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Registration number: 08803667

Wem Tech Solutions Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Wem Tech Solutions Limited

(Registration number: 08803667)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

1,264

10,218

Current assets

 

Debtors

4

17,033

31,391

Cash at bank and in hand

 

216,241

203,519

 

233,274

234,910

Creditors: Amounts falling due within one year

5

(180,678)

(181,370)

Net current assets

 

52,596

53,540

Total assets less current liabilities

 

53,860

63,758

Provisions for liabilities

(347)

(2,554)

Net assets

 

53,513

61,204

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

52,513

60,204

Shareholders' funds

 

53,513

61,204

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 6 February 2025 and signed on its behalf by:
 

.........................................

O Ellis-Middleton

Director

 

Wem Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

Accounting policies

Statutory information

Wem Tech Solutions Limited is a private company, limited by shares, domiciled in England and Wales, company number 08803667. The registered office is at First Floor, T5 Dudley Court North, The Waterfront, Brierley Hill, DY5 1XP.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Revenue is recognised at the point of sale of goods and upon delivery of services to customers.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

 

Wem Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

1

Accounting policies (continued)

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

Computer equipment

33% straight line basis

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 10).

 

Wem Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3

Tangible assets

Fixtures and fittings
£

Computer equipment
£

Total
£

Cost

At 1 January 2024

5,147

140,779

145,926

Additions

-

1,701

1,701

Disposals

(5,147)

(110,662)

(115,809)

At 31 December 2024

-

31,818

31,818

Depreciation

At 1 January 2024

4,968

130,740

135,708

Charge for the year

57

10,476

10,533

Eliminated on disposal

(5,025)

(110,662)

(115,687)

At 31 December 2024

-

30,554

30,554

Carrying amount

At 31 December 2024

-

1,264

1,264

At 31 December 2023

179

10,039

10,218

4

Debtors

2024
£

2023
£

Trade debtors

11,547

25,032

Prepayments

5,246

6,239

Other debtors

240

120

 

17,033

31,391

 

Wem Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Creditors

2024
£

2023
£

Due within one year

Trade creditors

27,269

50,861

Taxation and social security

101,264

77,810

Accruals and deferred income

51,214

51,889

Other creditors

931

810

180,678

181,370

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

400

400

400

400

Ordinary 'A' shares of £1 each

400

400

400

400

Ordinary 'B' shares of £1 each

100

100

100

100

Ordinary 'C' shares of £1 each

100

100

100

100

1,000

1,000

1,000

1,000

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £20,000 (2023 - £10,000).