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Company registration number: 03691067
Willsmer Wagg Limited
Unaudited filleted financial statements
31 December 2024
Willsmer Wagg Limited
Contents
Statement of financial position
Notes to the financial statements
Willsmer Wagg Limited
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 1 2,164
Tangible assets 6 15,289 15,329
_______ _______
15,290 17,493
Current assets
Stocks 1,493 3,001
Debtors 7 302,912 392,346
Cash at bank and in hand 303,463 259,626
_______ _______
607,868 654,973
Creditors: amounts falling due
within one year 8 ( 341,274) ( 352,719)
_______ _______
Net current assets 266,594 302,254
_______ _______
Total assets less current liabilities 281,884 319,747
Creditors: amounts falling due
after more than one year 9 ( 15,011) ( 35,047)
Provisions for liabilities ( 3,822) ( 2,912)
_______ _______
Net assets 263,051 281,788
_______ _______
Capital and reserves
Called up share capital 500 500
Profit and loss account 262,551 281,288
_______ _______
Shareholder funds 263,051 281,788
_______ _______
For the 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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 February 2025 , and are signed on behalf of the board by:
Miss D Willsmer
Director
Company registration number: 03691067
Willsmer Wagg Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, Thesiger Close, Worthing, West Sussex, BN11 2RN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website Development - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 30 % straight line
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 12 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2024 and 31 December 2024 10,816 10,816
_______ _______
Amortisation
At 1 January 2024 8,652 8,652
Charge for the year 2,163 2,163
_______ _______
At 31 December 2024 10,815 10,815
_______ _______
Carrying amount
At 31 December 2024 1 1
_______ _______
At 31 December 2023 2,164 2,164
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2024 1,360 119,843 121,203
Additions - 4,491 4,491
_______ _______ _______
At 31 December 2024 1,360 124,334 125,694
_______ _______ _______
Depreciation
At 1 January 2024 1,360 104,514 105,874
Charge for the year - 4,531 4,531
_______ _______ _______
At 31 December 2024 1,360 109,045 110,405
_______ _______ _______
Carrying amount
At 31 December 2024 - 15,289 15,289
_______ _______ _______
At 31 December 2023 - 15,329 15,329
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 296,429 377,196
Other debtors 6,483 15,150
_______ _______
302,912 392,346
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 20,013 20,000
Trade creditors 167,687 165,709
Corporation tax 18,657 37,614
Social security and other taxes 60,318 75,239
Other creditors 74,599 54,157
_______ _______
341,274 352,719
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 15,011 35,047
_______ _______
10. Controlling party
The company is under the control of the director, Miss D Willsmer.