REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
16 FEBRUARY 2023 TO 31 DECEMBER 2023 |
FOR |
WARMLYVAULT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
16 FEBRUARY 2023 TO 31 DECEMBER 2023 |
FOR |
WARMLYVAULT LIMITED |
WARMLYVAULT LIMITED (REGISTERED NUMBER: 14667359) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 16 February 2023 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WARMLYVAULT LIMITED |
COMPANY INFORMATION |
for the period 16 February 2023 to 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
16 Davy Court |
Castle Mound Way |
Rugby, CV23 0UZ |
Magma Audit LLP is part |
Of the Dains Group |
WARMLYVAULT LIMITED (REGISTERED NUMBER: 14667359) |
BALANCE SHEET |
31 December 2023 |
Notes | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WARMLYVAULT LIMITED (REGISTERED NUMBER: 14667359) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 16 February 2023 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Warmlyvault Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is 20-22 Wenlock Road, London, United Kingdom, N1 7GU and the registered number is 14667359. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentational currency of the financial statements is Pound Sterling (£) and figures are rounded to the nearest £1. |
Preparation of consolidated financial statements |
The group for which consolidated financial statements are prepared, which include the results of this company, is that headed by Fairscore Ltd. The head office is located at 20-22 Wenlock Road, London, N1 7GU. |
Going concern |
At the year end the company had net current liabilities of £4,048 and losses of £4,049. The director has confirmed that the group will continue to support the company to enable it to pay its liabilities as they fall due for the foreseeable future. As such, the director has prepared these financial statements on a going concern basis. |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of goods and services |
Revenue from a contract to provide goods and services is recognised in the period in which the goods and services are provided in accordance with the stage completion of the contract when all of the following conditions are satisfied. |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contact at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest rate method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
WARMLYVAULT LIMITED (REGISTERED NUMBER: 14667359) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 16 February 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a change 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. |
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; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Loans issued to customers |
Loans issued to customers are issued on fixed terms and are initially stated on the balance sheet as the principal due for repayment amounts only. Amounts falling within one year are calculated on the interest set at the start of the loan, assuming regular repayments every 30 days, with interest charged every 30 days. Any principle repayments due over one year are classified as non-current assets on the balance sheet. |
Provisions are made against loans based on historic data available about expected loss rates. Where a loan experiences a significant increase in credit risk, provisions are then recognised based on lifetime expected losses. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | DEBTORS |
£ |
Amounts falling due within one year: |
Other debtors |
Customer loans | 27,337 |
Amounts falling due after more than one year: |
Customer loans | 396,548 |
Aggregate amounts |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
WARMLYVAULT LIMITED (REGISTERED NUMBER: 14667359) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 16 February 2023 to 31 December 2023 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | 1 | 1 |
7. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is considered to be Aseem Munshi by virtue of his shareholding in the ultimate parent company, Fairscore Limited. |