Company registration number 08732762 (England and Wales)
WILMORE FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WILMORE FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WILMORE FINANCE LIMITED
BALANCE SHEET
- 1 -
29 June 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
542
1,031
Current assets
Debtors
4
370,712
355,474
Cash at bank and in hand
691
589
371,403
356,063
Creditors: amounts falling due within one year
5
(277,872)
(210,165)
Net current assets
93,531
145,898
Total assets less current liabilities
94,073
146,929
Creditors: amounts falling due after more than one year
6
(82,249)
(130,489)
Net assets
11,824
16,440
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
11,724
16,340
Total equity
11,824
16,440
For the financial period ended 29 June 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 period 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 and signed by the director and authorised for issue on 27 June 2025
Mr C D Daudy
Director
Company registration number 08732762 (England and Wales)
WILMORE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024
- 2 -
1
Accounting policies
Company information
Wilmore Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Circus House, 2nd Floor, 26 Little Portland Street, London, England, W1W 8BX.
1.1
Reporting period
The company has changed is reporting period end from 30 June 2024 to 29 June 2024.
1.2
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. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable in respect of the provision of services falling within the company's ordinary activities and net of discounts and value added tax.
Revenue from the rendering of services is recognised in the period in which the services are provided in accordance with the stage of completion of the project, when the amount of revenue can be measured reliably and it is probable that the Company will receive the consideration due.
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:
Computers
33.33 % Reducing balance
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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WILMORE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
1.7
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 that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
1.8
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.
1.9
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
1.10
Basic short term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
WILMORE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 29 June 2024
4,281
Depreciation and impairment
At 1 July 2023
3,250
Depreciation charged in the period
489
At 29 June 2024
3,739
Carrying amount
At 29 June 2024
542
At 30 June 2023
1,031
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
370,712
355,474
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30,355
30,104
Corporation tax
115,022
80,689
Other taxation and social security
215
228
Other creditors
132,280
99,144
277,872
210,165
WILMORE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
46,330
56,354
Other creditors
35,919
74,135
82,249
130,489
7
Director's advances, credits and guarantees
During the current period and previous year the company made loan advances to its director and at 30th June 2024 the outstanding balance was £367,840 (2023: £54,460). Interest charged by the company on the balance advanced to the director during the period was £6,591 (2023: £532).