Registered number
06737427
WBC Consultancy Limited
Unaudited Filleted Accounts
31 December 2023
WBC Consultancy Limited
Registered number: 06737427
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 46,306 45,482
Cash at bank and in hand 662,176 543,071
708,482 588,553
Creditors: amounts falling due within one year 4 (80,229) (90,687)
Net current assets 628,253 497,866
Net assets 628,253 497,866
Capital and reserves
Called up share capital 50 50
Profit and loss account 628,203 497,816
Shareholders' funds 628,253 497,866
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A A Woods
Director
Approved by the board on 23 September 2024
WBC Consultancy Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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.
Debtors
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.
Creditors
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.
Taxation
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.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in "other operating income" within profit and loss in the same period as the related expenditure. The company has not benefited from any other forms of government assistance.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2023 2022
£ £
Trade debtors 9,679 7,996
Amounts owed by related undertaking 33,249 34,108
Other debtors 3,378 3,378
46,306 45,482
4 Creditors: amounts falling due within one year 2023 2022
£ £
Director's loan 4,775 4,832
Trade creditors - 887
Corporation tax 40,099 30,696
Social security & other taxes 33,915 52,832
Other creditors 1,440 1,440
80,229 90,687
5 Related party transactions
WBC Consultancy Limited is owed £33,249 by Goodwin Lee Investments Limited, a company in which the director is a shareholder. Management consultancy fees totalling £305,367 were charged to Goodwin Lee Investments Limited for the year.
6 Controlling party
The company is controlled by A A Woods.
7 Other information
WBC Consultancy Limited is a private company limited by shares and incorporated in England. Its registered office is:
Prinsted House
Prinsted Lane
Hampshire
P010 8HS
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