5 false false false false false false false false false false true false false true true true true No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08882889 2023-03-01 2024-02-29 08882889 2024-02-29 08882889 2023-02-28 08882889 2022-03-01 2023-02-28 08882889 2023-02-28 08882889 2022-02-28 08882889 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 08882889 bus:Director1 2023-03-01 2024-02-29 08882889 core:WithinOneYear 2024-02-29 08882889 core:WithinOneYear 2023-02-28 08882889 core:ShareCapital 2024-02-29 08882889 core:ShareCapital 2023-02-28 08882889 core:RetainedEarningsAccumulatedLosses 2024-02-29 08882889 core:RetainedEarningsAccumulatedLosses 2023-02-28 08882889 bus:SmallEntities 2023-03-01 2024-02-29 08882889 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 08882889 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 08882889 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08882889 bus:AbridgedAccounts 2023-03-01 2024-02-29 08882889 bus:OrdinaryShareClass1 2024-02-29 08882889 bus:OrdinaryShareClass1 2023-02-28 08882889 core:PlantMachinery 2023-03-01 2024-02-29 08882889 core:ComputerEquipment 2023-03-01 2024-02-29 08882889 bus:Director2 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 08882889
WM101 Limited
Filleted Unaudited Abridged Financial Statements
29 February 2024
WM101 Limited
Abridged Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
10,311
14,784
Current assets
Debtors
239,731
58,884
Cash at bank and in hand
416,784
757,693
---------
---------
656,515
816,577
Creditors: amounts falling due within one year
433,688
660,435
---------
---------
Net current assets
222,827
156,142
---------
---------
Total assets less current liabilities
233,138
170,926
---------
---------
Net assets
233,138
170,926
---------
---------
Capital and reserves
Called up share capital
6
1,500
1,500
Profit and loss account
231,638
169,426
---------
---------
Shareholders funds
233,138
170,926
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
WM101 Limited
Abridged Statement of Financial Position (continued)
29 February 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
RJ Pacey
Director
Company registration number: 08882889
WM101 Limited
Notes to the Abridged Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6 Station Road, Bakewell, DE45 1GE, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
Over the lease term of 2-3 years
Equipment
-
8% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Tangible assets
£
Cost
At 1 March 2023 and 29 February 2024
37,246
-------
Depreciation
At 1 March 2023
22,462
Charge for the year
4,473
-------
At 29 February 2024
26,935
-------
Carrying amount
At 29 February 2024
10,311
-------
At 28 February 2023
14,784
-------
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,500
1,500
1,500
1,500
------
------
------
------
7. Directors' advances, credits and guarantees
At the balance sheet date £100,000 was owed by the directors (2023: £nil) on an unsecured interest free loan that is payable on demand. This amount is included within other debtors.