IRIS Accounts Production v25.1.4.42 05030312 director 1.11.23 31.10.24 31.10.24 9/6/25 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh050303122023-10-31050303122024-10-31050303122023-11-012024-10-31050303122022-10-31050303122022-11-012023-10-31050303122023-10-3105030312ns15:EnglandWales2023-11-012024-10-3105030312ns14:PoundSterling2023-11-012024-10-3105030312ns10:Director12023-11-012024-10-3105030312ns10:PrivateLimitedCompanyLtd2023-11-012024-10-3105030312ns10:SmallEntities2023-11-012024-10-3105030312ns10:Audited2023-11-012024-10-3105030312ns10:SmallCompaniesRegimeForDirectorsReport2023-11-012024-10-3105030312ns10:SmallCompaniesRegimeForAccounts2023-11-012024-10-3105030312ns10:AbridgedAccounts2023-11-012024-10-3105030312ns10:OrdinaryShareClass12023-11-012024-10-3105030312ns10:RegisteredOffice2023-11-012024-10-3105030312ns5:CurrentFinancialInstruments2024-10-3105030312ns5:CurrentFinancialInstruments2023-10-3105030312ns5:ShareCapital2024-10-3105030312ns5:ShareCapital2023-10-3105030312ns5:RetainedEarningsAccumulatedLosses2024-10-3105030312ns5:RetainedEarningsAccumulatedLosses2023-10-3105030312ns5:PlantMachinery2023-11-012024-10-3105030312ns5:FurnitureFittings2023-11-012024-10-3105030312ns5:ComputerEquipment2023-11-012024-10-3105030312ns5:PlantMachinery2023-10-3105030312ns5:FurnitureFittings2023-10-3105030312ns5:ComputerEquipment2023-10-3105030312ns5:PlantMachinery2024-10-3105030312ns5:FurnitureFittings2024-10-3105030312ns5:ComputerEquipment2024-10-3105030312ns5:PlantMachinery2023-10-3105030312ns5:FurnitureFittings2023-10-3105030312ns5:ComputerEquipment2023-10-3105030312ns5:WithinOneYearns5:CurrentFinancialInstruments2024-10-3105030312ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3105030312ns5:CurrentFinancialInstruments2023-11-012024-10-3105030312ns5:DeferredTaxation2023-10-3105030312ns5:DeferredTaxation2023-11-012024-10-3105030312ns5:DeferredTaxation2024-10-3105030312ns10:OrdinaryShareClass12024-10-3105030312ns5:RetainedEarningsAccumulatedLosses2023-10-3105030312ns5:RetainedEarningsAccumulatedLosses2023-11-012024-10-31
REGISTERED NUMBER: 05030312 (England and Wales)


WMG Services Limited

Abridged Audited Financial Statements

for the Year Ended 31 October 2024






WMG Services Limited (Registered number: 05030312)






Contents of the Financial Statements
for the year ended 31 October 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


WMG Services Limited

Company Information
for the year ended 31 October 2024







DIRECTOR: Mr P Van Leuven





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 05030312 (England and Wales)





AUDITORS: Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU

WMG Services Limited (Registered number: 05030312)

Statement of Financial Position
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 6 955 9,220

CURRENT ASSETS
Debtors 7 24,544,019 20,871,700
Investments 8 - 381,820
Cash at bank 291,749 17,962
24,835,768 21,271,482
CREDITORS
Amounts falling due within one year 9 27,437,987 22,518,385
NET CURRENT LIABILITIES (2,602,219 ) (1,246,903 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,601,264

)

(1,237,683

)

PROVISIONS FOR LIABILITIES 10 - 2,532
NET LIABILITIES (2,601,264 ) (1,240,215 )

CAPITAL AND RESERVES
Called up share capital 11 709,631 709,631
Retained earnings 12 (3,310,895 ) (1,949,846 )
SHAREHOLDERS' FUNDS (2,601,264 ) (1,240,215 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 June 2025 and were signed by:




Mr P Van Leuven - Director


WMG Services Limited (Registered number: 05030312)

