REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 December 2023 |
for |
Wedge Traffic Limited |
REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 December 2023 |
for |
Wedge Traffic Limited |
Wedge Traffic Limited (Registered number: SC618789) |
Contents of the Financial Statements |
For The Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Wedge Traffic Limited |
Company Information |
For The Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Wedge Traffic Limited (Registered number: SC618789) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Wedge Traffic Limited (Registered number: SC618789) |
Notes to the Financial Statements |
For The Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Wedge Traffic Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company reports net liabilities on the statement of financial position at the year end date and as detailed in Note 11 to the financial statements, once employees are merged into another group company, the company will cease to exist. |
Accordingly, the director has considered the appropriateness of the going concern basis for preparing the financial statements. The company relies on support from its subsidiary to ensure that it can continue to meet all obligations as they fall due, including any obligations arising on the cessation of the company. The subsidiary has confirmed that it will continue to provide ongoing support as required. As such, the director is of the view that it is appropriate to prepare these accounts on a going concern basis. |
Related party exemption |
The company owns 100% of the share capital of Wedge Traffic Inc (USA). |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Office equipment | - |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the statement of comprehensive income . Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the statement of comprehensive income. |
Wedge Traffic Limited (Registered number: SC618789) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Office |
equipment |
£ |
COST |
At 1 January 2023 |
Additions |
Impairments | (19,583 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Wedge Traffic Limited (Registered number: SC618789) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Tax |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
7. | SECURED DEBTS |
Beedie Investments Ltd hold a fixed charge over the assets of the company in respect of the borrowings of it's immediate parent company. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | CONTINGENT LIABILITIES |
The company has granted security against it's assets in respect of the borrowings of its immediate parent company, Playmaker Capital Inc. |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
D M Copeland |
Balance outstanding at start of year | - | (63 | ) |
Amounts repaid | - | - |
Amounts written off | - | 63 |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Wedge Traffic Limited (Registered number: SC618789) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued |
D Kersh |
Balance outstanding at start of year | - | (63 | ) |
Amounts repaid | - | - |
Amounts written off | - | 63 |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
10. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
12. | POST BALANCE SHEET EVENTS |
The company has confirmed it will merge into the Better Collective structure, with employees being transferred to Better Collective UK Services. Once this is complete Wedge Traffic (UK) Limited will be struck from the register, and the aim is to complete this by February 2025. |
13. | ULTIMATE CONTROLLING PARTY |
The immediate parent is St Clair Ave W, Suite 601, Toronto, Ontario. The ultimate controlling party at the date of signing the financial statements is Better Collective A/S, a company incorporated in Denmark with its registered office at Sankt Annae Plads 28, 1250 Copenhagen. |