Registered number: 06143205
MYWALIT UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MYWALIT UK LIMITED
CONTENTS
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Notes to the financial statements
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MYWALIT UK LIMITED
COMPANY INFORMATION
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REGISTERED NUMBER:06143205
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MYWALIT UK LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Equity attributable to owners of the parent company
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Non-controlling interests
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REGISTERED NUMBER:06143205
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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:
The notes on pages 8 to 19 form part of these financial statements.
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REGISTERED NUMBER:06143205
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MYWALIT UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Profit and loss account brought forward
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Profit and loss account carried forward
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REGISTERED NUMBER:06143205
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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:
The notes on pages 8 to 19 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Capital redemption reserve
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Equity attributable to owners of parent company
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Non-controlling interests
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Exchange loss on translation of subsidiary net assets
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Contributions by and distributions to owners
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Dividends: Equity capital
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Exchange gain on translation of subsidiary net assets
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The notes on pages 8 to 19 form part of these financial statements.
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Capital redemption reserve
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Contributions by and distributions to owners
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Dividends: Equity capital
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The notes on pages 8 to 19 form part of these financial statements.
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies
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Basis of preparation of financial statements
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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:
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.
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.
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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.
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.
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:
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3% reducing balance (50% for first year)
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10% to 30% reducing balance
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25% and 30% reducing balance
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12% to 20% reducing balance
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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Foreign currency translation
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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.
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Current and deferred taxation
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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.
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Foreign exchange movement
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Charge for the year on owned assets
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Foreign exchange movement
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3.Intangible assets (continued)
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Long-term leasehold property
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Charge for the year on owned assets
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
4.Tangible fixed assets (continued)
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Charge for the year on owned assets
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Investments in subsidiary companies
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The following were subsidiary undertakings of the company:
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* 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.
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Finished goods and goods for resale
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Stock recognised in cost of sales during the year as an expense was £1,921,581 (2022 - £1,880,810).
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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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.
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MYWALIT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charged to profit or loss
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Accelerated capital allowances
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Allotted, called up and fully paid
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8,300 (2022 - 8,300) Ordinary shares of £1.00 each
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Related party transactions
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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).
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In the opinion of the directors there is no ultimate controlling party.
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