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Company registration number: 08235277
WA Communications Ltd
Unaudited filleted abridged financial statements
31 December 2023
WA Communications Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
WA Communications Ltd
Directors and other information
Directors Dominic James Church
Ian Peter Targett
Marc Woolfson
Company number 08235277
Registered office PO Box 6TH Floor
Artillery House, Artillery Row
London
England
SW1P 1RT
Business address PO Box 6TH Floor
Artillery House, Artillery Row
London
England
SW1P 1RT
Accountants Doshi Accountants Ltd
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
WA Communications Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of WA Communications Ltd
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Doshi Accountants Ltd
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
31 July 2024
WA Communications Ltd
Abridged statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 168,888 208,968
_______ _______
168,888 208,968
Current assets
Stocks 1,829 -
Debtors 1,710,728 1,800,732
Cash at bank and in hand 1,577,298 1,934,307
_______ _______
3,289,855 3,735,039
Creditors: amounts falling due
within one year ( 1,551,697) ( 1,344,519)
_______ _______
Net current assets 1,738,158 2,390,520
_______ _______
Total assets less current liabilities 1,907,046 2,599,488
Creditors: amounts falling due
after more than one year ( 50,572) ( 114,619)
Provisions for liabilities ( 12,405) ( 16,533)
_______ _______
Net assets 1,844,069 2,468,336
_______ _______
Capital and reserves
Called up share capital 225 100
Other reserves 1 1
Profit and loss account 1,843,843 2,468,235
_______ _______
Shareholders funds 1,844,069 2,468,336
_______ _______
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Dominic James Church
Director
Company registration number: 08235277
WA Communications Ltd
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 100 1 2,401,052 2,401,153
(Loss)/profit for the year 327,183 327,183
_______ _______ _______ _______
Total comprehensive income for the year - - 327,183 327,183
Dividends paid and payable ( 260,000) ( 260,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 260,000) ( 260,000)
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 100 1 2,468,235 2,468,336
(Loss)/profit for the year ( 159,392) ( 159,392)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 159,392) ( 159,392)
Issue of shares 125 125
Dividends paid and payable ( 465,000) ( 465,000)
_______ _______ _______ _______
Total investments by and distributions to owners 125 - ( 465,000) ( 464,875)
_______ _______ _______ _______
At 31 December 2023 225 1 1,843,843 1,844,069
_______ _______ _______ _______
WA Communications 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. The address of the registered office is PO Box 6TH Floor, Artillery House, Artillery Row, London, England, SW1P 1RT.
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 liabilities 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 for services rendered, net of discounts and Value Added Tax.
As a strategic communications agency, WA Communications uses the percentage of completion method to recognise revenue.
Under the percentage of completion method, revenue is recognised based on the progress of the project or service delivery over time. This method requires WA Communications to estimate the percentage of completion of the project or service at any given point in time. The revenue recognized is the proportionate amount of the total revenue that corresponds to the percentage of the project or service that has been completed
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - Straight line over the term of the lease
Long leasehold property - Straight line over the term of the lease
Computer equipment - 33.33 % straight line
Fittings fixtures and equipment - 20 % straight line
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 prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 53 (2022: 51 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 3,860,395 3,634,677
Social security costs 378,469 373,505
Other pension costs 199,404 165,326
_______ _______
4,438,268 4,173,508
_______ _______
5. Intangible assets
£
Cost
At 1 January 2023 and 31 December 2023 600,000
_______
Amortisation
At 1 January 2023 and 31 December 2023 600,000
_______
Carrying amount
At 31 December 2023 -
_______
At 31 December 2022 -
_______
6. Tangible assets
£
Cost
At 1 January 2023 451,344
Additions 59,444
_______ |
At 31 December 2023 510,788
_______ |
Depreciation
At 1 January 2023 242,376
Charge for the year 99,524
_______ |
At 31 December 2023 341,900
_______ |
Carrying amount
At 31 December 2023 168,888
_______ |
At 31 December 2022 208,968
_______ |
7. 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 Balance o/standing
£ £ £
Dominic James Church ( 7,428) 4,044 ( 3,384)
Ian Peter Targett - - -
Marc Woolfson - - -
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Dominic James Church ( 33,798) 26,370 ( 7,428)
Ian Peter Targett ( 61,298) 61,298 -
Marc Woolfson ( 57,459) 57,459 -
_______ _______ _______
( 152,555) 145,127 ( 7,428)
_______ _______ _______