Registered number
12483433
WAKANDA NETWORK LIMITED
Filleted Accounts
29 February 2024
WAKANDA NETWORK LIMITED
Registered number: 12483433
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 1,461,987 1,461,987
1,461,987 1,461,987
Current assets
Debtors 4 1,535,257 1,254,551
Cash at bank and in hand 11,124 56,290
1,546,381 1,310,841
Creditors: amounts falling due within one year 5 (942,068) (1,706,129)
Net current assets/(liabilities) 604,313 (395,288)
Total assets less current liabilities 2,066,300 1,066,699
Creditors: amounts falling due after more than one year 6 (1,999,059) (992,160)
Net assets 67,241 74,539
Capital and reserves
Called up share capital 100 100
Profit and loss account 67,141 74,439
Shareholders' funds 67,241 74,539
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
WEI DUAN
Director
Approved by the board on 27 November 2024
WAKANDA NETWORK LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 March 2023 - 1,461,987 1,461,987
Additions - - -
Revaluation - - -
Disposals - - -
At 29 February 2024 - 1,461,987 1,461,987
4 Debtors 2024 2023
£ £
Trade debtors 100,093 720,167
Loans 1,435,164 534,384
Other debtors - -
1,535,257 1,254,551
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 942,068 1,699,300
Taxation and social security costs - 6,829
942,068 1,706,129
6 Creditors: amounts falling due after one year 2024 2023
£ £
Loan - Dia Technology Ltd 1,999,059 992,160
1,999,059 992,160
7 Controlling party
The company is controlled by Wei Duan (100%
WAKANDA NETWORK LIMITED 12483433 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 WEI DUAN No description of principal activity 12483433 2022-03-01 2023-02-28 12483433 core:WithinOneYear 2023-02-28 12483433 core:AfterOneYear 2023-02-28 12483433 core:ShareCapital 2023-02-28 12483433 core:RetainedEarningsAccumulatedLosses 2023-02-28 12483433 2023-03-01 2024-02-29 12483433 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12483433 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12483433 bus:Director40 2023-03-01 2024-02-29 12483433 1 2023-03-01 2024-02-29 12483433 2 2023-03-01 2024-02-29 12483433 bus:FRS102 2023-03-01 2024-02-29 12483433 bus:FilletedAccounts 2023-03-01 2024-02-29 12483433 2024-02-29 12483433 core:WithinOneYear 2024-02-29 12483433 core:AfterOneYear 2024-02-29 12483433 core:ShareCapital 2024-02-29 12483433 core:RetainedEarningsAccumulatedLosses 2024-02-29 12483433 core:AdditionsToInvestments 2024-02-29 12483433 core:RevaluationsIncreaseDecreaseInInvestments 2024-02-29 12483433 core:DisposalsRepaymentsInvestments 2024-02-29 12483433 2023-02-28 iso4217:GBP xbrli:pure