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REGISTERED NUMBER: 05030312 (England and Wales)


WMG Services Limited

Abridged Audited Financial Statements

for the Year Ended 31 October 2023






WMG Services Limited (Registered number: 05030312)






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 Services 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: 05030312 (England and Wales)





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

WMG Services Limited (Registered number: 05030312)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 9,220 16,230

CURRENT ASSETS
Debtors 6 20,871,700 22,319,011
Investments 7 381,820 381,820
Cash at bank and in hand 17,962 19,902
21,271,482 22,720,733
CREDITORS
Amounts falling due within one year 8 22,518,385 23,303,560
NET CURRENT LIABILITIES (1,246,903 ) (582,827 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,237,683

)

(566,597

)

PROVISIONS FOR LIABILITIES 9 2,532 2,532
NET LIABILITIES (1,240,215 ) (569,129 )

CAPITAL AND RESERVES
Called up share capital 10 709,631 709,631
Retained earnings 11 (1,949,846 ) (1,278,760 )
SHAREHOLDERS' FUNDS (1,240,215 ) (569,129 )

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 Services Limited (Registered number: 05030312)

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

1. STATUTORY INFORMATION

WMG Services 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.

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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises service charges raised to companies in the financial services sector.
Turnover is recognised when the right to consideration become due in case of services after it is performed.
Turnover is generated from ordinary activities of the business.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

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 Services Limited (Registered number: 05030312)

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

WMG Services Limited (Registered number: 05030312)

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

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2022 31,742 35,449 12,952 80,143
Additions - - 1,393 1,393
At 31 October 2023 31,742 35,449 14,345 81,536
DEPRECIATION
At 1 November 2022 15,522 35,444 12,947 63,913
Charge for year 7,935 - 468 8,403
At 31 October 2023 23,457 35,444 13,415 72,316
NET BOOK VALUE
At 31 October 2023 8,285 5 930 9,220
At 31 October 2022 16,220 5 5 16,230

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 22,500
Rent deposits 66,307 66,307
Amounts owed by group undertakings 18,879,451 20,353,755
H R Owen Classics Ltd 250 250
OXR Limited 1,357,155 1,357,155
Global Prime Partners 522,657 480,657
Prepayments 45,880 38,387
20,871,700 22,319,011

The amounts owed by related entities are unsecured, interest free and have no fixed date of repayment.

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Other investments 381,820 381,820

WMG Services Limited (Registered number: 05030312)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,364 4,037
Trade creditors 1,344,316 1,335,263
Amounts owed to group undertakings 20,961,159 21,714,011
Tax 9,119 45,025
Social security and other taxes 24,606 6,763
Pension control account 5,509 5,426
VAT 154 16,267
WMG (Bermuda) Limited 115,048 115,048
Accrued expenses 56,110 61,720
22,518,385 23,303,560

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

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,532 2,532

Deferred
tax
£   
Balance at 1 November 2022 2,532
Balance at 31 October 2023 2,532

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
709,631 Ordinary £1 709,631 709,631

11. RESERVES
Retained
earnings
£   

At 1 November 2022 (1,278,760 )
Deficit for the year (671,086 )
At 31 October 2023 (1,949,846 )

WMG Services Limited (Registered number: 05030312)

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

12. 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

13. OTHER FINANCIAL COMMITMENTS

Under a lease agreement of Part of 3rd Floor, Bond Street House, 14 Clifford Street, London W1,
expiring on 14th December 2026 with MB BSH (Guernsey) Ltd ( a company incorporated in Guernsey (company number is 58163). The company is to pay an annual of £134,000. The total rent payable under this agreement is £435,500. (2022- £536,000).

14. RELATED PARTY DISCLOSURES

WMG Holdings Ltd
Mr M Dalman is director of the company and parent company.

There following 3 Companies are under common control

1) Mr Pieter Van Leuven is director of the company.
The company is a subsidiary of WMG Holdings Limited
Amount due to the company is (£115,048) (2022- £115,048) at the year end.

2) Mr Pieter Van Leuven is director of the company
An amount due from the company is £250 (2022- £250)

3) Mr Pieter Van Leuven is director of the company.
An amount due from the company is £1,357,155 (2022- £1,357,155)

All above loans are interest free and repayable on demand.

15. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

16. ULTIMATE CONTROLLING PARTY

The parent undertaking of the largest group within 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 the company's accounts are consolidated is WMG Limited, a company registered in England and Wales.

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