Notes to the Financial Statements
for the year ended 31 October 2024

1. STATUTORY INFORMATION

WMG Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises service charges raised to companies in the financial services sector.
Turnover is recognised when the right to consideration become due in case of services after it is performed.Turnover is generated from ordinary activities of the business.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


WMG Services Limited (Registered number: 05030312)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The director has indicated that, in his judgement, there is a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. The company is assured of continuing necessary financial support from WMG Limited, the parent company, to enable it to meet its liabilities as they fall due. Therefore, the director continues to adopt the going concern basis preparing these financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

5. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

34,000

32,000
Auditors' remuneration for non audit work 25,545 23,655

Included in auditors remuneration of £34,000 (2023 : 32,000) is £24,000 (2023 : 22,000) relating to the audit of WMG Ltd and other subsidiaries in the group.

WMG Services Limited (Registered number: 05030312)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2023
and 31 October 2024 31,742 35,449 14,345 81,536
DEPRECIATION
At 1 November 2023 23,457 35,444 13,415 72,316
Charge for year 7,785 - 480 8,265
At 31 October 2024 31,242 35,444 13,895 80,581
NET BOOK VALUE
At 31 October 2024 500 5 450 955
At 31 October 2023 8,285 5 930 9,220

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Rent deposits 66,307 66,307
Amounts owed by group undertakings 24,432,674 18,879,451
H R Owen Classics Ltd 250 250
OXR Limited - 1,357,155
Global Prime Partners - 522,657
Prepayments 44,788 45,880
24,544,019 20,871,700

The amounts owed by related entities are unsecured, interest free and have no fixed date of repayment.

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other investments - 381,820

Please see note 16

WMG Services Limited (Registered number: 05030312)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 2,364
Trade creditors 811,059 1,344,316
Amounts owed to group undertakings 26,411,272 20,961,159
Tax - 9,119
Social security and other taxes - 24,606
Pension control account 5,042 5,509
VAT 35,456 154
WMG (Bermuda) Limited 115,048 115,048
Accrued expenses 60,110 56,110
27,437,987 22,518,385

The amounts owed to group undertakings are unsecured, interest free and have no fixed date of repayment.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - 2,532

Deferred
tax
£   
Balance at 1 November 2023 2,532
Credit to Income Statement during year (2,532 )
Balance at 31 October 2024 -

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
709,631 Ordinary £1 709,631 709,631

WMG Services Limited (Registered number: 05030312)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

12. RESERVES
Retained
earnings
£   

At 1 November 2023 (1,949,846 )
Deficit for the year (1,361,049 )
At 31 October 2024 (3,310,895 )

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Altan Kemal FCA FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co

14. OTHER FINANCIAL COMMITMENTS

Under a lease agreement of Part of 3rd Floor, Bond Street House, 14 Clifford Street, London W1,
expiring on 14th December 2026 with MB BSH (Guernsey) Ltd ( a company incorporated in Guernsey (company number is 58163). The company is to pay an annual of £134,000. The total rent payable under this agreement is £167,500. (2023- £301,500).

15. RELATED PARTY DISCLOSURES

WMG Holdings Limited
Mr M Dalman is director of the company and parent company.

There following 3 companies are under common control

1) WMG (Bermuda) Limited
Amount due to the company is £115,048 (2023 : £115,048) at the year end.

2) H R Owen Classics Limited
An amount due from the company is £250 (2023 : £250)

3) OXR Limited
An amount due from the company is nil (2023 : £1,357,155)
These amounts were written off during the year.

All above loans are interest free and repayable on demand.

Person with significant control
During the year the investment was sold to him. (Please see note 10).
Included in trade creditors is an amount of £735,611 (2023 : £1,190,569) due to him at the balance sheet date. Included in professional fees is an amount of £35,045 charged by a company which belongs to him.

WMG Services Limited (Registered number: 05030312)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

16. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

17. ULTIMATE CONTROLLING PARTY

The parent undertaking of the largest group within the company belongs and for which group financial statements are prepared is WMG Holdings Limited, a company registered in Jersey with company registration number 89999. The smallest group within the company's accounts are consolidated is WMG Limited, a company registered in England and Wales.

The directors consider that WMG Holdings Limited are the ultimate controlling party.