WeCollect (London) Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 09684132 (England and Wales)
WeCollect (London) Limited
Company Information
Directors
R.A. Bach
Y.K.A. Chiu
Secretary
Cornhill Secretaries Limited
Company number
09684132
Registered office
5 Market Yard Mews
194-204 Bermondsey Street
London
SE1 3TQ
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
WeCollect (London) Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 18
WeCollect (London) Limited
Strategic Report
For the year ended 31 December 2023
Page 1

The directors present their strategic report together with the audited financial statements for the year ended 31 December 2022.

Business review

During the year the company commenced trading as a foreign exchange provider. Turnover comprises fees to access a currency exchange facility.

Review of current position, future developments and performance of the company’s business.

The first half of 2023 saw the company re-examining the business plan and the operational issues necessary to support an expansion of the limited trading currently being undertaken. In order to support the business and provide additional working capital for the company, on 31 May 2023, the holding company subscribed for 100,000 additional shares at £1 each by way of new shares in the company.

The directors are confident that the company will soon trade profitably and is a going concern. At the balance sheet date, the company had cash balances of £504,139, against current liabilities of £112,904. Currently, the company requires less than £70,000 per annum to cover its fixed expenditure.

Principal risks and uncertainties

The principal risk that the company is exposed to, given its limited trading to date, is liquidity risk. Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. The company has procedures with the object of minimising any losses that may arise and ensuring current assets are highly liquid. The directors do not recommend the payment of a dividend.

Companies Act 2006 Section 172 Reporting

Under Section 172 of the Companies Act 2006, the board has a duty to promote the success of the company for the benefit of its members as a whole, having regard to the interests of other stakeholders in the company, such as suppliers, and to do so with an understanding of the impact on the community and environment and with high standards of business conduct, which includes acting fairly between members of the company.

The board is very conscious of these wider responsibilities in the way it promotes the company’s culture and ensures, as part of its regular oversight that the integrity of the company’s affairs is foremost in the way the activities are managed and promoted. This includes open engagement with regulators and being alert to issues that might damage the company’s standing in the way it operates. Regulatory oversight is an integral part of the group's business. Regulatory compliance procedures are constantly reviewed and enhanced, with a culture of compliance embedded within the business.

The board is fully engaged in both oversight and the general strategic direction of the company which is set out in the business plan. During the year the board’s main strategic discussions focused around preparing the company to commence operations. The board remain confident in the prospects of the business going forward. Future success and value creation will be partly based on product extension enabled by further development of the current technology platform, which will enhance customer acquisition rates once the business commences.

Future developments

The company plans to expand its trading activity as an electronic money institution in 2024 and looks forward to a significant expansion in its operations throughout the remainder of 2024.

WeCollect (London) Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 2
Financial key performance indicators

The company does not consider it appropriate to detail key financial performance indicators until such time as the company conducts further business activities. Following the company's authorisation on 16 February 2021 to carry on electronic money activities, the company minimum capital requirement was €350,000. At the date of the balance sheet, the Company’s total equity was in excess of the requirement.

On behalf of the board

R.A. Bach
Director
17 September 2024
WeCollect (London) Limited
Directors' Report
For the year ended 31 December 2023
Page 3

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R.A. Bach
Y.K.A. Chiu
Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
R.A. Bach
Director
17 September 2024
WeCollect (London) Limited
Directors' Responsibilities Statement
For the year ended 31 December 2023
Page 4

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WeCollect (London) Limited
Independent Auditor's Report
To the Members of WeCollect (London) Limited
Page 5
Opinion

We have audited the financial statements of WeCollect (London) Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

WeCollect (London) Limited
Independent Auditor's Report (Continued)
To the Members of WeCollect (London) Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

WeCollect (London) Limited
Independent Auditor's Report (Continued)
To the Members of WeCollect (London) Limited
Page 7
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

WeCollect (London) Limited
Independent Auditor's Report (Continued)
To the Members of WeCollect (London) Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Thomas Moore
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
18 September 2024
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
WeCollect (London) Limited
Profit and Loss Account
For the year ended 31 December 2023
Page 9
2023
2022
Notes
£
£
Turnover
3
14,400
7,800
Administrative expenses
(54,231)
(95,644)
Loss before taxation
(39,831)
(87,844)
Tax on loss
6
-
0
-
0
Loss for the financial year
(39,831)
(87,844)

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 18 form part of these financial statements.

