Company registration number 02950900 (England and Wales)
WABGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WABGS LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 7
WABGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Results and dividends

Ordinary dividends were paid amounting to £250,000. The director does not recommend payment of a further dividend

Director

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

D Friar
(Resigned 10 January 2025)
M Groarke
(Appointed 1 May 2023)
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
M Groarke
Director
29 January 2025
WABGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
138
138
Current assets
Stocks
4
-
2,970
Debtors
5
-
0
499,113
Cash at bank and in hand
536,166
288,443
536,166
790,526
Creditors: amounts falling due within one year
6
(30,571)
(71,001)
Net current assets
505,595
719,525
Net assets
505,733
719,663
Capital and reserves
Called up share capital
7
77,000
77,000
Capital redemption reserve
31,000
31,000
Profit and loss reserves
397,733
611,663
Total equity
505,733
719,663

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
M Groarke
Director
Company Registration No. 02950900
WABGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

WABGS Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Does Liverpool The Tapestry, 68-76 Kempston Street, Liverpool, United Kingdom, L3 8HL.

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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

Post year end, the directors took the decision to cease trading and therefore the financial statements have been prepared on a basis other than going concern.true

 

Given the minimal trading during the year and the simplistic nature of the balances held at the current and prior year end (i.e. basic monetary assets and liabilities), no adjustments have been needed to reflect the current value of assets and liabilities, however some historic balances have been written off.

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.

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Subcontractor costs are accounted for on the basis of certified invoices received. Turnover derived from variations on contracts is recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts during the year in which they are first foreseen.

 

Costs incurred in the early stages of contracts or where progress contract values are individually insignificant are held on the balance sheet as work in progress; related sales invoices are treated as deferred income.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

WABGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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.

WABGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
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.

1.8
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 profit and loss account 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 enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WABGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
2
3
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
138
138
4
Stocks
2024
2023
£
£
Work in progress
-
2,970
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
311,034
Other debtors
-
0
188,079
-
0
499,113
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
26,030
39,024
Other creditors
4,541
31,977
30,571
71,001
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
77,000
77,000
77,000
77,000
WABGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
8
Events after the reporting date

After the year end, the directors have taken the decision to wind WABGS Limited and other group entities down in the near future.

9
Related party transactions

At the balance sheet date, the company was owed £nil (2023: £6,743) by a related party by virtue of common ownership.

10
Parent company

The ultimate parent undertaking and controlling party is Acorn Holdco 2 Limited. Group accounts are not prepared as the group headed by Acorn Holdco 2 Limited is a small group. There is not considered to be any ultimate controlling party.

 

2024-04-302023-05-01false29 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityD FriarM Groarkefalsefalse029509002023-05-012024-04-3002950900bus:Director12023-05-012024-04-3002950900bus:Director22023-05-012024-04-30029509002024-04-30029509002023-04-3002950900core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3002950900core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3002950900core:CurrentFinancialInstruments2024-04-3002950900core:CurrentFinancialInstruments2023-04-3002950900core:ShareCapital2024-04-3002950900core:ShareCapital2023-04-3002950900core:CapitalRedemptionReserve2024-04-3002950900core:CapitalRedemptionReserve2023-04-3002950900core:RetainedEarningsAccumulatedLosses2024-04-3002950900core:RetainedEarningsAccumulatedLosses2023-04-30029509002022-05-012023-04-3002950900core:WithinOneYear2024-04-3002950900core:WithinOneYear2023-04-3002950900bus:PrivateLimitedCompanyLtd2023-05-012024-04-3002950900bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3002950900bus:FRS1022023-05-012024-04-3002950900bus:AuditExemptWithAccountantsReport2023-05-012024-04-3002950900bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP