Company registration number 14266043 (England and Wales)
WEFAM MANAGEMENT UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
WEFAM MANAGEMENT UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WEFAM MANAGEMENT UK LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
2,952
Current assets
Debtors
4
-
0
3,032
Cash at bank and in hand
1,280
1,499
1,280
4,531
Creditors: amounts falling due within one year
5
(107,319)
(85,185)
Net current liabilities
(106,039)
(80,654)
Net liabilities
(106,039)
(77,702)
Capital and reserves
Called up share capital
1,100
1,000
Profit and loss reserves
(107,139)
(78,702)
Total equity
(106,039)
(77,702)

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

The members have 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 his responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 31 May 2025 and are signed on its behalf by:
Mr S Chidgzey
Director
Company registration number 14266043 (England and Wales)
WEFAM MANAGEMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

WEFAM Management UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 14-15 Berners Street, London, W1T 3LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

These accounts have been prepared on the going concern basis, the validity of which is dependent upon the continuing financial support of the parent company, trueWEFAM Global, to ensure adequate facilities are available for the company to discharge its liabilities as they fall due. This was the first year of trading for the Company and funding was provided by the parent company which will not seek repayment until such time as the Company is in a financial position to do so. Based on this, the directors believe that it is appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover represents amounts receivable in relation to fees received for music management and studio hire.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33% Straight Line

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.

1.5
Financial instruments

The company has only basic financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

WEFAM MANAGEMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
3,714
Disposals
(3,714)
At 31 August 2024
-
0
Depreciation and impairment
At 1 September 2023
762
Eliminated in respect of disposals
(762)
At 31 August 2024
-
0
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
2,952
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
3,032
WEFAM MANAGEMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,277
-
0
Taxation and social security
-
0
6,723
Other creditors
106,042
78,462
107,319
85,185
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