Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-31truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2023-01-01false66false 06143205 2023-01-01 2023-12-31 06143205 2022-01-01 2022-12-31 06143205 2023-12-31 06143205 2022-12-31 06143205 2022-01-01 06143205 c:CompanySecretary1 2023-01-01 2023-12-31 06143205 c:Director1 2023-01-01 2023-12-31 06143205 c:Director2 2023-01-01 2023-12-31 06143205 c:Director3 2023-01-01 2023-12-31 06143205 c:Director4 2023-01-01 2023-12-31 06143205 c:RegisteredOffice 2023-01-01 2023-12-31 06143205 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 06143205 d:PlantMachinery 2023-01-01 2023-12-31 06143205 d:MotorVehicles 2023-01-01 2023-12-31 06143205 d:OfficeEquipment 2023-01-01 2023-12-31 06143205 d:OfficeEquipment 2023-12-31 06143205 d:OfficeEquipment 2022-12-31 06143205 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06143205 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06143205 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06143205 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06143205 d:CurrentFinancialInstruments 2023-12-31 06143205 d:CurrentFinancialInstruments 2022-12-31 06143205 d:Non-currentFinancialInstruments 2023-12-31 06143205 d:Non-currentFinancialInstruments 2022-12-31 06143205 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06143205 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06143205 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06143205 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06143205 d:ShareCapital 2023-12-31 06143205 d:ShareCapital 2022-12-31 06143205 d:ShareCapital 2022-01-01 06143205 d:CapitalRedemptionReserve 2023-12-31 06143205 d:CapitalRedemptionReserve 2022-12-31 06143205 d:CapitalRedemptionReserve 2022-01-01 06143205 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06143205 d:RetainedEarningsAccumulatedLosses 2023-12-31 06143205 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06143205 d:RetainedEarningsAccumulatedLosses 2022-12-31 06143205 d:RetainedEarningsAccumulatedLosses 2022-01-01 06143205 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06143205 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06143205 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06143205 c:OrdinaryShareClass1 2023-12-31 06143205 c:OrdinaryShareClass1 2022-12-31 06143205 c:FRS102 2023-01-01 2023-12-31 06143205 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06143205 c:FullAccounts 2023-01-01 2023-12-31 06143205 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06143205 d:Subsidiary1 2023-01-01 2023-12-31 06143205 d:Subsidiary1 1 2023-01-01 2023-12-31 06143205 d:Subsidiary2 2023-01-01 2023-12-31 06143205 d:Subsidiary2 1 2023-01-01 2023-12-31 06143205 d:Subsidiary3 2023-01-01 2023-12-31 06143205 d:Subsidiary3 1 2023-01-01 2023-12-31 06143205 d:Subsidiary4 2023-01-01 2023-12-31 06143205 d:Subsidiary4 1 2023-01-01 2023-12-31 06143205 c:Consolidated 2023-12-31 06143205 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 06143205 6 2023-01-01 2023-12-31 06143205 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 06143205












MYWALIT UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

MYWALIT UK LIMITED

CONTENTS



Page
Company information
 
1
Consolidated balance sheet
 
2 - 3
Company balance sheet
 
4 - 5
Consolidated statement of changes in equity
 
6
Company statement of changes in equity
 
7
Notes to the financial statements
 
8 - 19


 

MYWALIT UK LIMITED
 
COMPANY INFORMATION


Directors
K T Enevoldson 
C R Howell 
T P Irving 
A M Warner 




Company secretary
K T Enevoldson



Registered number
06143205



Registered office
11 Chiltern Avenue

Bushey

Hertfordshire

WD23 4PY




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:06143205
MYWALIT UK LIMITED

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 3 
95,689
106,106

Tangible assets
 4 
786,251
819,345

  
881,940
925,451

Current assets
  

Stocks
 6 
1,076,503
746,737

Debtors: amounts falling due within one year
 7 
1,474,389
1,467,718

Bank and cash balances
  
251,089
738,289

  
2,801,981
2,952,744

Creditors: amounts falling due within one year
 8 
(629,785)
(578,573)

Net current assets
  
 
 
2,172,196
 
 
2,374,171

Total assets less current liabilities
  
3,054,136
3,299,622

Creditors: amounts falling due after more than one year
 9 
(253,785)
(298,558)

Provisions for liabilities
  

Deferred taxation
 10 
(430)
(403)

  
 
 
(430)
 
 
(403)

Net assets
  
2,799,921
3,000,661


Capital and reserves
  

Called up share capital 
 11 
8,300
8,300

Capital redemption reserve
  
1,700
1,700

Profit and loss account
  
2,770,038
2,991,214

Equity attributable to owners of the parent company
  
2,780,038
3,001,214

Non-controlling interests
  
19,883
(553)

  
2,799,921
3,000,661


Page 2


 
REGISTERED NUMBER:06143205
MYWALIT UK LIMITED
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T P Irving
Director

Date: 23 September 2024

The notes on pages 8 to 19 form part of these financial statements.

