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WeFlex 2 Ltd

Annual Report and Financial Statements
Year Ended 30 November 2023

Registration number: 09939252

 

WeFlex 2 Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

WeFlex 2 Ltd

Balance Sheet

30 November 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

44,660,508

27,642,982

Cash at bank and in hand

 

56,986

92

 

44,717,494

27,643,074

Creditors: Amounts falling due within one year

5

(9,936,030)

(1,642,454)

Total assets less current liabilities

 

34,781,464

26,000,620

Creditors: Amounts falling due after more than one year

5

(34,747,256)

(25,966,412)

Net assets

 

34,208

34,208

Capital and reserves

 

Profit and loss account

34,208

34,208

Shareholders' funds

 

34,208

34,208

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 Board on 28 August 2024 and signed on its behalf by:
 

.........................................
L M F Loh
Director

Company Registration Number: 09939252

 

WeFlex 2 Ltd

Notes to the Financial Statements

Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6 Westpoint Trading Estate
Alliance Road
London
W3 0RA
England

These financial statements were authorised for issue by the Board on 28 August 2024.

2

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
The company holds the following financial instruments:

• Cash and bank balances;
• Amounts due from group undertakings;
• Other borrowings.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

WeFlex 2 Ltd

Notes to the Financial Statements

Year Ended 30 November 2023

4

Debtors

2023
£

2022
£

Amounts due from group undertakings

44,660,508

27,642,982

44,660,508

27,642,982

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

9,907,688

1,642,454

Trade creditors

 

28,342

-

 

9,936,030

1,642,454

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after more than one year

 

Loans and borrowings

6

34,747,256

25,966,412

6

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Other borrowings

34,747,256

25,966,412

2023
£

2022
£

Loans and borrowings due within one year

Other borrowings

9,907,688

1,642,454

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

7

Related party transactions

Summary of transactions with parent

The company has recharged interest of £2,983,155 (2022 - £1,773,078) to the parent company.
 

8

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Paul Giessler FCA, who signed for and on behalf of PKF Francis Clark on 28 August 2024.

9

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is WeFlex Ltd, incorporated in England and Wales.