Company registration number 05707890 (England and Wales)
WAYSTONE COMPLIANCE SOLUTIONS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WAYSTONE COMPLIANCE SOLUTIONS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WAYSTONE COMPLIANCE SOLUTIONS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
194,636
194,636
Current assets
Debtors
5
441,133
242,460
Cash at bank and in hand
217,114
159,651
658,247
402,111
Creditors: amounts falling due within one year
6
(414,501)
(265,961)
Net current assets
243,746
136,150
Total assets less current liabilities
438,382
330,786
Provisions for liabilities
7
-
0
(27,518)
Net assets
438,382
303,268
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
437,382
302,268
Total equity
438,382
303,268

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

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 15 August 2024 and are signed on its behalf by:
Claire Simm
Director
Company registration number 05707890 (England and Wales)
WAYSTONE COMPLIANCE SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Waystone Compliance Solutions (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 29 Wellington Street, Central Square, Leeds, United Kingdom, LS1 4DL.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

 

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WAYSTONE COMPLIANCE SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.7
Retirement benefits

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

1.8
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.

2
Exceptional item
2023
2022
£
£
Expenditure
Exceptional bonus expense
17,151
43,393
3
Employees

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

2023
2022
Number
Number
Total
8
7
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
194,636
194,636
WAYSTONE COMPLIANCE SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
270,916
83,798
Amounts owed by group undertakings
93,387
62,808
Other debtors
76,830
95,854
441,133
242,460
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
31,116
9,634
Amounts owed to group undertakings
111,095
70,414
Corporation tax
51,520
4,613
Other taxation and social security
69,631
83,308
Other creditors
151,139
97,992
414,501
265,961
7
Provisions for liabilities
2023
2022
£
£
Bonus provision
-
0
27,518

The 2022 provision related to bonuses offered to staff based on specified objectives being met. At the time of approving the financial statements, it was probable that the bonuses would be paid, however, if the objectives were not met, no amount would have been payable. There was no such bonus offered at 31 December 2023.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Amy Healey FCA CTA DChA
Statutory Auditor:
Lindeyer Francis Ferguson Limited
Date of audit report:
17 September 2024
9
Financial commitments, guarantees and contingent liabilities

The company has entered into a Company Share Security Agreement dated 11 January 2024 with Ares Management Limited, resulting in the creation of a fixed charge over its entire shareholding in its subsidiary undertaking, Waystone Compliance Solutions (Middle East) Limited. The subsidiary undertaking is included in the financial statements at a historic cost of £194,636.

WAYSTONE COMPLIANCE SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
10
Related party transactions

During the year the company paid £nil (2022: £21,622) to The Birchden Partnership LLP, an entity controlled by a former director of the company, for research and development expenses.

11
Parent company

The immediate parent company of Waystone Compliance Solutions (UK) Limited is Cashel Compliance Bidco Limited, its registered office is 35 Shelbourne Road, Ballsbridge, Dublin 4, Ireland.

 

The ultimate parent company is Sigma Luxco 2 SARL, its registered office is 5 Rue Heienhaff, 1736 Senningerberg, Luxembourg.

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