Registered number
12266657
Washington Finance Limited
Unaudited Filleted Accounts
31 March 2024
Washington Finance Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Washington Finance Limited
Company Information
Directors
Mr A A Captain
Mr G L Randall
Mr M D W-Wilkinson
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
Liberty House
Brook Avenue
Warsash
Southampton
SO31 9HP
Registered number
12266657
Washington Finance Limited
Registered number: 12266657
Directors' Report
The directors present their report and accounts for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year was that of making business loans to Limited Companies.
Directors
The following persons served as directors during the year:
Mr A A Captain
Mr G L Randall
Mr M D W-Wilkinson
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 20 August 2024 and signed on its behalf.
Mr M D W-Wilkinson
Director
Washington Finance Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Washington Finance Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Washington Finance Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
28 August 2024
Washington Finance Limited
Registered number: 12266657
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,299 -
Current assets
Debtors 4 2,459,246 1,158,158
Cash at bank and in hand 167,190 147,069
2,626,436 1,305,227
Creditors: amounts falling due within one year 5 (87,520) (55,509)
Net current assets 2,538,916 1,249,718
Total assets less current liabilities 2,540,215 1,249,718
Creditors: amounts falling due after more than one year 6 (2,528,484) (1,241,012)
Provisions for liabilities (247) -
Net assets 11,484 8,706
Capital and reserves
Called up share capital 7 7
Profit and loss account 11,477 8,699
Shareholders' funds 11,484 8,706
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A A Captain
Director
Approved by the board on 20 August 2024
Washington Finance Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Income
Income is interest receivable on the loans made.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,599
At 31 March 2024 1,599
Depreciation
Charge for the year 300
At 31 March 2024 300
Net book value
At 31 March 2024 1,299
4 Debtors 2024 2023
£ £
Other debtors 2,459,246 1,158,158
Amounts due after more than one year included above 122,800 371,333
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 575 723
Other creditors 86,945 54,786
87,520 55,509
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 2,528,484 1,241,012
7 Related party transactions
During the year £30,000 of debts were purchased from Washington Finance, a related party.
8 Other information
Washington Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
Liberty House
Brook Avenue
Warsash
Southampton
SO31 9HP
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