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Registered number: 12569786
WTS 2020 LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Silverstone Business Consulting Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12569786
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,375 -
Tangible Assets 5 23,802 35,225
Investments 6 318,151 318,151
345,328 353,376
CURRENT ASSETS
Stocks 7 404,047 1,581,299
Debtors 8 462,152 355,916
Investments 9 8,060 8,060
Cash at bank and in hand 7,457 15,866
881,716 1,961,141
Creditors: Amounts Falling Due Within One Year 10 (5,021,756 ) (4,450,720 )
NET CURRENT ASSETS (LIABILITIES) (4,140,040 ) (2,489,579 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,794,712 ) (2,136,203 )
NET LIABILITIES (3,794,712 ) (2,136,203 )
CAPITAL AND RESERVES
Called up share capital 11 1,001 1,001
Profit and Loss Account (3,795,713 ) (2,137,204 )
SHAREHOLDERS' FUNDS (3,794,712) (2,136,203)
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Howard Parker
Director
11/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
WTS 2020 LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12569786 . The registered office is 3 Waterhouse Square, 138-142 Holborn, London, EC1N 2S.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 40
Motor Vehicles 6
Fixtures & Fittings 5
Computer Equipment 3
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
Page 3
Page 4
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 -
Additions 4,500
As at 31 December 2023 4,500
Amortisation
As at 1 January 2023 -
Provided during the period 1,125
As at 31 December 2023 1,125
Net Book Value
As at 31 December 2023 3,375
As at 1 January 2023 -
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 83 38,999 2,791 8,574 50,447
Additions - - 2,474 - 2,474
As at 31 December 2023 83 38,999 5,265 8,574 52,921
Depreciation
As at 1 January 2023 - 12,633 465 2,124 15,222
Provided during the period - 9,750 1,317 2,830 13,897
As at 31 December 2023 - 22,383 1,782 4,954 29,119
Net Book Value
As at 31 December 2023 83 16,616 3,483 3,620 23,802
As at 1 January 2023 83 26,366 2,326 6,450 35,225
6. Investments
Listed
£
Cost
As at 1 January 2023 318,151
As at 31 December 2023 318,151
Provision
As at 1 January 2023 -
As at 31 December 2023 -
...CONTINUED
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Page 5
Net Book Value
As at 31 December 2023 318,151
As at 1 January 2023 318,151
7. Stocks
2023 2022
£ £
Finished goods 404,047 1,581,299
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 157,431 57,103
Prepayments and accrued income 5,104 -
Other debtors 299,617 263,667
VAT - 35,146
462,152 355,916
9. Current Asset Investments
2023 2022
£ £
Short term deposits 8,060 8,060
10. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 2,430,481 2,245,462
Other taxes and social security 5,018 3,367
VAT 9,989 -
Other creditors 115 5,865
Pension 139 -
Accruals and deferred income 500 500
Amounts owed to group undertakings 2,575,514 2,195,526
5,021,756 4,450,720
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,001 1,001
Page 5