Company Registration No. 10592027 (England and Wales)
WILMOTML LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Star House
Star Hill
Rochester
Kent
ME1 1UX
WILMOTML LTD
CONTENTS
Page
Company information
1
Statement of financial position
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
WILMOTML LTD
COMPANY INFORMATION
- 1 -
Director
Mr J J A Wilmot
Company number
10592027
Registered office
30 Churchill Place
Canary Wharf
London
E14 5EU
Accountants
TC Group
Star House
Star Hill
Rochester
Kent
ME1 1UX
WILMOTML LTD
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
2
2,257
3,160
Tangible assets
3
4,095
2,176
6,352
5,336
Current assets
Debtors
4
281,624
120,613
Cash at bank and in hand
8,775
230,619
290,399
351,232
Creditors: amounts falling due within one year
5
(274,249)
(275,701)
Net current assets
16,150
75,531
Net assets
22,502
80,867
Capital and reserves
Called up share capital
545,516
411,402
Distributable profit and loss reserves
(523,014)
(330,535)
Total equity
22,502
80,867

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

WILMOTML LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 June 2025 and are signed on its behalf by:
Mr J J A Wilmot
Director
Company registration number 10592027 (England and Wales)
WILMOTML LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
150,002
(212,806)
(62,804)
Year ended 30 September 2023:
Loss and total comprehensive income
-
(117,729)
(117,729)
Other movements
261,400
-
261,400
Balance at 30 September 2023
411,402
(330,535)
80,867
Year ended 30 September 2024:
Loss and total comprehensive income
-
(192,479)
(192,479)
Other movements
134,114
-
134,114
Balance at 30 September 2024
545,516
(523,014)
22,502
WILMOTML LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
1
Accounting policies
Company information

WilmotML Ltd is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 30 Churchill Place, Canary Wharf, London, E14 5EU.

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.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has sufficient financial resources to continue as a going concern for the foreseeable future andtrue the directors believe the company will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.

 

The company is in a net liability position due to carried forward losses from previous years. This is due to the Company's investment in R+D research for it's investment platform. The Directors believe that the company is near to completing its development of this investment platform, a view supported by performance testing undertaken, which will enable the company to grow revenues and become profitable in the next 12 months. Development costs will become capitalised at this point. The Directors believe that that the company has sufficient cash in bank coupled with a steady revenue stream to ensure that working capital will be sufficient for the operation of the company for the next 12 months.

 

The shareholders will continue to provide their support in the form of Director time and expertise and are

comfortable the company is a going concern for the next 12 months.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

WILMOTML LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents & licences
10 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost 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
20% straight line
Computer equipment
20% 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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WILMOTML LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WILMOTML LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.9
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
Intangible fixed assets
Patents & licences
£
Cost
At 1 October 2023 and 30 September 2024
9,028
Amortisation and impairment
At 1 October 2023
5,868
Amortisation charged for the year
903
At 30 September 2024
6,771
Carrying amount
At 30 September 2024
2,257
At 30 September 2023
3,160
WILMOTML LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 October 2023
201
14,590
14,791
Additions
-
0
2,499
2,499
Disposals
-
0
(11,692)
(11,692)
At 30 September 2024
201
5,397
5,598
Depreciation and impairment
At 1 October 2023
201
12,414
12,615
Depreciation charged in the year
-
0
580
580
Eliminated in respect of disposals
-
0
(11,692)
(11,692)
At 30 September 2024
201
1,302
1,503
Carrying amount
At 30 September 2024
-
0
4,095
4,095
At 30 September 2023
-
0
0
2,176
2,176
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,696
7,053
Corporation tax recoverable
95,720
55,917
Other debtors
135,813
20,993
Prepayments and accrued income
43,395
36,650
281,624
120,613
WILMOTML LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
404
3,632
Trade creditors
5,844
17,447
Corporation tax
39,803
-
0
Other taxation and social security
-
0
4,968
Other creditors
218,978
237,254
Accruals
9,220
12,400
274,249
275,701

 

6
Directors' transactions

During the year under review, the following transactions took place with the director:

 

Advances to the director of £326,917 (2023 - £130,700)

 

Repayments to the company of £135,039 (2023 - £163,986)

 

As at 30 September 2024 £117,934 (2023 - £73,944 was due to the director) was due from the director.

 

All advances to the director are interest free and repayable on demand.

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