Company Registration No. 12051288 (England and Wales)
WFS MANCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WFS MANCO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WFS MANCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Creditors: amounts falling due within one year
3
(41,005)
(34,048)
Net current liabilities
(41,005)
(34,048)
Creditors: amounts falling due after more than one year
4
(17,608)
(7,466)
Net liabilities
(58,613)
(41,514)
Reserves
Profit and loss reserves
(58,613)
(41,514)
Total deficit
(58,613)
(41,514)
The directors of the company have elected not to include a copy of the income and expenditure 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 18 September 2024 and are signed on its behalf by:
Joanna Yin Yin Gok
Director
Company Registration No. 12051288
WFS MANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
WFS Manco Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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
Going concern
As at 31 December 2023, the company is in a deficit position of £true58,613. The financial statements are prepared on a going concern basis as a group company has confirmed its intention to provide continuing financial support to the company to enable it to meet its liabilities to third party creditors for at least twelve months from the date of approval of these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
WFS MANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
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
Employees
There are no employees in the company in this or the prior period.
3
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,934
Amounts owed to group undertakings
27,203
21,032
Accruals
13,802
10,082
41,005
34,048
4
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
17,608
7,466
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
6
Related party transactions
Shared services management fee of £6,970 (2022: £5,230) was charged by the intermediate holding company.
7
Parent company
The immediate holding company is Westminster Fire Station Limited, a company incorporated in England and Wales. The intermediate holding company is Far East Orchard Limited, a quoted company based in Singapore whose registered office address is 6 Eu Tong Sen Street, #04-28, The Central, Singapore 059817, for which consolidated financial statements are drawn up of which the company is a member. The ultimate holding company is Far East Organization Pte. Ltd., based in Singapore.
The company is a subsidiary of Far East Orchard Limited, a quoted company based in Singapore which prepares consolidated financial statements for public use.
WFS MANCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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.
The senior statutory auditor was Simon Mott-Cowan.
The auditor was HW Fisher LLP.