| Registered Number:06143205 |
For the year ended 31 December 2024
England and Wales
Unaudited Financial Statements
For the year ended 31 December 2024
Mywalit (UK) Limited
Contents Page
1
Statement of Financial Position
2 to 7
Notes to the Financial Statements
Mywalit (UK) Limited
Statement of Financial Position
2023
2024
| Property, plant and equipment |
1,276
1,718
3
68,024
68,024
4
69,300
69,742
1,340
1,284
5
| Trade and other receivables |
581,211
426,862
6
6,714
| Cash and cash equivalents |
113,185
541,331
589,265
| Trade and other payables: amounts falling due within one |
| year |
(80,531)
(187,143)
7
508,734
354,188
Net current assets
| Total assets less current liabilities |
423,488
578,476
| Trade and other payables: amounts falling due after more |
| than one year |
(14,167)
(4,167)
8
(320)
(430)
| Provisions for liabilities |
419,001
Net assets
563,879
8,300
8,300
409,001
553,879
1,700
1,700
419,001
563,879
Shareholders' funds
| For the year ended 31 December 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 year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006 |
| The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of |
| each financial year and of its profit or loss for each financial year in accordance with the requirements of Section |
| 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial |
| statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
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For the year ended 31 December 2024
Mywalit (UK) Limited
Statement of Financial Position Continued
| These financial statements were approved and authorised for issue by the Board on 05 December 2025 and were signed by: |
| The notes form part of these financial statements |
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For the year ended 31 December 2024
Mywalit (UK) Limited
Notes to the Financial Statements
Statutory Information
| Mywalit (UK) Limited is a private limited company, limited by shares, domiciled in England and Wales, registration |
| number 06143205. |
11 Chiltern Avenue
Bushey
Hertfordshire
WD23 4PY
| The presentation currency is £ sterling. |
Basis of preparing the financial statements
| These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
| Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the |
| Companies Act 2006. The financial statements have been prepared under the historical cost convention unless |
| otherwise specified within these accounting policies. |
Revenue recognition
| Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of value added tax and trade discounts. Revenue is recognised on the sale of goods when the significant risks and rewards of ownership of the goods have passed to the buyer. For retail sales this is deemed to be the point that the goods have been delivered to the customer; for wholesale sales this is deemed to be the point that goods are dispatched. Management fees are charged by the company to its subsidiaries in respect of services provided including ordering goods, monitoring stock and product performance. Management fee income is recognised by the company when the services are provided. |
Intangible assets
| Other intangible assets comprise of website set up costs. They are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment costs. Amortisation is provided at rates calculated to write off the cost of other intangibles over their useful lives. Website set up costs are written off over 3 years on a straight line basis. |
Property, plant and equipment
| Office equipment are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
| 25% and 30% Reducing balance |
Office Equipment
Inventories
| Inventories are value at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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For the year ended 31 December 2024
Mywalit (UK) Limited
Notes to the Financial Statements 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, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits: - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Foreign currencies
| Foreign currency transactions are translated into the functional currency using the average exchange rate for the month in which the transaction occurs. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. |
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Going concern
| After making enquiries, the directors have a reasonable expectation that the company has adequate resources to |
| continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of |
| at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt |
| the going concern basis in preparing the financial statements. |
Financial instruments
| The company does not trade in financial instruments and all such instruments, other than long term bank loans, arise |
| directly from operations. |
| All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing |
| transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based |
| on observable data that the balance may be impaired. The company does not hold collateral against its trade and |
| other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for |
| impairment. |
| The company's cash holdings comprise on demand balances only. All cash is held with banks with strong external |
| credit ratings. |
| Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing |
| transaction. They are only derecognised when they are extinguished. Other financial liabilities, including bank and |
| other loans, are measured initially at fair value, net of transaction costs, and are subsequently measured at |
| amortised cost using the effective interest rate method. |
| Bank loans raised for the support of long term funding of the company's operations are recognised at fair value net |
| of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue |
| costs are charged to the statement of comprehensive income on an accruals basis using the effective interest rate |
| method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in |
| which they arose. |
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For the year ended 31 December 2024
Mywalit (UK) Limited
Notes to the Financial Statements Continued
| 2. Intangible fixed assets |
75,684
75,684
75,684
75,684
-
-
| 3. Property, plant and equipment |
29,662
29,662
| Provision for depreciation and impairment |
27,944
Charge for year
442
28,386
1,276
1,718
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For the year ended 31 December 2024
Mywalit (UK) Limited
Notes to the Financial Statements Continued
| 4. Investments held as fixed assets |
| Shares in group and participating interests |
68,024
68,024
68,024
68,024
68,024
68,024
68,024
68,024
| The following were subsidiary undertakings of the company: |
| Name Principal activity shares Holding |
| MyWalit.com LLC Leather goods wholesale Ordinary 52.5% |
| MyWalit.com SRL Leather goods wholesale Ordinary 100% |
| MyWalit Toscana SRL Leather goods retail Ordinary 100% |
| MyWalit Servizi SRL Service company Ordinary 100% |
| The registered office address of Mywalit.com, LLC is 4801 Tesla Drive, Suite C, Bowie, MD 20715, USA. |
| The registered office address of all other subsidiaries is Via del Brennero 104/BK, 55100 Lucc, LU, Italy |
2023
2024
1,284
1,340
| 6. Trade and other receivables |
2023
2024
402,233
371,041
| Amounts owed by group undertakings and participating interests |
21,229
207,703
| Prepayments and accrued income |
1,542
1,395
1,858
1,072
581,211
426,862
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For the year ended 31 December 2024
Mywalit (UK) Limited
Notes to the Financial Statements Continued
| 7. Trade and other payables: amounts falling due within one year |
2023
2024
10,000
10,000
1,244
2,682
| Amounts owed to group undertaking and undertaking in which the |
| company has a participating interest |
-
51,681
| Taxation and social security |
16,910
10,016
| Accruals and deferred income |
10,102
5,499
148,020
-
867
653
187,143
80,531
| 8. Trade and other payables: amounts falling due after more than one year |
2023
2024
4,167
14,167
| 9. Directors advances and guarantees |
Loaned
Repaid
T P Irving
Director's Loan Account
1,127
-
3,381
2,254
1,127
-
3,381
2,254
| Included in other debtors is the overdrawn loan account of T P Irving. This loan account was unsecured and |
| repayable on demand. No interest was charged. It was fully repaid by the end of April 2025. |
| 10. Average number of persons employed |
During the year the average number of employees was 6 (2023 : 6)
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