Company Registration No. 11210171 (England and Wales)
Weltman & Associates Limited
Annual report and unaudited financial statements
for the year ended 28 February 2024
Weltman & Associates Limited
Company information
Director
Herman Weltman
Company number
11210171
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Weltman & Associates Limited
Contents
Page
Director's report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 10
Weltman & Associates Limited
Director's report
For the year ended 28 February 2024
1

The director presents his annual report and financial statements for the year ended 28 February 2024.

Principal activities

The principal activity of the company is to provide consultancy services regarding motion picture and television programme production.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Herman Weltman
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Herman Weltman
Director
27 November 2024
Weltman & Associates Limited
Chartered accountants' report to the Director on the preparation of the unaudited statutory financial statements of Weltman & Associates Limited for the year ended 28 February 2024
2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Weltman & Associates Limited for the year ended 28 February 2024 set out on pages 3 to 10 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Weltman & Associates Limited, as a body, in accordance with the terms of our engagement letter dated 6 January 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Weltman & Associates Limited and state those matters that we have agreed to state to the board of directors of Weltman & Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weltman & Associates Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Weltman & Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Weltman & Associates Limited. You consider that Weltman & Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Weltman & Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
Chartered Accountants
71 Queen Victoria Street
London
EC4V 4BE
28 November 2024
Weltman & Associates Limited
Income statement
For the year ended 28 February 2024
3
2024
2023
Notes
£
£
Turnover
91,872
48,666
Administrative expenses
(46,629)
(22,555)
Profit before taxation
45,243
26,111
Tax on profit
4
(9,559)
(4,961)
Profit for the financial year
35,684
21,150

The income statement has been prepared on the basis that all operations are continuing operations.

Weltman & Associates Limited
Statement of financial position
As at 28 February 2024
4
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
4,036
-
0
Cash at bank and in hand
78,317
43,274
82,353
43,274
Creditors: amounts falling due within one year
6
(25,518)
(22,123)
Net current assets
56,835
21,151
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
56,834
21,150
Total equity
56,835
21,151

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The financial statements were approved and signed by the director and authorised for issue on 27 November 2024.
Herman Weltman
Director
Company Registration No. 11210171
Weltman & Associates Limited
Statement of changes in equity
For the year ended 28 February 2024
5
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
1
-
0
1
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
21,150
21,150
Balance at 28 February 2023
1
21,150
21,151
Year ended 28 February 2024:
Profit and total comprehensive income for the year
-
35,684
35,684
Balance at 28 February 2024
1
56,834
56,835
Weltman & Associates Limited
Notes to the financial statements
For the year ended 28 February 2024
6
1
Accounting policies
Company information

Weltman & Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

Atruet the time of approving the financial statements, the director has has confirmed that the company will be fully active and has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Weltman & Associates Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
1
Accounting policies (continued)
7
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Weltman & Associates Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
1
Accounting policies (continued)
8
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Weltman & Associates Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
9
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022: 1).

4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current year
9,559
4,961

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
45,243
26,111
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
11,080
4,961
Tax effect of expenses that are not deductible in determining taxable profit
1,909
-
0
Gains not taxable
(313)
-
0
Non-trade financial losses
(375)
-
0
Marginal relief
(2,742)
-
0
Taxation charge for the year
9,559
4,961
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,035
-
Other debtors
1
1
4,036
1
Weltman & Associates Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
10
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
9,559
4,961
Other creditors
-
0
17,162
Accruals and deferred income
15,958
-
0
25,518
22,123
7
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
8
Related party transactions

The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is a wholly owned by a member of that group.

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