983
22,035,111 20,478,738

WMG Funds Limited (Registered number: 05237578)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts owed to group undertakings are unsecured, interest free and have no fixed date of repayment.

Other loans are interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Amounts owed to group
undertakings 1,050,000 1,050,000
1,050,000 1,050,000

Subordinated loans from WMG Limited were entered into on 24 October 2005 (£250,000) and 22 November 2005 (£800,000). They are due to be repaid not earlier than five years from their respective start dates. The loans are interest free and the permission of the Financial Conduct Authority is required before repayment can be made.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,010,002 Ordinary £1 1,010,002 1,010,002

10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2022 1,493,493 1,034,999 2,528,492
Deficit for the year (121,236 ) (121,236 )
At 31 October 2023 1,372,257 1,034,999 2,407,256

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Altan Kemal FCA FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature, we take our auditors assistance in submission of returns to the tax authorities and the preparation of the financial statements.

WMG Funds Limited (Registered number: 05237578)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

13. ULTIMATE CONTROLLING PARTY

The parent undertaking of largest group within which the company belongs and for which group financial statements are prepared is WMG Holdings Limited, a company registered in Jersey with company registration number 89999. The smallest group within which the company's accounts are consolidated is WMG Limited, a company registered in England and Wales.

The directors consider that WMG Holdings Limited is the ultimate controlling party.