Page 3


 
REGISTERED NUMBER:06143205
MYWALIT UK LIMITED

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 3 
-
-

Tangible assets
 4 
1,718
2,122

Investments
 5 
68,024
68,024

  
69,742
70,146

Current assets
  

Stocks
 6 
1,340
2,459

Debtors: amounts falling due within one year
 7 
581,211
491,848

Bank and cash balances
  
6,714
216,157

  
589,265
710,464

Creditors: amounts falling due within one year
 8 
(80,531)
(88,897)

Net current assets
  
 
 
508,734
 
 
621,567

Total assets less current liabilities
  
578,476
691,713

  

Creditors: amounts falling due after more than one year
 9 
(14,167)
(24,167)

Provisions for liabilities
  

Deferred taxation
 10 
(430)
(403)

  
 
 
(430)
 
 
(403)

Net assets
  
563,879
667,143


Capital and reserves
  

Called up share capital 
 11 
8,300
8,300

Capital redemption reserve
  
1,700
1,700

Profit and loss account brought forward
  
657,143
976,411

Loss for the year
  
(103,264)
(119,268)

Dividends

  

-
(200,000)

Profit and loss account carried forward
  
553,879
657,143

  
563,879
667,143


Page 4


 
REGISTERED NUMBER:06143205
MYWALIT UK LIMITED
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


T P Irving
Director

Date: 23 September 2024

The notes on pages 8 to 19 form part of these financial statements.

Page 5


MYWALIT UK LIMITED


 
  
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 January 2022
8,300
1,700
3,271,505
3,281,505
(24,844)
3,256,661





Loss for the year
-
-
(147,654)
(147,654)
24,291
(123,363)


Exchange loss on translation of subsidiary net assets
-
-
67,363
67,363
-
67,363



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(200,000)
(200,000)
-
(200,000)





At 1 January 2023
8,300
1,700
2,991,214
3,001,214
(553)
3,000,661





Loss for the year
-
-
(156,547)
(156,547)
20,436
(136,111)


Exchange gain on translation of subsidiary net assets
-
-
(64,629)
(64,629)
-
(64,629)



At 31 December 2023
8,300
1,700
2,770,038
2,780,038
19,883
2,799,921



The notes on pages 8 to 19 form part of these financial statements.

Page 6


MYWALIT UK LIMITED


 
  
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£



At 1 January 2022
8,300
1,700
976,411
986,411





Loss for the year
-
-
(119,268)
(119,268)



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(200,000)
(200,000)





At 1 January 2023
8,300
1,700
657,143
667,143





Loss for the year
-
-
(103,264)
(103,264)



At 31 December 2023
8,300
1,700
553,879
563,879



The notes on pages 8 to 19 form part of these financial statements.

Page 7

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

MyWalit (UK) Limited is a private limited company incorporated in the UK.
The company's registered address is 11 Chiltern Avenue, Bushey, Herts, England, WD23 4PY.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

As a qualifying entity under Financial Reporting Standard 102, the parent company has taken advantage of the exemptions from preparing certain disclosure around financial instruments on the basis that the equivalent information is provided on a consolidated basis in these financial statements.
As permitted by section 408(3) of the Companies Act 2006, the parent company's individual profit and loss account has not been included in these financial statements.
The group has taken advantage of the exemption in Section 7 of Financial Reporting Standard 102 from the requirement to produce a cash flow statement on the grounds that it is a small group.

The following principal accounting policies have been applied:

 
1.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

 
1.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 8

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Turnover

Turnover comprises revenue recognised by the group in respect of goods supplied during the year, exclusive of value added tax and trade discounts. Revenue is recognised on the sale of goods when the significant risks and rewards of ownership of the goods have passed to the buyer. For retail sales this is deemed to be the point that the goods have been delivered to the customer; for wholesale sales this is deemed to be the point that goods are dispatched.
Management fees are charged by the company to its subsidiaries in respect of services provided including ordering goods, monitoring stock and product performance. Management fee income is recognised by the company when the services are provided.

 
1.5

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its useful economic life.
Other intangible assets
Other intangible assets comprise of patents, software licenses and website set up costs. They are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


Amortisation is provided at rates calculated to write off the cost of the cost of the other intangibles over their useful lives. Patents and software licences are written off on a 50% reducing balance basis. Website setup costs are written off over 3 years on a straight-line basis.

 
1.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful life.


Depreciation is provided on the following basis:

Leasehold property
-
3% reducing balance (50% for first year)
Plant & machinery
-
10% to 30% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% and 30% reducing balance
Other fixed assets
-
12% to 20% reducing balance



Page 9

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 


  
1.10

Financial instruments

The group does not trade in financial instruments and all such instruments, other than long-term bank loans, arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The group does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The group’s cash holdings comprise on demand balances only. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. Other financial liabilities, including bank and other loans, are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest rate method.
Bank loans raised for support of long term funding of the group's operations are recognised at fair value net of direct issue costs. Finance charges, including premiums payable on settlement or redemption, and direct issue costs are charged to the statement of comprehensive income on an accruals basis using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arose.

