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Company registration number: 11710013
Werone Ltd
Unaudited filleted financial statements
31 December 2023
Werone Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Werone Ltd
Directors and other information
Directors Mr Darryl Fordham
Mrs Maryna Fordham
Company number 11710013
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Werone Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Werone Ltd
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Werone Ltd for the year ended 31 December 2023 which comprise the statement of financial position and 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Werone Ltd, as a body, in accordance with the terms of our engagement letter dated 27 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Werone Ltd and state those matters that we have agreed to state to the board of directors of Werone Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Werone Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Werone Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Werone Ltd. You consider that Werone Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Werone Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
24 September 2024
Werone Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,151 2,194
Investments 6 100,000 100,000
_______ _______
101,151 102,194
Current assets
Debtors 7 33,042 7,278
Cash at bank and in hand 4,733 15,469
_______ _______
37,775 22,747
Creditors: amounts falling due
within one year 8 ( 138,235) ( 124,843)
_______ _______
Net current liabilities ( 100,460) ( 102,096)
_______ _______
Total assets less current liabilities 691 98
Provisions for liabilities ( 290) -
_______ _______
Net assets 401 98
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 399 96
_______ _______
Shareholders funds 401 98
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr Darryl Fordham
Director
Company registration number: 11710013
Werone Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - Straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 and 31 December 2023 3,128 3,128
_______ _______
Depreciation
At 1 January 2023 934 934
Charge for the year 1,043 1,043
_______ _______
At 31 December 2023 1,977 1,977
_______ _______
Carrying amount
At 31 December 2023 1,151 1,151
_______ _______
At 31 December 2022 2,194 2,194
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 and 31 December 2023 100,000 100,000
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 100,000 100,000
_______ _______
At 31 December 2022 100,000 100,000
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Resourcing Global Solutions Ltd The Hub, Fowler Avenue Farnborough Business Park Farnborough Surrey GU14 7JF Ordinary 50
7. Debtors
2023 2022
£ £
Other debtors 33,042 7,278
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 100,827 100,827
Corporation tax 19,291 13,035
Social security and other taxes 7,111 -
Other creditors 11,006 10,981
_______ _______
138,235 124,843
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Darryl Fordham 4,737 33,045 ( 4,740) 33,042
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Darryl Fordham - 4,737 - 4,737
_______ _______ _______ _______
10. Related party transactions
During the year, the company provided services to Resourcing Global Solutions Ltd totalling £104,000 (2022 - £95,934), a company in which Mr D Fordham is a director and shareholder a company 50% owned by Werone Ltd . At 31 December 2023, there was a balance due from Werone Ltd to Resourcing Global Solutions Ltd of £100,827 (2022 - £100,827).During the year, the company purchased services from V & V Model Ltd totalling £nil (2022 - £11,080), a company in which Mr D Fordham and Mrs M Fordham are directors and shareholders. At 31 December 2023, there was a balance from Werone Ltd to V & V Model Ltd of £10,296 (2022 - £10,296).