Registered number
09001381
WDIC Ltd
Filleted Accounts
31 January 2024
WDIC Ltd
Registered number: 09001381
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 31,117 38,549
Current assets
Debtors 5 309,426 4,420
Cash at bank and in hand 492,298 696,306
801,724 700,726
Creditors: amounts falling due within one year 6 (138,220) (56,680)
Net current assets 663,504 644,046
Total assets less current liabilities 694,621 682,595
Creditors: amounts falling due after more than one year 7 (22,377) (30,138)
Provisions for liabilities (7,156) (7,324)
Net assets 665,088 645,133
Capital and reserves
Called up share capital 1 1
Profit and loss account 665,087 645,132
Shareholder's funds 665,088 645,133
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 member has 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.
Dr G W Patel
Director
Approved by the board on 31 October 2024
WDIC Ltd
Notes to the Accounts
for the period from 1 May 2023 to 31 January 2024
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Computers and office equipment over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 95,000
At 31 January 2024 95,000
Amortisation
At 1 May 2023 95,000
At 31 January 2024 95,000
Net book value
At 31 January 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Computers and office equipment Total
£ £ £
Cost
At 1 May 2023 58,363 9,795 68,158
Additions 210 - 210
At 31 January 2024 58,573 9,795 68,368
Depreciation
At 1 May 2023 24,506 5,103 29,609
Charge for the period 6,486 1,156 7,642
At 31 January 2024 30,992 6,259 37,251
Net book value
At 31 January 2024 27,581 3,536 31,117
At 30 April 2023 33,857 4,692 38,549
5 Debtors 2024 2023
£ £
Trade debtors 9,471 2,380
Other debtors 299,955 2,040
309,426 4,420
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,900 10,310
Trade creditors 8,578 3,195
Taxation and social security costs 44,314 14,363
Amounts owing to related parties 46,300 25,627
Other creditors 29,128 3,185
138,220 56,680
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 22,377 30,138
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 1,061 442
9 Other information
WDIC Ltd is a private company limited by shares and incorporated in England. Its registered office is:
44 Whelley
Wigan
Lancashire
WN1 3PQ
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