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Registration number: 09230197

White Paper Labs Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

White Paper Labs Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

White Paper Labs Limited

Company Information

Director

E Bowyer

Registered office

Unit 4.07
Tea Building
56 Shoreditch High Street
London
E1 6JJ

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

White Paper Labs Limited

Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

802

-

Current assets

 

Debtors

5

138,961

156,279

Cash at bank and in hand

 

158,409

84,297

 

297,370

240,576

Creditors: Amounts falling due within one year

6

(277,756)

(155,791)

Net current assets

 

19,614

84,785

Total assets less current liabilities

 

20,416

84,785

Creditors: Amounts falling due after more than one year

6

(14,258)

(24,254)

Provisions for liabilities

(203)

-

Net assets

 

5,955

60,531

Capital and reserves

 

Called up share capital

1

1

Capital redemption reserve

1

1

Retained earnings

5,953

60,529

Shareholders' funds

 

5,955

60,531

For the financial year ending 29 February 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

White Paper Labs Limited

Statement of Financial Position as at 29 February 2024

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 20 November 2024
 

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

E Bowyer

Director

Company registration number: 09230197

 

White Paper Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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 4.07
Tea Building
56 Shoreditch High Street
London
E1 6JJ

The principal activity of the company is that of the creation and provision of digital content.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 29 February 2024 and had net assets at that date amounting to £5,955 including cash at bank of £158,409.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in the preparation of the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of digital content services in the normal course of the company's activities, net of VAT, discounts and rebates.

Revenue in respect of digital content campaigns is recognised over the period of the campaign. Revenue in respect of publications is recognised upon delivery of the publication.
 

 

White Paper Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 taxable income.

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 statement of financial position 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.

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

Furniture, fittings and equipment

4 years straight line

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.

 

White Paper Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 income statement 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

917

917

At 29 February 2024

917

917

Depreciation

Charge for the year

115

115

At 29 February 2024

115

115

Carrying amount

At 29 February 2024

802

802

At 28 February 2023

-

-

 

White Paper Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Debtors

2024
£

2023
£

Trade debtors

62,857

57,401

Other debtors

76,104

98,878

138,961

156,279

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

11,191

16,966

Trade creditors

 

15,408

-

Taxation and social security

 

13,930

15,697

Other creditors

 

237,227

123,128

 

277,756

155,791

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

14,258

24,254

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank loan

10,000

10,000

Other borrowings

1,191

6,966

11,191

16,966

Other borrowings are secured by a fixed charge over certain book debts and a fixed and floating charge over the other assets and undertakings of the company.

 

White Paper Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Non-current loans and borrowings

2024
£

2023
£

Bank loan

14,258

24,254

8

Prior period adjustment

Direct costs of £31,700 were incorrectly classified as administrative expenses rather than cost of sales in last year's accounts. Comparative figures have been restated accordingly. There is no effect on profit or total net assets.

9

Transactions with directors

At 29 February 2024 an amount of £71,858 (2023: £82,857) was due from the directors. Advances of £82,362 and repayments of £95,525 were made during the year. Interest of £2,164 (2023: £602) is payable to the company at 2% and 2.25% per annum. There are no set terms.

10

Events after the reporting period

Subsequent to 29 February 2024, interim dividends totalling £42,001 were declared and paid.