REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Wmsys Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Wmsys Ltd |
Wmsys Ltd (Registered number: 09473627) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Wmsys Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2nd Floor, |
39 Ludgate hill |
London |
EC4M 7JN |
Wmsys Ltd (Registered number: 09473627) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Wmsys Ltd (Registered number: 09473627) |
Balance Sheet - continued |
31 March 2024 |
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 Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Wmsys Ltd (Registered number: 09473627) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Wmsys Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise. |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
No depreciation is provided on investment properties as a result of FRS 102 section 16, this represents a departure from the requirements of the Companies Act. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure consumption and to depreciate them would not give a true and fair view. |
However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separated or quantified. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Wmsys Ltd (Registered number: 09473627) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2020 | 245,000 |
Valuation in 2021 | 52,000 |
297,000 |
Wmsys Ltd (Registered number: 09473627) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | INVESTMENT PROPERTY - continued |
If investment property had not been revalued it would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 246,837 | 246,837 |
Investment property was valued on an open market basis on 31 March 2024 by the director. . |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 185,588 | 185,588 |
Orasys long term loan | 67,656 | 67,656 |
253,244 | 253,244 |
8. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
Wmsys Ltd (Registered number: 09473627) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed £67,656 (2022:£67,656) to its related company Orasys ltd. The director Mr Jigar Patel is also a director of Orasys ltd. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is J B Patel. |