Company Registration No. 10982879 (England and Wales)
Women in Banking and Finance Limited
Unaudited financial statements
for the period ended 31 December 2023
Pages for filing with the registrar
Women in Banking and Finance Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Women in Banking and Finance Limited
Statement of financial position
As at 31 December 2023
1
31 December 2023
30 September 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
76,704
92,759
Tangible assets
4
810
-
0
77,514
92,759
Current assets
Debtors
5
162,825
113,674
Cash at bank and in hand
227,781
384,125
390,606
497,799
Creditors: amounts falling due within one year
6
(297,523)
(237,221)
Net current assets
93,083
260,578
Net assets
170,597
353,337
Reserves
Capital redemption reserve
161,645
161,645
Income and expenditure account
8,952
191,692
Members' funds
170,597
353,337

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

For the financial period ended 31 December 2023 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 period 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 12 July 2024 and are signed on its behalf by:
Diya Patel
Director
Company Registration No. 10982879
Women in Banking and Finance Limited
Notes to the financial statements
For the period ended 31 December 2023
2
1
Accounting policies
Company information

Women in Banking and Finance Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 80-83 Long Lane, London, EC1A 9ET.

The reporting period has been changed to capture all the income and expenditure in relation to annual awards event in November each year, as a result the reporting period for these financial statements is a longer period of 15 months compared to the previous period of 12 months.

 

The comparative amounts presented in the financial statements, including the related notes, are not entirely comparable due to the change in reporting period.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 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 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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Website
3 years straight line
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:

Computers
3 years straight line
Women in Banking and Finance Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
3

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 surplus or deficit.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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 surplus or deficit, 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 surplus or deficit, 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 has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Women in Banking and Finance Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
4
Classification of financial liabilities

Financial liabilities 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Women in Banking and Finance Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
5
2
Employees

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

2023
2022
Number
Number
Total
5
6
3
Intangible fixed assets
Website
£
Cost
At 1 October 2022
127,549
Additions
15,766
At 31 December 2023
143,315
Amortisation and impairment
At 1 October 2022
34,790
Amortisation charged for the period
31,821
At 31 December 2023
66,611
Carrying amount
At 31 December 2023
76,704
At 30 September 2022
92,759
Women in Banking and Finance Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
-
0
Additions
985
At 31 December 2023
985
Depreciation and impairment
At 1 October 2022
-
0
Depreciation charged in the period
175
At 31 December 2023
175
Carrying amount
At 31 December 2023
810
At 30 September 2022
-
0
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
156,040
59,400
Other debtors
3,301
14,713
Prepayments and accrued income
3,484
39,561
162,825
113,674
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
58,100
68,928
Corporation tax
309
59
Other taxation and social security
325
414
Other creditors
238,789
167,820
297,523
237,221
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

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