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REGISTERED NUMBER: 08874015 (England and Wales)





WPS ADVISORY LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WPS ADVISORY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr S G Chrystal
Mr P B Hobbs
Mr D A Palmer
Mr D C Moore
Mr T P Harries





REGISTERED OFFICE: 7 St John Street
Mansfield
Nottinghamshire
NG18 1QH





REGISTERED NUMBER: 08874015 (England and Wales)





AUDITORS: APC Accountants Limited
Chartered Accountants
and Statutory Auditors
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH

WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 544,587 573,549
Tangible assets 6 25,008 37,538
569,595 611,087

CURRENT ASSETS
Debtors 7 2,329,193 1,766,158
Cash at bank and in hand 68,263 230,779
2,397,456 1,996,937
CREDITORS
Amounts falling due within one year 8 1,686,516 1,404,233
NET CURRENT ASSETS 710,940 592,704
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,280,535

1,203,791

PROVISIONS FOR LIABILITIES - 7,635
NET ASSETS 1,280,535 1,196,156

CAPITAL AND RESERVES
Called up share capital 10 1,180 1,180
Share premium 999,000 999,000
Retained earnings 280,355 195,976
SHAREHOLDERS' FUNDS 1,280,535 1,196,156

WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

BALANCE SHEET - continued
31 DECEMBER 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2024 and were signed on its behalf by:





Mr S G Chrystal - Director


WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

WPS Advisory Ltd 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.

Significant judgements and estimates
Goodwill, Intellectual Property and Branding
In relation to intangible assets that was generated upon the hive up of the business operations, the assets and liabilities of another business, the company has carried out a review and allocated the assets to Intellectual Property and Branding and Goodwill. This is in relation to the directors' belief and assessment that the future cash flows of the Intellectual Property and Branding justifies the basis and has a 20 year useful life in respect of income streams.

Accrued/Deferred Income
The directors make estimates regarding the recognition of income from various commission income streams and the timing of such income.

Amounts recoverable on contracts
The income relating to the company projects is recognised inline with the contract to supply the service across a given period of time based up on the expected uptake of the project scheme.

Redress provision
In relation to complaints, the directors make estimates, based on the number of actual complaints made by clients and the value of the required redress payments expected to be made to compensate the client. The expected redress payment is estimated with regards to the scale of the complaint, timescale, portfolio value and inline with the guidance of the financial conduct authority capped at the professional indemnity .

WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the value excluding Value Added Tax of financial services provided to customers during the year. In respect of services provided, all income is taken to income statement at the same point as the right to receive consideration has been acquired.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

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

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 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 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.

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.

WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property is being amortised evenly over its estimated useful life of twenty years.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of those obligations is charged to the income statement over the relevant period. For commercial vehicles the interest element is charged to the income statement when the vehicle is placed on the road for use. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 67 (2022 - 71 ) .

WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INTANGIBLE FIXED ASSETS
Intellectual
Goodwill property Totals
£    £    £   
COST
At 1 January 2023 301,019 499,999 801,018
Additions - 47,750 47,750
At 31 December 2023 301,019 547,749 848,768
AMORTISATION
At 1 January 2023 123,302 104,167 227,469
Amortisation for year 30,102 25,000 55,102
Impairments 14,808 6,802 21,610
At 31 December 2023 168,212 135,969 304,181
NET BOOK VALUE
At 31 December 2023 132,807 411,780 544,587
At 31 December 2022 177,717 395,832 573,549

WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 16,288 85,662 101,950
Additions 4,413 3,845 8,258
At 31 December 2023 20,701 89,507 110,208
DEPRECIATION
At 1 January 2023 11,960 52,452 64,412
Charge for year 2,062 18,726 20,788
At 31 December 2023 14,022 71,178 85,200
NET BOOK VALUE
At 31 December 2023 6,679 18,329 25,008
At 31 December 2022 4,328 33,210 37,538

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 325,788 258,293
Amounts recoverable on contract 507,449 444,308
Other debtors 156,917 33,500
Deferred tax asset 205,174 -
Prepayments and accrued income 1,133,865 1,030,057
2,329,193 1,766,158

WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 272,299 258,321
Amounts owed to group undertakings 726,000 567,333
Corporation tax 34,711 59,922
Social security and other taxes 78,862 84,220
VAT 103,940 45,222
Other creditors 17,906 17,282
Credit card 130,967 -
Wages control account - 215
Accruals and deferred income 321,831 371,718
1,686,516 1,404,233

Within Amounts due to group undertakings includes a loan of £250,000 (2022: £250,000), which has been used as a short term funding facility.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 170,475 86,960
Between one and five years 336,470 326,982
506,945 413,942

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,180 Ordinary £1 1,180 1,180

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

The Report of the Auditors was unqualified.

Leighton Sharp FCCA,MAAT (Senior Statutory Auditor)
for and on behalf of APC Accountants Limited

WPS ADVISORY LTD (REGISTERED NUMBER: 08874015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. RELATED PARTY DISCLOSURES

Key management personnel remuneration in the year totalled £725,196 (2022: £881,595).

Directors remuneration in the year totalled £195,335 (2022: £247,767).

As at the Balance Sheet date, an amount of £726,000 (2022: £567,333) was owed to group companies.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Devere Group which owns the entire share capital of UK Workplace Solutions Ltd. UK Workplace Solutions Ltd is the parent company and owns the entire share capital of WPS Advisory Limited.