Silverfin false false 31/05/2024 01/06/2023 31/05/2024 M J Schorel 16/05/2017 19 February 2025 The principal activity of the Company is the provision of Information technology consultancy and software development services. 10772517 2024-05-31 10772517 bus:Director1 2024-05-31 10772517 core:CurrentFinancialInstruments 2024-05-31 10772517 core:CurrentFinancialInstruments 2023-05-31 10772517 2023-05-31 10772517 core:ShareCapital 2024-05-31 10772517 core:ShareCapital 2023-05-31 10772517 core:RetainedEarningsAccumulatedLosses 2024-05-31 10772517 core:RetainedEarningsAccumulatedLosses 2023-05-31 10772517 core:ImmediateParent core:CurrentFinancialInstruments 2024-05-31 10772517 core:ImmediateParent core:CurrentFinancialInstruments 2023-05-31 10772517 bus:OrdinaryShareClass1 2024-05-31 10772517 2023-06-01 2024-05-31 10772517 bus:FilletedAccounts 2023-06-01 2024-05-31 10772517 bus:SmallEntities 2023-06-01 2024-05-31 10772517 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10772517 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10772517 bus:Director1 2023-06-01 2024-05-31 10772517 2022-06-01 2023-05-31 10772517 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 10772517 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10772517 (England and Wales)

WTSS LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

WTSS LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

WTSS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
WTSS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Current assets
Debtors 3 13,347 13,315
Cash at bank and in hand 50,348 37,607
63,695 50,922
Creditors: amounts falling due within one year 4 ( 18,864) ( 16,263)
Net current assets 44,831 34,659
Total assets less current liabilities 44,831 34,659
Net assets 44,831 34,659
Capital and reserves
Called-up share capital 5 1 1
Profit and loss account 44,830 34,658
Total shareholder's funds 44,831 34,659

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of WTSS Ltd (registered number: 10772517) were approved and authorised for issue by the Director. They were signed on its behalf by:

M J Schorel
Director

19 February 2025

WTSS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
WTSS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WTSS Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Debtors

2024 2023
£ £
Other debtors 13,347 13,315

4. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to parent undertakings 0 1,743
Taxation and social security 7,126 11,304
Other creditors 11,738 3,216
18,864 16,263

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

6. Ultimate controlling party

The company's parent entity is "Wishfull Thinking Services And Solutions Holdings B.V (W.T.S.S. Holding B.V.)", a company incorporated in the Netherlands.