Welcome Skills Limited
Unaudited Financial Statements
For the year ended 31 July 2023
Pages for Filing with Registrar
Company Registration No. 04664538 (England and Wales)
Welcome Skills Limited
Balance Sheet
As at 31 July 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,214
10,952
8,214
10,952
Current assets
Debtors
4
1,106,532
1,125,471
Cash at bank and in hand
747
10,928
1,107,279
1,136,399
Creditors: amounts falling due within one year
5
(945,623)
(794,120)
Net current assets
161,656
342,279
Total assets less current liabilities
169,870
353,231
Creditors: amounts falling due after more than one year
6
(33,164)
(38,375)
Net assets
136,706
314,856
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
136,705
314,855
Total equity
136,706
314,856
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 July 2024
K Hussin
Director
Company Registration No. 04664538
Welcome Skills Limited
Notes to the Financial Statements
For the year ended 31 July 2023
Page 2
1
Accounting policies
Company information
Welcome Skills Limited is a private company limited by shares incorporated in England and Wales. The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services provided during the year net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand and balances held at call with banks.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Welcome Skills Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 3
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 18 (2022: 22).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 and 31 July 2023
47,563
Depreciation and impairment
At 1 August 2022
36,611
Depreciation charged in the year
2,738
At 31 July 2023
39,349
Carrying amount
At 31 July 2023
8,214
At 31 July 2022
10,952
Welcome Skills Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 4
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
34,671
49,997
Amounts owed by group undertakings
644,202
643,634
Other debtors
427,659
422,137
Prepayments and accrued income
9,703
1,106,532
1,125,471
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
62,505
4,071
Trade creditors
27,007
67,639
Amounts owed to group undertakings
565,450
432,533
Corporation tax
11,017
11,017
Other taxation and social security
228,654
233,435
Other creditors
25,605
28,413
Accruals and deferred income
25,385
17,012
945,623
794,120
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
33,164
38,375
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
8
Controlling party
The ultimate controlling company is Welcome Skills Holdings (UK) Limited, a company registered in England and Wales. The ultimate controlling party is K Hussin due to her majority shareholding Welcome Skills Holdings (UK) Limited .
Welcome Skills Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 5
9
Related party transactions
At the year end a balance due from Yumn Limited, a fellow subsidiary of Welcome Skills Holdings (UK) Limited, of £69,973 (2022: £59,935) has been fully provided for.
Included within debtors at year end is a balance due from Welcome Skills PVT Limited, a fellow subsidiary of Welcome Skills Holdings (UK) Limited, of £644,202 (2022: £643,634).
Included within creditors at year end is a balance due to Welcome Skills Holdings (UK) Limited, the parent company, of £565,450 (2022: £92,778).
Included within creditors at year end is a balance due to Welcome Property Investments Limited, a fellow subsidiary of Welcome Skills Holdings (UK) Limited, of £nil (2022: £339,755). An amount due from Welcome Property Investments Limited of £8,735 (2022: £nil) has been written off during the year. During the year, the company charged Welcome Property Investments Limited £57,088 (2022: £nil) for services provided and costs incurred on their behalf.
Also included within debtors at year end is a balance due from K Hussin, the company director, of £299,065 (2022: £294,143). This amount is interest free and repayable on demand.