Registered number
10784406
WHOICONS LTD
Filleted Accounts
31 May 2024
WHOICONS LTD
Registered number: 10784406
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Current assets
Stocks 6,329 4,329
Debtors 3 17,892 80,574
24,221 84,903
Creditors: amounts falling due within one year 4 (18,818) (42,521)
Net current assets 5,403 42,382
Total assets less current liabilities 5,403 42,382
Creditors: amounts falling due after more than one year 5 (217,064) (232,796)
Net liabilities (211,661) (190,414)
Capital and reserves
Called up share capital 100 100
Profit and loss account (211,761) (190,514)
Shareholder's funds (211,661) (190,414)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Svilar
Director
Approved by the board on 27 February 2025
WHOICONS LTD
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going Concern
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company has financial support from the shareholder. Based on this the director believes the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2024 2023
£ £
Deposits 6,600 6,600
Prepayments - 55,769
Other debtors 11,292 18,205
17,892 80,574
Amounts due after more than one year included above 11,292 18,205
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors - 1,500
Amounts owed to group undertakings 19,738 -
Other creditors - 34,995
Taxation and social security costs (15,070) (9,474)
Accruals and deferred income 4,150 5,500
18,818 42,521
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 22,712 22,712
Loan from investor 163,600 163,600
Amounts owed to directors 30,752 46,484
217,064 232,796
6 Events after the reporting date
The loan from investor amountig to £163,600 disclosed in creditors due after more than one year was pardoned by the investor in November 2024, as an out of court settlement following a legal action.
7 Other information
WHOICONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
20 Wenlock Road
London
N1 7GU
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