10 13 Whereby UK Operations Ltd 08589629 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is support and sales for group who provide video conferencing tools. Digita Accounts Production Advanced 6.30.9574.0 true false true 08589629 2024-01-01 2024-12-31 08589629 2024-12-31 08589629 bus:OrdinaryShareClass1 2024-12-31 08589629 core:CurrentFinancialInstruments 2024-12-31 08589629 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 08589629 core:FurnitureFittingsToolsEquipment 2024-12-31 08589629 bus:SmallEntities 2024-01-01 2024-12-31 08589629 bus:Audited 2024-01-01 2024-12-31 08589629 bus:FilletedAccounts 2024-01-01 2024-12-31 08589629 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08589629 bus:RegisteredOffice 2024-01-01 2024-12-31 08589629 bus:Director6 2024-01-01 2024-12-31 08589629 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 08589629 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08589629 core:ComputerEquipment 2024-01-01 2024-12-31 08589629 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 08589629 1 2024-01-01 2024-12-31 08589629 countries:AllCountries 2024-01-01 2024-12-31 08589629 countries:Norway 2024-01-01 2024-12-31 08589629 2023-12-31 08589629 core:FurnitureFittingsToolsEquipment 2023-12-31 08589629 2023-01-01 2023-12-31 08589629 2023-12-31 08589629 bus:OrdinaryShareClass1 2023-12-31 08589629 core:CurrentFinancialInstruments 2023-12-31 08589629 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08589629 core:FurnitureFittingsToolsEquipment 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 08589629

Whereby UK Operations Ltd

Filleted Financial Statements

for the Year Ended 31 December 2024

Pages for Filing with Registrar

 

Whereby UK Operations Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Whereby UK Operations Ltd

(Registration number: 08589629)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

4,565

5,772

Current assets

 

Debtors

7

190,888

230,374

Cash at bank and in hand

 

6,781

7,735

 

197,669

238,109

Creditors: Amounts falling due within one year

8

(36,843)

(38,643)

Net current assets

 

160,826

199,466

Net assets

 

165,391

205,238

Capital and reserves

 

Called up share capital

9

1,441

1,441

Share premium reserve

468,623

468,623

Retained earnings

(304,673)

(264,826)

Shareholders' funds

 

165,391

205,238

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2025 and signed on its behalf by:
 

.........................................
C H Wu
Director

   
     
 

Whereby UK Operations Ltd

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

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

Principal activity

The principal activity of the Company is support and sales for group who provide video conferencing tools.

2

Accounting policies

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.

Going concern

The Company made a loss in the year and has net assets. However the Company is dependent on the support from the shareholders to continue as a going concern.

Therefore the financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

 

Whereby UK Operations Ltd

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

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Whereby UK Operations Ltd

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% Straight line method

Financial instruments

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

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including other debtors, 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, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Whereby UK Operations Ltd

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

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

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 the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value 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.

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

 

Whereby UK Operations Ltd

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

4

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 13 March 2025 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 10 (2023 - 13).

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

16,070

16,070

Additions

3,581

3,581

Disposals

(1,374)

(1,374)

At 31 December 2024

18,277

18,277

Depreciation

At 1 January 2024

10,298

10,298

Charge for the year

4,686

4,686

Eliminated on disposal

(1,272)

(1,272)

At 31 December 2024

13,712

13,712

Carrying amount

At 31 December 2024

4,565

4,565

At 31 December 2023

5,772

5,772

 

Whereby UK Operations Ltd

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

7

Debtors

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the Company has a participating interest

186,681

227,455

Prepayments

586

1,739

Other debtors

3,621

1,180

190,888

230,374

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

788

Taxation and social security

25,264

27,089

Accruals and deferred income

6,400

5,645

Other creditors

5,179

5,121

36,843

38,643

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

144,088

1,441

144,088

1,441

       

10

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

 

Whereby UK Operations Ltd

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

11

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Whereby AS, incorporated in Norway.

The address of Whereby AS is:
Gate 1 107, MÅLØY, 6700, Norway