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Registration number: 07129358

WeHost Ltd

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 31 January 2024

 

WeHost Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 12

 

WeHost Ltd

Company Information

Director

Mr C Melsa

Registered office

Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
WeHost Ltd
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WeHost Ltd for the year ended 31 January 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of WeHost Ltd, as a body, in accordance with the terms of our engagement letter dated 24 September 2024. Our work has been undertaken solely to prepare for your approval the accounts of WeHost Ltd and state those matters that we have agreed to state to the Board of Directors of WeHost Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WeHost Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that WeHost Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of WeHost Ltd. You consider that WeHost Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of WeHost Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

24 September 2024

 

WeHost Ltd

(Registration number: 07129358)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

243,518

159,727

Current assets

 

Debtors

6

15,817

20,884

Cash at bank and in hand

 

40,672

144,524

 

56,489

165,408

Creditors: Amounts falling due within one year

7

(33,241)

(28,027)

Net current assets

 

23,248

137,381

Total assets less current liabilities

 

266,766

297,108

Creditors: Amounts falling due after more than one year

7

(30,287)

-

Net assets

 

236,479

297,108

Capital and reserves

 

Called up share capital

100

100

Retained earnings

236,379

297,008

Shareholders' funds

 

236,479

297,108

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

.........................................
Mr C Melsa
Director

 

WeHost Ltd

Statement of Changes in Equity for the Year Ended 31 January 2024

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 February 2023

100

297,008

297,108

Loss for the year

-

(60,629)

(60,629)

Total comprehensive income

-

(60,629)

(60,629)

At 31 January 2024

100

236,379

236,479

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 February 2022

100

349,095

349,195

Loss for the year

-

(52,087)

(52,087)

At 31 January 2023

100

297,008

297,108

 

WeHost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
United Kingdom

The principal place of business is:
Unit 8
Port One Logistics Park
Great Blakenham
Ipswich
Suffolk
IP6 0RL

These financial statements were authorised for issue by the director on 24 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

WeHost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Government grants

Grants are accounted for under the accruals model.

During the year the business utilised various Government support schemes.

The grant income in the financial statements includes Covid grants awarded by the local authority and grants received from the Government backed 'Kickstart Scheme'.

The amounts received are reported under other operating income in the financial statements and are recorded in the period to which the grant income relates to.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises corporation tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The company has no corporation tax charge for the 2024 year due to tax losses for the year. These tax losses will carry forward to offset against future taxable profits of the company.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

WeHost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Equipment

15% reducing balance basis

Computer & office equipment

write off costs over 3 years

Tenants improvements to property

write off costs over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

WeHost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


 

WeHost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 20).

4

Government grants

During the year the business utilised various Government support schemes.

The grant income in the financial statements includes Covid grants awarded by the local authority and grants received from the Government backed 'Kickstart Scheme'.


The amount of grants recognised in the financial statements was £Nil (2023 - £8,607).

 

WeHost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Tenants improvements to property
£

Computer & office equipment
£

Motor vehicles
 £

Equipment
£

Total
£

Cost

At 1 February 2023

-

43,106

124,454

61,161

228,721

Additions

25,936

6,252

38,827

65,774

136,789

At 31 January 2024

25,936

49,358

163,281

126,935

365,510

Depreciation

At 1 February 2023

-

21,872

30,504

16,618

68,994

Charge for the year

2,594

14,589

25,102

10,713

52,998

At 31 January 2024

2,594

36,461

55,606

27,331

121,992

Carrying amount

At 31 January 2024

23,342

12,897

107,675

99,604

243,518

At 31 January 2023

-

21,234

93,950

44,543

159,727

 

WeHost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

2024
£

2023
£

Trade debtors

9,206

15,769

Other debtors

6,611

4,077

Prepayments

-

1,038

15,817

20,884

 

WeHost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Hire purchase liabilities

7,273

-

Trade creditors

 

4,358

2,090

Taxation and social security

 

-

7,688

Accruals and deferred income

 

13,742

9,124

Other creditors

 

7,868

9,125

 

33,241

28,027

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £7,273 (2023 - £nil).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Hire purchase liabilities

30,287

-

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £30,287 (2023 - £nil).

8

Reserves

The profit and loss reserves of the company are fully distributable

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £13,157 (2023 - £19,005). The commitments not included in the balance sheet relate to the operating lease commitments in respect of the total lease payments payable by the company to the end of the leases on a vehicle.

10

Related party transactions

Other transactions with the director

Included in creditors due within one year is a loan amount of £5,101 (2023 £8,604) owed to the director by the company.

This is in respect of expenses incurred personally by the director for the company which have not been reimbursed to him.

The director does not charge the company interest on this loan and the loan is repayable on demand