WYRESTORM TECHNOLOGIES GLOBAL LIMITED

Company Registration Number:
13485745 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

WYRESTORM TECHNOLOGIES GLOBAL LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

WYRESTORM TECHNOLOGIES GLOBAL LIMITED

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 611 0
Investments: 4 77 77
Total fixed assets: 688 77
Current assets
Debtors:   197,553 195
Cash at bank and in hand: 29,817 26,440
Total current assets: 227,370 26,635
Creditors: amounts falling due within one year:   (218,834) (14,189)
Net current assets (liabilities): 8,536 12,446
Total assets less current liabilities: 9,224 12,523
Total net assets (liabilities): 9,224 12,523
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 9,124 12,423
Shareholders funds: 9,224 12,523

The notes form part of these financial statements

WYRESTORM TECHNOLOGIES GLOBAL LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 20 September 2024
and signed on behalf of the board by:

Name: Mr George Kam Lau
Status: Director

The notes form part of these financial statements

WYRESTORM TECHNOLOGIES GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. Computer equipment is depreciated over 5 years using straight line basis.

Other accounting policies

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. 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. 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. 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. Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. Contributions to defined contribution plans are expensed in the period to which they relate.

WYRESTORM TECHNOLOGIES GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 8 4

The audit report was unqualified. Mr Peter Shek Fai U FCCA was the senior statutory auditor, for and on behalf of ULM Ltd. Date of audit report was 20 September 2024. Fees payable for the audit of the financial statements were £3,000 (2022: £3,000)

WYRESTORM TECHNOLOGIES GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible Assets

Total
Cost £
At 01 January 2023 0
Additions 632
At 31 December 2023 632
Depreciation
At 01 January 2023 0
Charge for year 21
At 31 December 2023 21
Net book value
At 31 December 2023 611
At 31 December 2022 0

WYRESTORM TECHNOLOGIES GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Fixed investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

WYRESTORM TECHNOLOGIES GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Related party transactions

Name of the related party: Wyrestorm Technologies Limited (Hong Kong)
Relationship:
Parent company
Description of the Transaction: Included in debtors is a balance of £102,000 (2022: £Nil) due from 'Wyrestorm Technologies Limited' a company based in Hong Kong. Included in turnover is £300,000 (2022: £264,000) for service charges to the parent company 'Wyrestorm Technologies Limited' during the year end 31 December 2023.
£
Balance at 01 January 2023 0
Balance at 31 December 2023 102,000