Page 10

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.11

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
1.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 11

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


Employees

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
857,047
900,303
282,409
284,721

Social security costs
156,529
150,457
26,713
28,187

Cost of defined contribution scheme
3,360
2,999
3,360
2,999

1,016,936
1,053,759
312,482
315,907


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administrative staff
13
13
6
6



IT staff
4
5
-
-



Warehouse staff
4
3
-
-



Retail staff
7
8
-
-

28
29
6
6

Page 12

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Intangible assets

Group





Patents
Other intangible assets
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
417,818
75,684
94,503
588,005


Foreign exchange movement
(9,097)
-
(2,058)
(11,155)



At 31 December 2023

408,721
75,684
92,445
576,850



Amortisation


At 1 January 2023
311,712
75,684
94,503
481,899


Charge for the year on owned assets
8,124
-
-
8,124


Foreign exchange movement
(6,804)
-
(2,058)
(8,862)



At 31 December 2023

313,032
75,684
92,445
481,161



Net book value



At 31 December 2023
95,689
-
-
95,689



At 31 December 2022
106,106
-
-
106,106



Page 13

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           3.Intangible assets (continued)

Company




Other intangible assets

£



Cost


At 1 January 2023
75,684



At 31 December 2023

75,684



Amortisation


At 1 January 2023
75,684



At 31 December 2023

75,684



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 14

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,776,981
225,679
100,700
309,978
2,413,338


Additions
-
-
5,392
4,904
10,296


Exchange adjustments
(38,691)
(4,914)
(3,985)
(6,760)
(54,350)



At 31 December 2023

1,738,290
220,765
102,107
308,122
2,369,284



Depreciation


At 1 January 2023
977,044
225,264
98,254
293,431
1,593,993


Charge for the year on owned assets
15,264
74
5,221
5,048
25,607


Exchange adjustments
(21,306)
(4,906)
(3,955)
(6,400)
(36,567)



At 31 December 2023

971,002
220,432
99,520
292,079
1,583,033



Net book value



At 31 December 2023
767,288
333
2,587
16,043
786,251



At 31 December 2022
799,937
415
2,446
16,547
819,345

Page 15

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)


Company






Office equipment

£

Cost or valuation


At 1 January 2023
29,437


Additions
225



At 31 December 2023

29,662



Depreciation


At 1 January 2023
27,315


Charge for the year on owned assets
629



At 31 December 2023

27,944



Net book value



At 31 December 2023
1,718



At 31 December 2022
2,122







5.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
68,024



At 31 December 2023
68,024




Page 16

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Principal activity

Class of shares

Holding

MyWalit.com, LLC ^
Leather goods wholesale
Ordinary
 52.5%
MyWalit.com SRL
Leather goods wholesale
Ordinary
100%
MyWalit Toscana SRL*
Leather goods retail
Ordinary
100%
MyWalit Servizi SRL*
Service company
Ordinary
100%

* indirectly owned.
The registered office address of Mywalit.com, LLC is 4801 Tesla Drive, Suite C, Bowie, MD 20715, USA. The registered office address of all other subsidiaries is Via del Brennero 1040/BK, 55100 Lucca, LU, Italy.


6.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
1,076,503
746,737
1,340
2,459

1,076,503
746,737
1,340
2,459


Stock recognised in cost of sales during the year as an expense was £1,921,581 (2022 - £1,880,810).

Page 17

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
912,550
880,605
371,041
229,778

Amounts owed by group undertakings
-
-
207,703
237,623

Other debtors
558,464
580,114
1,072
16,818

Prepayments and accrued income
3,375
6,999
1,395
7,629

1,474,389
1,467,718
581,211
491,848



8.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
38,799
39,439
10,000
10,000

Trade creditors
268,628
143,611
2,682
5,245

Amounts owed to group undertakings
-
-
51,681
28,179

Corporation tax
942
1,229
-
-

Other taxation and social security
37,793
44,727
10,016
8,751

Other creditors
91,464
90,823
653
626

Accruals and deferred income
192,159
258,744
5,499
36,096

629,785
578,573
80,531
88,897



9.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
253,785
298,558
14,167
24,167

253,785
298,558
14,167
24,167


Bank loans in the company comprise a £50,000 unsecured loan, which is payable by monthly instalments commencing in June 2021 and ending in May 2026. Interest accrues at 2.5% per annum.
Group bank loans are denominated in Euros, are repayable by monthly instalments over the period to 23 December 2030 and bear interest at a fixed rate of 2.4% per annum. The loans are secured by a fixed and floating charge over the group's leasehold property. There are no undrawn facilities. 

Page 18

 

MYWALIT UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(403)
(503)


Charged to profit or loss
(27)
100



At end of year
(430)
(403)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(430)
(403)
(430)
(403)

(430)
(403)
(430)
(403)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,300 (2022 - 8,300) Ordinary shares of £1.00 each
8,300
8,300



12.


Related party transactions

Under the terms of FRS 102 the group and company are exempt from the requirement to disclose transactions or balances between wholly owned members of the group.
During the year the company received income in respect of management fees of £72,638 (2022: £72,326) from, and paid certain administrative expenses on behalf of, MyWalit.com LLC, a subsidiary. The total amount outstanding at the balance sheet date was £Nil (2022: £Nil).


13.


Controlling party

In the opinion of the directors there is no ultimate controlling party.

 
Page 19