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WSM Associates Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Walji & Co Private Clients Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04499039
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 154,007 122,819
154,007 122,819
CURRENT ASSETS
Debtors 6 286,480 445,620
Cash at bank and in hand 345,057 292,851
631,537 738,471
Creditors: Amounts Falling Due Within One Year 7 (223,813 ) (381,187 )
NET CURRENT ASSETS (LIABILITIES) 407,724 357,284
TOTAL ASSETS LESS CURRENT LIABILITIES 561,731 480,103
PROVISIONS FOR LIABILITIES
Deferred Taxation (38,502 ) (30,705 )
NET ASSETS 523,229 449,398
CAPITAL AND RESERVES
Called up share capital 8 4 4
Profit and Loss Account 523,225 449,394
SHAREHOLDERS' FUNDS 523,229 449,398
Page 1
Page 2
For the year ending 31 March 2025 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G A Newell
Director
04/11/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
WSM Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04499039 . The registered office is Unit 9 The Glenmore Centre, Guildford Street, Southampton, SO14 5BF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2024: 18)
16 18
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2024 30,000
As at 31 March 2025 30,000
Amortisation
As at 1 April 2024 30,000
As at 31 March 2025 30,000
Net Book Value
As at 31 March 2025 -
As at 1 April 2024 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 19,038 220,944 55,265 20,314 315,561
Additions 7,273 91,975 - 2,306 101,554
Disposals - (64,191 ) - - (64,191 )
As at 31 March 2025 26,311 248,728 55,265 22,620 352,924
Depreciation
As at 1 April 2024 10,378 134,599 36,953 10,812 192,742
Provided during the period 3,983 41,214 4,578 7,125 56,900
Disposals - (50,725 ) - - (50,725 )
As at 31 March 2025 14,361 125,088 41,531 17,937 198,917
Net Book Value
As at 31 March 2025 11,950 123,640 13,734 4,683 154,007
As at 1 April 2024 8,660 86,345 18,312 9,502 122,819
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 162,242 359,256
Prepayments and accrued income 124,238 86,364
286,480 445,620
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7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 54,987 108,392
Corporation tax 138,147 169,537
Other taxes and social security 10,365 13,898
VAT 11,157 83,240
Other creditors 5,702 3,485
Other creditors (1) 1,824 1,550
Accruals and deferred income 1,631 1,085
223,813 381,187
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 4 4
Page 5