Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investments | 4 |
|
|
|
721 | 2 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand | 6 |
|
|
|
59,857 | 93,198 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 47,522 | 39,986 | ||
Total assets less current liabilities | 48,243 | 39,988 | ||
Net assets |
|
|
||
Reserves | ||||
Profit and loss account |
|
|
||
Total reserves |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of WACL Limited (registered number:
Diana Tickell
Director |
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.
WACL Limited (the Company) is a private company, limited by guarantee, 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 £.
Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
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.
Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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,
Financial assets
Basic financial assets, including trade and 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.
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 Income Statement.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the company during the year, including directors |
|
|
Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 August 2023 |
|
|
|
Additions |
|
|
|
At 31 July 2024 |
|
|
|
Accumulated depreciation | |||
At 01 August 2023 |
|
|
|
Charge for the financial year |
|
|
|
At 31 July 2024 |
|
|
|
Net book value | |||
At 31 July 2024 |
|
|
|
At 31 July 2023 |
|
|
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 August 2023 |
|
At 31 July 2024 |
|
Carrying value at 31 July 2024 |
|
Carrying value at 31 July 2023 |
|
Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.07.2024 |
Ownership 31.07.2023 |
|
35 Ballards Lane, London, N3 1XW | Operation of not-for-profit events |
|
|
|
The capital and reserves and the profit of the subsidiary undertaking was as follows:
Capital and reserves at 2024 |
Profit for the year ended 2024 |
|
£ | £ | |
Gather (Forum) Ltd | 2 | 0 |
2024 | 2023 | ||
£ | £ | ||
Prepayments |
|
|
|
VAT recoverable |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
2024 | 2023 | ||
£ | £ | ||
Accruals and deferred income |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Pensions
The Company operates a defined contributions pension scheme, and the assets of the scheme are held separately from those of the Company in an independently administered fund. There were no contributions payable to the fund at the Statement of Financial Position date.
The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.