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COMPANY REGISTRATION NUMBER: 04403282
Welton Design (UK) Limited
Filleted Unaudited Financial Statements
31 December 2023
Welton Design (UK) Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Welton Design (UK) Limited
Officers and Professional Advisers
Director
Mr J P Welton
Registered office
2 Leman Street
London
United Kingdom
E1W 9US
Accountants
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
Welton Design (UK) Limited
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Welton Design (UK) Limited
Year ended 31 December 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 Welton Design (UK) Limited for the year ended 31 December 2023, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Welton Design (UK) Limited in accordance with the terms of our engagement letter dated 12 September 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Welton Design (UK) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Welton Design (UK) Limited and its director for our work or for this report.
It is your duty to ensure that Welton Design (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 Welton Design (UK) Limited. You consider that Welton Design (UK) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Welton Design (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.
A Plus Accountants Limited Accountants
10 Canberra House Corbygate Business Park Corby Northants NN17 5JG
6 September 2024
Welton Design (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
406
1,258
Current assets
Stocks
262,639
213,402
Debtors
6
56,927
23,482
Cash at bank and in hand
10,047
16,824
---------
---------
329,613
253,708
Creditors: amounts falling due within one year
7
404,187
364,167
---------
---------
Net current liabilities
74,574
110,459
--------
---------
Total assets less current liabilities
( 74,168)
( 109,201)
Creditors: amounts falling due after more than one year
8
35,417
60,417
---------
---------
Net liabilities
( 109,585)
( 169,618)
---------
---------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
( 109,587)
( 169,620)
---------
---------
Shareholders deficit
( 109,585)
( 169,618)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Welton Design (UK) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mr J P Welton
Director
Company registration number: 04403282
Welton Design (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Leman Street, London, E1W 9US, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the director will continue to financially support the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
33% straight line
Computer Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
19,574
5,892
25,466
--------
-------
--------
Depreciation
At 1 January 2023
18,763
5,445
24,208
Charge for the year
405
447
852
--------
-------
--------
At 31 December 2023
19,168
5,892
25,060
--------
-------
--------
Carrying amount
At 31 December 2023
406
406
--------
-------
--------
At 31 December 2022
811
447
1,258
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
35,629
6,085
Prepayments and accrued income
21,228
15,681
Corporation tax repayable
1,334
Other debtors
70
382
--------
--------
56,927
23,482
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,000
25,000
Trade creditors
74,506
51,873
Accruals and deferred income
5,300
2,597
Corporation tax
8,197
Social security and other taxes
331
15,258
Director loan accounts
30,486
23,661
HSBC Credit card
778
236
Other creditors
259,589
245,542
---------
---------
404,187
364,167
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,417
60,417
--------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Related party transactions
During the year WD Holdings FZE, in which company director J P Welton has an interest, invoiced Welton Design (UK) Limited for consultancy fees totalling £48,490 (2022: £39,130). There was no balance outstanding at the year end. The amount outstanding at the year end included within other creditors owed to a key member of management was £105,613 (2022: £91,566). This balance is unsecured, interest free and repayable on demand.