WeCollect (London) Limited
Balance Sheet
As at 31 December 2023
Page 10
2023
2022
Notes
£
£
£
£
Current assets
Debtors
7
-
0
331,740
Cash at bank and in hand
504,139
534,128
504,139
865,868
Creditors: amounts falling due within one year
8
(112,904)
(534,802)
Net current assets
391,235
331,066
Capital and reserves
Called up share capital
9
776,000
676,000
Profit and loss reserves
(384,765)
(344,934)
Total equity
391,235
331,066

The notes on pages 13 to 18 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
R.A. Bach
Director
Company Registration No. 09684132
WeCollect (London) Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
326,000
(257,090)
68,910
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(87,844)
(87,844)
Issue of share capital
9
350,000
-
350,000
Balance at 31 December 2022
676,000
(344,934)
331,066
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(39,831)
(39,831)
Issue of share capital
9
100,000
-
100,000
Balance at 31 December 2023
776,000
(384,765)
391,235

The notes on pages 13 to 18 form part of these financial statements.

WeCollect (London) Limited
Statement of Cash Flows
For the year ended 31 December 2023
Page 12
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
12
(29,989)
(65,860)
Financing activities
Proceeds from issue of shares
-
0
350,000
Net cash (used in)/generated from financing activities
-
350,000
Net (decrease)/increase in cash and cash equivalents
(29,989)
284,140
Cash and cash equivalents at beginning of year
534,128
249,988
Cash and cash equivalents at end of year
504,139
534,128

The notes on pages 13 to 18 form part of these financial statements.

WeCollect (London) Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 13
1
Accounting policies
Company information

WeCollect (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Market Yard Mews, 194-204 Bermondsey Street, London, SE1 3TQ.

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.

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

At the balance sheet date, the company had net assets of £391,235 (2022 - £331,066 ) and recorded a loss of £39,831 (2022 - £87,844). The company issued £100,000 of new shares in May 2023 to ensure that its minimum capital requirement, as set by the Financial Conduct Authority, is maintained. The company had cash of £504,139 at the year end, which will provide sufficient cash resources to cover its forecast liabilities for at least 12 months following the date that the audit report is signed, assuming that when the company increases its trading activity this is on a profitable basis. Currently, the company requires less than £70,000 per annum to cover its fixed expenditure. Furthermore, the company has received written assurance that the total amount due to two fellow group companies of £93,003 will not require repayment for at least 12 months following the date that the audit report is signed. On this basis, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for joining fees and monthly fees to access a currency exchange facility, 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.

1.4
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.

1.5
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 balance sheet 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.

WeCollect (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 14
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

WeCollect (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 15
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

WeCollect (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 16
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The Directors do not believe that there are any judgements or key sources of estimation uncertainty given the relative simplicity of the company's operations.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Fees to access a currency exchange
14,400
7,800
2023
2022
£
£
Turnover analysed by geographical market
Outside the UK
14,400
7,800
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,800
13,800
For other services
Taxation compliance services
4,400
3,900
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0).

 

 

 

 

 

 

 

WeCollect (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 17
6
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(39,831)
(87,844)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(7,568)
(16,690)
Unutilised tax losses carried forward
7,568
16,690
Taxation charge for the year
-
-

The company has £313,125 (2022 - £273,294) of losses which can be offset against future trading profits. A deferred tax asset has not been recognised due to the current uncertainty of future profits.

7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
3,600
Amounts owed by group undertakings
-
0
328,140
-
0
331,740
8
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
93,003
513,446
Accruals
19,901
21,356
112,904
534,802
9
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
776,000
676,000
776,000
676,000
WeCollect (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
9
Share capital
(Continued)
Page 18

On 31 May 2023 the company issued 100,000 ordinary shares of £1 each at par. The £100,000 has not been received as cash, but debited against the balance within creditors owed to WeCollect Holdings Limited.

10
Related party transactions

The company has opted to take advantage of the FRS 102 exemption from the disclosure of certain intra-group transactions as a 100% owned subsidiary.

11
Ultimate controlling party

The immediate parent company is WeCollect Holdings Limited, a company incorporated in the British Virgin Islands. The ultimate parent company is Henyep Development Holdings Limited, a company incorporated in the British Virgin Islands. In the opinion of the directors, the ultimate controlling party is Mr Sheen Charm Chiu.

12
Cash absorbed by operations
2023
2022
£
£
Loss for the year after tax
(39,831)
(87,844)
Movements in working capital:
Decrease/(increase) in debtors
331,740
(325,144)
(Decrease)/increase in creditors
(321,898)
347,128
Cash absorbed by operations
(29,989)
(65,860)

The issue of 100,000 shares was a significant non-cash transaction in the year.

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