Year Ended
Registration number:
WeFlex 2 Ltd
Balance Sheet
30 November 2023
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2023 |
2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 09939252
WeFlex 2 Ltd
Notes to the Financial Statements
Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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 Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements have been prepared in British pound sterling and rounded to the nearest whole pound.
Going concern
In determining the appropriate basis of preparation for the financial statements, the Directors are required to consider whether the WeFlex Group (the Group) can continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements.
The Directors have prepared a cash flow forecast to determine whether the Group has sufficient cash to meet its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. The cash flow forecast has been prepared using a number of assumptions such as vehicle sales, vehicle utilisation rates, customer payments and the ability to obtain further debt funding. The Directors have also considered the potential impact of increased cost of living and interest rates might have on its cash flows.
Based on the cash flow forecasts, the Directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.
Finance income
Interest income is recognised in the Profit and Loss Account using the effective interest method.
WeFlex 2 Ltd
Notes to the Financial Statements
Year Ended 30 November 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Classification
• Cash and bank balances;
• Amounts due from group undertakings;
• Other borrowings.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Other borrowings are recorded at fair value. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Other borrowings are classified as current liabilities as the company has no unconditional right to defer settlement of liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
WeFlex 2 Ltd
Notes to the Financial Statements
Year Ended 30 November 2023
Debtors |
2023 |
2022 |
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Amounts due from group undertakings |
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Creditors |
Creditors: amounts falling due within one year
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2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Creditors: amounts falling due after more than one year
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2023 |
2022 |
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Due after more than one year |
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Loans and borrowings |
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Loans and borrowings |
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2022 |
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Loans and borrowings due after one year |
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Other borrowings |
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2022 |
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Loans and borrowings due within one year |
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Other borrowings |
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The WeFlex 2 Ltd loans have been utilised to fund the purchase of specific vehicles which are held in WeFlex Ltd, and the loans are secured against those specific vehicles.
WeFlex 2 Ltd
Notes to the Financial Statements
Year Ended 30 November 2023
Related party transactions |
Summary of transactions with parent
Audit report |
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is