REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Period 14 October 2022 to 31 January 2024 |
for |
We Share Trust Limited |
REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Period 14 October 2022 to 31 January 2024 |
for |
We Share Trust Limited |
We Share Trust Limited (Registered number: 14418941) |
Contents of the Financial Statements |
for the Period 14 October 2022 to 31 January 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
We Share Trust Limited |
Company Information |
for the Period 14 October 2022 to 31 January 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants and |
Statutory Auditor |
9 Exchange Place |
International Financial Services Centre |
Dublin, Irland |
D01 X8H2 |
BANKERS: |
1 Centenary Square |
Birmingham |
B1 1HQ |
COMPANY TYPE: |
We Share Trust Limited (Registered number: 14418941) |
Report of the Director |
for the Period 14 October 2022 to 31 January 2024 |
The director presents his report with the financial statements of the company for the period 14 October 2022 to 31 January 2024. |
INCORPORATION |
The company was incorporated on 14 October 2022 . |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of to promote the implementation of the marketplace NeedHelp in the UK. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors who have held office during the period from 14 October 2022 to the date of this report are as follows: |
M Vicente Sala was appointed as a director after 31 January 2024 but prior to the date of this |
report and resigned on 18 July 2024 |
S D M Krysiak ceased to be a director after 31 January 2024 but prior to the date of this report and resigned 31 March 2024 |
R P Dajksler ceased to be a director after 31 January 2024 but prior to the date of this report and resigned 18 July 2024 |
POLITICAL DONATIONS AND EXPENDITURE |
The company did not make any disclosable political donations in the current financial year. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
We Share Trust Limited (Registered number: 14418941) |
Report of the Director |
for the Period 14 October 2022 to 31 January 2024 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 |
of the Companies Act 2006) of which the company's auditors are unaware, and each director has |
taken all the steps that he ought to have taken as a director in order to make himself aware of any |
relevant audit information and to establish that the company's auditors are aware of that |
information. |
AUDITORS |
Pursuant to Section 485 of the Companies Act 2006, Baker Tilly Ireland Audit Limited have been appointed and are therefore in office as auditors. |
Roberts Nathan resigned as auditors since the financial period end and the directors appointed Baker Tilly Ireland Audit Limited, (Chartered Certified Accountants), to fill the vacancy. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF BY: |
Report of the Independent Auditors to the Members of |
We Share Trust Limited |
Opinion |
We have audited the financial statements of We Share Trust Limited (the 'company') for the period ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
We Share Trust Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 |
requires us to report to you if, in our opinion: |
- Adequate accounting records have not been kept, or returns adequate for our audit have not |
been received from branches not visited by us; or |
- The financial statements are not in agreement with the accounting records and returns; or |
- Certain disclosures of directors' remuneration specified by law are not made; or |
- We have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on pages two and three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
We Share Trust Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Performing analytical procedures to identify any unusual or unexpected relationships that may be indicate risk of a material misstatement due to fraud or error. |
- Enquiring of management concerning actual and potential claims or instances of fraud or theft; |
- Reviewing correspondence with HMRC , and the company's legal advisors. |
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
We Share Trust Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as the body, for our audit work, for this report, or for the opinions we have formed. the report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matter we required to state to them in a Report of the Auditors and for no other purpose. |
Further information regarding the scope of our responsibilities as auditor |
As part of an audit in accordance with ISAs (Ireland), we exercise professional judgement and maintain professional scepticism throughout the audit. We also identify and assess the risk of material misstatements of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risk, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting as material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, international omissions, misrepresentations, or the override of internal control. |
for and on behalf of |
Chartered Certified Accountants and |
Statutory Auditor |
9 Exchange Place |
International Financial Services Centre |
Dublin, Irland |
D01 X8H2 |
We Share Trust Limited (Registered number: 14418941) |
Income Statement |
for the Period 14 October 2022 to 31 January 2024 |
Notes | £ |
REVENUE | 3 |
Administrative expenses | ( |
) |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD |
We Share Trust Limited (Registered number: 14418941) |
Balance Sheet |
31 January 2024 |
Notes | £ |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
We Share Trust Limited (Registered number: 14418941) |
Statement of Changes in Equity |
for the Period 14 October 2022 to 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 31 January 2024 |
We Share Trust Limited (Registered number: 14418941) |
Notes to the Financial Statements |
for the Period 14 October 2022 to 31 January 2024 |
1. | STATUTORY INFORMATION |
