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Registration number: 07483296

Wakelet Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Wakelet Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Wakelet Limited

(Registration number: 07483296)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

782

1,073

Tangible assets

5

56,702

99,372

Investments

6

1

1

 

57,485

100,446

Current assets

 

Stocks

7

7,948

4,027

Debtors

8

1,718,919

1,472,789

Cash at bank and in hand

 

405,548

3,522,290

 

2,132,415

4,999,106

Creditors: Amounts falling due within one year

9

(174,369)

(175,870)

Net current assets

 

1,958,046

4,823,236

Net assets

 

2,015,531

4,923,682

Capital and reserves

 

Called up share capital

7,287

7,267

Share premium reserve

18,092,019

17,850,039

Other reserves

278,952

234,653

Retained earnings

(16,362,727)

(13,168,277)

Shareholders' funds

 

2,015,531

4,923,682

 

Wakelet Limited

(Registration number: 07483296)
Statement of Financial Position as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

Mr J Khalil
Director

   
     
 

Wakelet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Bright Building
5 Pencroft Way
Manchester
M15 6GZ

These financial statements were authorised for issue by the Board on 21 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wakelet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% Straight line

Fixtures and fittings

33% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and licenses

10% Straight line

 

Wakelet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Wakelet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks
and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date
of inception and the present value of the minimum lease payments. The related liability is included in the
balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and
interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of
interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or
loss on a straight line basis over the term of the relevant lease except where another more systematic
basis is more representative of the time pattern in which economic benefits from the leases asset are
consumed.

Equity instruments

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair
value of the equity instruments granted. The fair value determined at the grant date is expensed on a
straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A
corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are
subsequently modified, the fair value of the share-based payment under the original terms and conditions
and under the modified terms and conditions are both determined at the date of the modification. Any
excess of the modified fair value over the original fair value is recognised over the remaining vesting period
in addition to the grant date fair value of the original share-based payment. The share-based payment
expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an
acceleration of vesting and the amount that would have been recognised over the remaining vesting period
is recognised immediately.

 

Wakelet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2022 - 45).

 

Wakelet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

22,615

22,615

At 31 December 2023

22,615

22,615

Amortisation

At 1 January 2023

21,542

21,542

Amortisation charge

291

291

At 31 December 2023

21,833

21,833

Carrying amount

At 31 December 2023

782

782

At 31 December 2022

1,073

1,073

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

212,400

212,400

Additions

7,005

7,005

Disposals

(441)

(441)

At 31 December 2023

218,964

218,964

Depreciation

At 1 January 2023

113,028

113,028

Charge for the year

49,675

49,675

Eliminated on disposal

(441)

(441)

At 31 December 2023

162,262

162,262

Carrying amount

At 31 December 2023

56,702

56,702

At 31 December 2022

99,372

99,372

 

Wakelet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2023

1

Provision

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

image-name

7

Stocks

2023
£

2022
£

Other inventories

7,948

4,027

8

Debtors

Current

Note

2023
£

2022
£

Amounts owed by group undertakings

975,705

381,470

Other debtors

 

215,738

249,706

Taxation recoverable

 

527,476

841,613

   

1,718,919

1,472,789

 

Wakelet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

87,156

76,652

Taxation and social security

43,811

52,284

Other creditors

43,402

46,934

174,369

175,870