Wainbridge Limited - Accounts to registrar (filleted) - small 18.2
Wainbridge Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| WAINBRIDGE LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 31 DECEMBER 2019 |
| WAINBRIDGE LIMITED (REGISTERED NUMBER: 06395016) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| WAINBRIDGE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & |
| Statutory Auditors |
| 201 Haverstock Hill |
| London |
| NW3 4QG |
| WAINBRIDGE LIMITED (REGISTERED NUMBER: 06395016) |
| BALANCE SHEET |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
| WAINBRIDGE LIMITED (REGISTERED NUMBER: 06395016) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Wainbridge Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts are prepared in accordance with applicable United Kingdom Accounting Standards (United |
| Kingdom Generally Accepted Accounting Practice), which have been consistently applied (except as otherwise |
| stated). |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
| transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| The preparation of the financial statements in conformity with FRS102 requires management to make |
| judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and |
| liabilities, income and expenses. The estimates and associated assumptions are based on historical experience |
| and various other factors that are believed to be reasonable under the circumstances, the results of which form |
| the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent |
| from other sources. Actual results may differ from these estimates. |
| Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are |
| recognised in the period in which the estimate is revised and in any future periods affected. |
| The directors are of the opinion that the financial statements are subject to the following significant judgements |
| and estimates: |
| Deferred tax asset |
| At the balance sheet date, a deferred tax net asset of £391,329, of which £429,066 is attributable to trading losses |
| carried forward, has been recognised. The directors are of the opinion that the company will generate sufficient |
| future trading profits against which the losses may be utilised and hence consider the recognition of the asset |
| appropriate. |
| Going concern |
| The Company's ability to continue trading rests on financial support from its parent company Wainbridge |
| Holdings Limited. |
| After making enquiries, the directors have formed the judgement that at the time of approving the financial |
| statements, there is a reasonable expectation that the company has adequate resources to continue in operational |
| existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in |
| preparing the financial statements. |
| As stated in Note 6, the directors have considered the effect of the Covid-19 outbreak. The directors consider |
| that the outbreak is unlikely to cause a significant disruption to the company's activities and are confident that the |
| company can continue as a going concern for a period of at least twelve months from the date of approval of |
| these financial statements. The directors have a reasonable expectation that the company has adequate resources |
| to continue in operation for the foreseeable future. |
| WAINBRIDGE LIMITED (REGISTERED NUMBER: 06395016) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration, excluding discounts, rebates and value added tax. |
| Where revenue exceeds amounts invoiced, the excess is classified as accrued income and included in other |
| debtors. Where amounts invoiced exceed revenue, the excess is classified as deferred income and included in |
| other creditors. |
| Tangible fixed assets |
| Short leasehold | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other accounts receivable and payable and loans to related parties. |
| Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are |
| measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to |
| be paid or received. |
| 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 |
| though profit or loss. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
| an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the |
| amount that the Company would receive for the asset if it were to be sold at the reporting date. |
| 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 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. |
| Foreign currencies |
| 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. |
| WAINBRIDGE LIMITED (REGISTERED NUMBER: 06395016) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Trade debtors |
| Trade debtors are recognised and carried at original invoice amount less an allowance for any non-collectable |
| amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad |
| debts are written off when identified. |
| Trade creditors |
| Trade creditors are recognised and carried at original invoice amount. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and | Computer |
| leasehold | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| WAINBRIDGE LIMITED (REGISTERED NUMBER: 06395016) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| We draw attention to Note 2 of the financial statements, which refers to the ability of the company to continue |
| trading as a going concern. Our opinion is not modified in respect of this matter. |
| for and on behalf of |
| 9. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company and controlling party is Wainbridge Holdings Limited. The parent company held |
| all of 1,986,825 shares of £1 each in Wainbridge Limited. |