WSS Holdings Limited 31/12/2019 iXBRL

WSS Holdings Limited 31/12/2019 iXBRL

WSS HOLDINGS LIMITED - Company Information

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Company registration number: 02470855
(England and Wales)
WSS Holdings Limited
Unaudited filleted financial statements
For the year ended
31 December 2019
WSS Holdings Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
WSS Holdings Limited
Directors and other information
Directors Mr S. J. Gregory
Mrs S. B. Gregory
Mr P. J. Lasky
Secretary S. B. Gregory
Company number 02470855
Registered office Unit 19, Langham Barns
Langham Lane
Colchester
Essex
CO4 5ZS
Business address Unit 19, Langham Barns
Langham Lane
Langham, Colchester
Essex
CO4 5ZS
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
WSS Holdings Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of WSS Holdings Limited
Year ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WSS Holdings Limited for the year ended 31 December 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of WSS Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of WSS Holdings Limited and state those matters that we have agreed to state to the board of directors of WSS Holdings Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WSS Holdings Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that WSS Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of WSS Holdings Limited. You consider that WSS Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of WSS Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
18 September 2020
WSS Holdings Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Investments 5 65,119 65,119
_______ _______
65,119 65,119
Current assets
Debtors 6 - 4,500
Cash at bank and in hand 7,222 1,918
_______ _______
7,222 6,418
Creditors: amounts falling due
within one year 7 ( 666) -
_______ _______
Net current assets 6,556 6,418
_______ _______
Total assets less current liabilities 71,675 71,537
_______ _______
Net assets 71,675 71,537
_______ _______
Capital and reserves
Called up share capital 8 31,474 31,474
Share premium account 9 3,779 3,779
Capital redemption reserve 9 36,084 36,084
Profit and loss account 9 338 200
_______ _______
Shareholders funds 71,675 71,537
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 September 2020 , and are signed on behalf of the board by:
Mr S. J. Gregory Mr P. J. Lasky
Director Director
Company registration number: 02470855
WSS Holdings Limited
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 19, Langham Barns, Langham Lane, Colchester, Essex, CO4 5ZS.
The principal activity of the company continued to be that of a holding company.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 0 (2018: 0).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2019 and 31 December 2019 65,119 65,119
_______ _______
Impairment
At 1 January 2019 and 31 December 2019 - -
_______ _______
Carrying amount
At 31 December 2019 65,119 65,119
_______ _______
At 31 December 2018 65,119 65,119
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Wallis Shipping Services Limited same as WSS Holdings Ordinary 100
WSS Procurement Limited same as WSS Holdings Ordinary 100
Investments in associates
2019 2018
£ £
_______ _______
Carrying amount of investments in associates 5,044 5,044
_______ _______
6. Debtors
2019 2018
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 4,500
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax 666 -
_______ _______
8. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares of £ 1.00 each 31,474 31,474 31,474 31,474
_______ _______ _______ _______
9. Reserves
The share premium account and capital redemption reserve arose from a number of share reorganisations prior to 31 December 2014.The profit and loss reserve contains the balance of retained earnings to carry forward. It is fully distributable and shown as part of capital and reserves on the statement of financial position.
10. Related party transactions
At the year end, the company was owed £Nil (2018: £4,500) from its subsidiary, Wallis Shipping Services Limited in relation to dividends receivable.The amount is interest free and payable upon demand.