WEC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
WEC Holdings Limited is a private company, limited by share capital and incorporated in England and Wales.
The company's registered office address is 2 Communications Road, Greenham Business Park, Greenham, Newbury, Berkshire, RG19 6AB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The company made a loss of £1,721 during the year (2023: £1,281) and at the balance sheet date had net liabilities of £8,557 (2023: £6,936). Included within net current liabilities is a balance due to The Windsor Eye Clinic Limited, a company under common control, of £343,110 (2023: £307,791). The Windsor Eye Clinic Limited have confirmed that they will not recall this loan within twelve months of the date of approval of these financial statements and that they will provide additional financial support if required. On this basis, the director is satisfied that it is appropriate to prepare the financial statements on a going concern basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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