Wittos Ltd
Unaudited Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 08499120 (England and Wales)
Wittos Ltd
Company Information
Directors
Ms A Lai
Mr M Rarinca
Company number
08499120
Registered office
Level 3, 86-90 Paul Street
London
England
EC2A 4NE
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Wittos Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Wittos Ltd
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
117
417
Current assets
Debtors
4
40,800
34,425
Cash at bank and in hand
185,797
105,547
226,597
139,972
Creditors: amounts falling due within one year
5
(40,214)
(34,374)
Net current assets
186,383
105,598
Net assets
186,500
106,015
Capital and reserves
Called up share capital
6
12
12
Profit and loss reserves
186,488
106,003
Total equity
186,500
106,015

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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 by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
Ms A Lai
Director
Company Registration No. 08499120
Wittos Ltd
Notes to the Financial Statements
For the year ended 30 April 2024
Page 2
1
Accounting policies
Company information

Wittos Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Level 3, 86-90 Paul Street, London, England, EC2A 4NE.

1.1
Reporting period

These financial statements are presented for one year from 1 May to 30 April. In the prior accounts, financial statements were presented for a period shorter than one year, therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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.

1.3
Going concern

The company has limited ongoing working capital requirements. The directors consider the company to have adequate cash reserves and financial support from its shareholders to meet ongoing working capital commitments as and when they fall due. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.4
Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

1.5
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:

Computer equipment
3 year straight line

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.

1.6
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Wittos Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 3

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no additional financial instruments categorised as other, or basic financial instruments measured at fair value.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Wittos Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 4
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
3,627
Disposals
(2,727)
At 30 April 2024
900
Depreciation and impairment
At 1 May 2023
3,210
Depreciation charged in the year
300
Eliminated in respect of disposals
(2,727)
At 30 April 2024
783
Carrying amount
At 30 April 2024
117
At 30 April 2023
417
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,800
24,300
Prepayments and accrued income
12,000
10,125
40,800
34,425
Wittos Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 5
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,211
3,966
Corporation tax
24,025
15,531
Other taxation and social security
11,258
9,730
Other creditors
595
595
Accruals and deferred income
2,125
4,552
40,214
34,374
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,150
1,150
12
12
7
Related party transactions

 

During the year the company paid consultancy fees to Mr M Rarinca, the director of the company, amounting to £10,995 (2023: £25,345). The company also paid consultancy fees to Soft Design SRL amounting to £18,881 (2023: £2,272), a company owned by Mr M Rarinca.

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