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Company registration number: 10069317







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
11 NOVEMBER 2023


WSHPM LIMITED






































                        

 


WSHPM LIMITED
 


 
COMPANY INFORMATION


Directors
A W Cassell-Ward (appointed 19 September 2023)
J Hendrickson (appointed 31 March 2023)




Registered number
10069317



Registered office
Friars Gate
1011 Stratford Road

Shirley

West Midlands

B90 4BN




Independent auditors
Hazlewoods LLP
Chartered Accountants & Statutory Auditor

Windsor House

Bayshill Road

Cheltenham

GL50 3AT





 


WSHPM LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


WSHPM LIMITED
REGISTERED NUMBER:10069317



STATEMENT OF FINANCIAL POSITION
AS AT 11 NOVEMBER 2023

2023
Unaudited
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
18,949,814

Tangible assets
 5 
-
541,870

  
-
19,491,684

Current assets
  

Stocks
  
-
156,075

Debtors: amounts falling due within one year
 6 
1
2,047,907

Cash at bank and in hand
  
-
547,748

  
1
2,751,730

Creditors: amounts falling due within one year
 7 
-
(23,856,440)

Net current assets/(liabilities)
  
 
 
1
 
 
(21,104,710)

Total assets less current liabilities
  
1
(1,613,026)

  

Net assets/(liabilities)
  
1
(1,613,026)


Capital and reserves
  

Called up share capital 
  
1
80

Capital redemption reserve
  
-
20

Profit and loss account
  
-
(1,613,126)

  
1
(1,613,026)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 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: 




A W Cassell-Ward
Director

Date: 14 November 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


WSHPM LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 NOVEMBER 2023

1.


General information

The company is a private company limited by share capital, incoporated in England and Wales.  The registered office and trading address are disclosed on the Company Information page.
The Company ceased trading on 20 May 2023 and was hived up into a fellow group company at this date.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Revenue

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 and after eliminating sales within the company.  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 activites.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 


WSHPM LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Taxation

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 reporting date in the countries where the Company operates and generates income.

 
2.7

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 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 Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
of written down value
Motor vehicles
-
25%
of written down value
Fixtures and fittings
-
10%
of written down value
Office equipment
-
33%
of cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 


WSHPM LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 4

 


WSHPM LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 63 (2022 - 39).


4.


Intangible assets




Goodwill

£





At 12 November 2022
19,267,453


Disposals
(19,267,453)



At 11 November 2023

-





At 12 November 2022
317,639


On disposals
(317,639)



At 11 November 2023

-



Net book value



At 11 November 2023
-



At 11 November 2022
18,949,814



Page 5

 


WSHPM LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 NOVEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£





At 12 November 2022
502,794
43,001
32,297
35,229
613,321


Disposals
(502,794)
(43,001)
(32,297)
(35,229)
(613,321)



At 11 November 2023

-
-
-
-
-





At 12 November 2022
47,516
-
6,082
17,853
71,451


Disposals
(47,516)
-
(6,082)
(17,853)
(71,451)



At 11 November 2023

-
-
-
-
-



Net book value



At 11 November 2023
-
-
-
-
-



At 11 November 2022
455,278
43,001
26,215
17,376
541,870


6.


Debtors

2023
Unaudited
2022
£
£


Trade debtors
-
263,715

Amounts owed by group undertakings
1
-

Other debtors
-
1,763,441

Prepayments and accrued income
-
20,751

1
2,047,907


Page 6

 


WSHPM LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 11 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
Unaudited
2022
£
£

Trade creditors
-
154,372

Amounts owed to group undertakings
-
126,704

Corporation tax
-
99,373

Other taxation and social security
-
430,427

Other creditors
-
22,867,238

Accruals and deferred income
-
178,326

-
23,856,440



8.


Controlling party

The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include this company, is Mars Pet Services UK Limited, of which the registered address is 3d Dundee Road, Slough, United Kingdom, SL1 4LG. These financial statements are available upon request from Companies House.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 11 November 2023 was unqualified.

The audit report was signed on 14 November 2024 by Simon Worsley (Senior Statutory Auditor) on behalf of Hazlewoods LLP.

 
Page 7