We Share Trust Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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" and the Companies Act 2006. The financial statements have been prepared under |
the historical cost convention. |
The company meets the definition of a qualifying entity under FRS 102 and therefore has taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Exemptions have been taken in these separate company financial statements in relation to share-based payments, financial instruments, presentation of a cash flow statement and remuneration of key management personnel. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods |
The directors have not identified any critical accounting judgements or key sources of estimation uncertainty in the period |
We Share Trust Limited (Registered number: 14418941) |
Notes to the Financial Statements - continued |
for the Period 14 October 2022 to 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ |
and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial |
instruments. |
Financial instruments are recognised in the company's balance sheet when the company |
becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial |
statements , when there is a legally enforceable right to set off the recognised amounts and |
there is an intention to settle on a net basis or to realise the asset and settle the liability |
simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors, loans from fellow group companies, cash and |
bank balances, are initially measured at transaction price including transaction costs and are |
subsequently carried at amortised cost using the effective interest method unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the |
present value of the future receipts discounted at a market rate of interest. Financial assets |
classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences a |
residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, accruals and loans from fellow group companies |
are initially recognised at transaction price unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future |
payments discounted at a market rate of interest. Financial liabilities classified as payable |
within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate |
method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the |
ordinary course of business from suppliers. Amounts payable are classified as current |
liabilities if payment is due within one year or less. If not, they are presented as non-current |
liabilities. Trade creditors are recognised initially at transaction price and subsequently |
measured at amortised cost using the effective interest method. |
We Share Trust Limited (Registered number: 14418941) |
Notes to the Financial Statements - continued |
for the Period 14 October 2022 to 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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 balance sheet 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the company. |
4. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries |
Social security costs |
Other pension costs |
We Share Trust Limited (Registered number: 14418941) |
Notes to the Financial Statements - continued |
for the Period 14 October 2022 to 31 January 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Employees |
£ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
£ |
Other operating leases |
Foreign exchange differences | ( |
) |
Audit fees |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
£ |
Current tax: |
UK corporation tax |
Tax on profit |
UK corporation tax has been charged at 19% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
£ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Total tax charge | 3,554 |
We Share Trust Limited (Registered number: 14418941) |
Notes to the Financial Statements - continued |
for the Period 14 October 2022 to 31 January 2024 |
7. | GOING CONCERN |
The company is dependent upon the continued financial support of its parent company which has undertaken to financially support the company for the at least 12 months after the date of the signing of these accounts and for the foreseeable future. The financial statements have therefore been prepared on a going concern basis. The directors have reviewed the group financial position and they are satisfied that the group has sufficient financial resources to support the company as described above. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed by group undertakings |
Other debtors |
VAT |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Tax |
Accruals |
Trade creditors are payable at various dates in the months after the end of the financial year in accordance with the creditors credit terms. |
The term of the accruals are based on the underlying contracts. |
Taxes are payable at various dates over the coming months in accordance with the applicable statutory provisions. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | 1 | 1,000 |
11. | RESERVES |
Retained |
earnings |
£ |
Profit for the period |
At 31 January 2024 |
We Share Trust Limited (Registered number: 14418941) |
Notes to the Financial Statements - continued |
for the Period 14 October 2022 to 31 January 2024 |
12. | RELATED PARTY DISCLOSURES |
As permitted by FRS 102 the company has taken advantage of the exemption not to disclose transactions either with its immediate parent undertaking and with other wholly owned subsidiaries of the Kingfisher plc Group within the period of these financial statements. |
13. | POST BALANCE SHEET EVENTS |
There are no other significant events since the balance sheet date. |
14. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent company is Kingfisher Services, a company incorporated and registered in France. The registered address of Kingfisher Services is Parc d’Activités, ZI rue de l'Epinoy, 59175, Templemars, France. |
15. | DIVIDENDS |
There was no dividend declared or paid during the year. |