Registration number:
Wem Tech Solutions Limited
for the Year Ended 31 December 2024
Wem Tech Solutions Limited
(Registration number: 08803667)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
• |
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• |
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.
.........................................
O Ellis-Middleton
Director
Wem Tech Solutions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wem Tech Solutions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
Tangible assets |
Fixtures and fittings |
Computer equipment |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
- |
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Disposals |
( |
( |
( |
At 31 December 2024 |
- |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 31 December 2024 |
- |
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Carrying amount |
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At 31 December 2024 |
- |
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At 31 December 2023 |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Wem Tech Solutions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
Creditors |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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400 |
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400 |
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400 |
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400 |
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|
100 |
|
100 |
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100 |
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100 |
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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 £