WHHF Ltd - Period Ending 2019-05-31

WHHF Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2019

WHHF Ltd

Contents

Profit and Loss Account and Statement of Retained Earnings	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

WHHF Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 May 2019

	Note	2019 £	2018 £
Turnover		55,000	80,000
Administrative expenses		(525,094)	(877)
(Loss)/profit for the financial year		(470,094)	79,123
Retained earnings brought forward		728,985	649,862
Retained earnings carried forward		258,891	728,985

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

WHHF Ltd

(Registration number: 10175256)
Balance Sheet as at 31 May 2019

	Note	2019 £	2018 £
Fixed assets
Investments	4	507,459	1,031,820
Current assets
Cash at bank and in hand		13,185	5,690
Creditors: Amounts falling due within one year	5	(159,932)	(158,874)
Net current liabilities		(146,747)	(153,184)
Total assets less current liabilities		360,712	878,636
Creditors: Amounts falling due after more than one year	5	(101,721)	(149,551)
Net assets		258,991	729,085
Capital and reserves
Called up share capital		100	100
Profit and loss account		258,891	728,985
Total equity		258,991	729,085

For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 January 2020 and signed on its behalf by:
 

.........................................

Mr Daniel James Willoughby
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

WHHF Ltd

Notes to the Financial Statements for the Year Ended 31 May 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9-15 Grundy Street
Liverpool
L5 9SG
United Kingdom

These financial statements were authorised for issue by the Board on 15 January 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetry amounts in these financial statements are rounded to the nearest £.

Group accounts not prepared

The company and its subsidiary form a small group. The company is therefore not required to produce consolidated financial statements and has not done so. These financial statements present information about the company as a single entity. .

Revenue recognition

Turnover represents dividend income from its subsidary.

Page 3

WHHF Ltd

Notes to the Financial Statements for the Year Ended 31 May 2019 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that results 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.
 Recognition and measurement
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 rate method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, banks, loans from fellow group companies and preference shares 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 future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially mesured at present value of the future cash flows and subsquently at amortised cost using the effective interest method.

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.
 Impairment
Financial assets, other than those held at fair value through profit and loss, are assesed for indicatiors of impairment at each reporting date.

Financial assets are impaired where there is objective evidance, that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cashflows have been affected. If an asset is impaired, the impairment loss os the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carryinh amount would have been, had the impairment not previously been recognised. The reversal impairment is recognised in profit and loss.
 

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Page 4

WHHF Ltd

Notes to the Financial Statements for the Year Ended 31 May 2019 (continued)

2	Accounting policies (continued)

Investments

Interests in subsidaries are initially measured at cost and subsequently measured at cost less accumulated impairment losses. The invetments are assesed for impairment at each reporting date and any impairment losses or reversal of impairment losses are recognised in the profit and loss.

A subsidary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activity.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 3).

4	Investments

	2019 £	2018 £
Investments in subsidiaries	507,459	1,031,820

Page 5

WHHF Ltd

Notes to the Financial Statements for the Year Ended 31 May 2019 (continued)

4	Investments (continued)

Subsidiaries	£
Cost or valuation
At 1 June 2018	1,031,820
Provision
Provision	524,361
Carrying amount
At 31 May 2019	507,459
At 31 May 2018	1,031,820

5

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Amounts owed to related parties		125,840	125,840
Other creditors		34,092	33,034
		159,932	158,874
Due after one year
Other creditors		101,721	149,551

Creditors: amounts falling due after more than one year

	2019 £	2018 £
Due after one year
Other creditors	101,721	149,551

Page 6