WePresent Sourcing Ltd Filleted accounts for Companies House (small and micro)

WEPRESENT SOURCING LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2020-11-12 Sage Accounts Production Advanced 2021 - FRS102_2021 443 443 111 111 332 xbrli:pure xbrli:shares iso4217:GBP 13014606 2020-11-12 2021-12-31 13014606 2021-12-31 13014606 core:FurnitureFittings 2020-11-12 2021-12-31 13014606 bus:Director1 2020-11-12 2021-12-31 13014606 bus:Director2 2020-11-12 2021-12-31 13014606 core:FurnitureFittings 2021-12-31 13014606 core:WithinOneYear 2021-12-31 13014606 core:ShareCapital 2021-12-31 13014606 core:RetainedEarningsAccumulatedLosses 2021-12-31 13014606 bus:SmallEntities 2020-11-12 2021-12-31 13014606 bus:AuditExemptWithAccountantsReport 2020-11-12 2021-12-31 13014606 bus:FullAccounts 2020-11-12 2021-12-31 13014606 bus:SmallCompaniesRegimeForAccounts 2020-11-12 2021-12-31 13014606 bus:PrivateLimitedCompanyLtd 2020-11-12 2021-12-31

COMPANY REGISTRATION NUMBER: 13014606

WePresent Sourcing Ltd

Filleted Unaudited Financial Statements

31 December 2021

WePresent Sourcing Ltd

Financial Statements

Period from 12 November 2020 to 31 December 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

WePresent Sourcing Ltd

Statement of Financial Position

31 December 2021

	31 Dec 21
Note	£	£

Fixed assets

Tangible assets	4		332

Current assets

Debtors	5	16,672
Cash at bank and in hand		15,192
		---------
		31,864

Creditors: amounts falling due within one year	6	( 31,619)
		---------
Net current assets			245
			-----
Total assets less current liabilities			577
			-----
Net assets			577
			-----

WePresent Sourcing Ltd

Statement of Financial Position (continued)

31 December 2021

	31 Dec 21
Note	£	£

Capital and reserves

Called up share capital		100
Profit and loss account		477
		-----
Shareholders funds		577
		-----

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 Section 1A of 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 comprehensive income has not been delivered.

For the period ending 31 December 2021 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 period 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 were approved by the board of directors and authorised for issue on 27 May 2022 , and are signed on behalf of the board by:

Mr P E Mitchell	Mr M Harrison
Director	Director

Company registration number: 13014606

WePresent Sourcing Ltd

Notes to the Financial Statements

Period from 12 November 2020 to 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Saint & Co, The Old Police Station, Church Street, Ambleside, Cumbria, LA22 0BT, England. The address of the principal place of business is Room 9, Enterprise House, Harmire Enterprise Park, Barnard Castle, Co Durham, DL12 8XT, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% straight line

Impairment of fixed assets

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.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank - is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

4. Tangible assets

	Fixtures and fittings
	£
Cost
At 12 November 2020	–
Additions	443
	-----
At 31 December 2021	443
	-----
Depreciation
At 12 November 2020	–
Charge for the period	111
	-----
At 31 December 2021	111
	-----
Carrying amount
At 31 December 2021	332
	-----

5. Debtors

	31 Dec 21
	£
Trade debtors	12,697
Other debtors	3,975
	---------
	16,672
	---------

6. Creditors: amounts falling due within one year

	31 Dec 21
	£
Corporation tax	14,578
Social security and other taxes	16,041
Other creditors	1,000
	---------
	31,619
	---------

7. Directors' advances, credits and guarantees

Mr P E Mitchell had an overdrawn loan account at the year end amounting to £1,937 The loan account was overdrawn during the period, the maximum overdrawn balance was £14,962 Mr M Harrison had an overdrawn loan account at the year end amounting to £2,038 The loan account was overdrawn during the period, the maximum overdrawn balance was £15,063 Beneficial Loan interest has been applied to the overdrawn loan account balances. During the year the interest charged was £93 The overdrawn amounts were cleared by way of dividend within nine months of the year end.