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REGISTRAR OF COMPANIES |
Registration number:
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WBSA Limited
Contents
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
WBSA Limited
for the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WBSA Limited for the year ended 31 December 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of WBSA Limited, as a body, in accordance with the terms of our engagement letter dated 26 March 2021. Our work has been undertaken solely to prepare for your approval the accounts of WBSA Limited and state those matters that we have agreed to state to the Board of Directors of WBSA Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WBSA Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that WBSA Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of WBSA Limited. You consider that WBSA Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of WBSA Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
Cornmarket
PENRITH
CA11 7HW
WBSA Limited
(Registration number: 09900332)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
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Net liabilities |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
WBSA Limited
(Registration number: 09900332)
Balance Sheet as at 31 December 2024 (continued)
For the financial 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:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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M H Boak
Director
WBSA Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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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.
The company has net liabilities at 31 December 2024 and meets its day to day working capital requirements through support from its parent company.
The director has confirmed that the holding company will continue to support the company and not to request repayment of its loan. The director therefore believes that the going concern basis is appropriate.
However, should the company not have the continued support of its holding company and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts and to provide for any further liabilities which might arise.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.
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.
WBSA Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
Trade debtors
Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
WBSA Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Interest payable and similar charges |
Interest payable comprises £nil (2023 - £694,595) payable on a loan from the parent undertaking.
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Debtors |
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2024 |
2023 |
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Other debtors |
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Loans and borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings includes the following liabilities, on which security has been given by the company:
WBSA Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2024 |
2023 |
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Bank borrowings |
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8,096,399 |
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Other borrowings |
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8,317,224 |
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16,413,623 |
Bank borrowings are secured by fixed and floating charges over the company's assets.