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Registered number: 08769192










WAG Medical English Editing Services UK Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 November 2023

 
WAG Medical English Editing Services UK Limited
 

Company Information


Director
Dr Wendy Gray 




Registered number
08769192



Registered office
2nd Floor
168 Shoreditch High Street

London

E1 6RA




Accountants
Kreston Reeves LLP
Chartered Accountants

2nd Floor

168 Shoreditch High Street

London

E1 6RA





 
WAG Medical English Editing Services UK Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of WAG Medical English Editing Services UK Limited for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WAG Medical English Editing Services UK Limited for the year ended 30 November 2023 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of WAG Medical English Editing Services UK Limited in accordance with the terms of our engagement letter dated 14/02/2024Our work has been undertaken solely to prepare for your approval the financial statements of WAG Medical English Editing Services UK Limited and state those matters that we have agreed to state to the director of WAG Medical English Editing Services UK Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WAG Medical English Editing Services UK Limited and its director for our work or for this report. 

It is your duty to ensure that WAG Medical English Editing Services UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of WAG Medical English Editing Services UK Limited. You consider that WAG Medical English Editing Services UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of WAG Medical English Editing Services UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
2nd Floor
168 Shoreditch High Street
London
E1 6RA
26 August 2024
Page 1

 
WAG Medical English Editing Services UK Limited
Registered number: 08769192

Balance sheet
As at 30 November 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
2,276
1,503

Cash at bank and in hand
 5 
138
3,205

  
2,414
4,708

Creditors: amounts falling due within one year
 6 
(1,914)
(2,680)

Net current assets
  
 
 
500
 
 
2,028

Total assets less current liabilities
  
500
2,028

  

Net assets
  
500
2,028


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
499
2,027

  
500
2,028


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 August 2024.


Dr Wendy Gray
Director

The notes on pages 4 to 6 form part of these financial statements.
Page 2

 
WAG Medical English Editing Services UK Limited
 

Statement of changes in equity
For the Year Ended 30 November 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2021
1
-
1


Comprehensive income for the year

Profit for the year
-
7,027
7,027


Contributions by and distributions to owners

Dividends: Equity capital
-
(5,000)
(5,000)



At 1 December 2022
1
2,027
2,028


Comprehensive income for the year

Profit for the year
-
3,472
3,472
Total comprehensive income for the year
-
3,472
3,472


Contributions by and distributions to owners

Dividends: Equity capital
-
(5,000)
(5,000)


At 30 November 2023
1
499
500


The notes on pages 4 to 6 form part of these financial statements.
Page 3

 
WAG Medical English Editing Services UK Limited
 

 
Notes to the financial statements
For the Year Ended 30 November 2023

1.


General information

The company is a private limited company, incorporated and domiciled in England and Wales. The company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA and its principal activity is that of editing services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
WAG Medical English Editing Services UK Limited
 

 
Notes to the financial statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
WAG Medical English Editing Services UK Limited
 

 
Notes to the financial statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Debtors

2023
2022
£
£


Trade debtors
225
171

Other debtors
2,051
1,332

2,276
1,503



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
138
3,205

138
3,205



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
814
1,648

Accruals and deferred income
1,100
1,032

1,914
2,680



7.


Related party transactions

During the year, the company paid dividends amounting to £5,000 (2022 - £5,000) to the director,          Dr W A Gray. 
At the balance sheet date, the company was owed £Nil (2022 - £Nil) by Dr W A Gray.


Page 6