Wilson Global Strategy Consultants Limited - Filleted accounts

Wilson Global Strategy Consultants Limited
Statement of financial position
as at 31 March 2021
	Notes	2021		2020
		£		£
Non-current assets
Tangible assets	6	332,368		332,368
Other investments	7	1,429,414		463,439
		1,761,782		795,807
Current assets
Derivative financial instruments	8	665,068		64,284
Current tax assets		6,824		7,774
Trade and other receivables	9	14,100		10,560
Cash and cash equivalents	10	1,416,392		1,683,256
		2,102,384		1,765,874
Current liabilities
Trade and other payables	11	(40,424)		(10,981)
Interest-bearing loans and borrowings	12	(794,289)		(4,713)
Non interest-bearing loans and borrowings	13	(2,572,168)		(2,597,384)
Derivative financial instruments	8	(93,404)		(284,412)
		(3,500,285)		(2,897,490)
Net current liabilities		(1,397,901)		(1,131,616)
Non-current liabilities
Deferred tax liabilities	14	(56,072)		(16,937)
Net assets/(liabilities)		307,809		(352,746)
Equity
Share capital		501		501
Retained earnings		307,308		(353,247)
Total equity		307,809		(352,746)
For the year ending 31 March 2021, 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 nancial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
These financial statements were approved and authorised for issue by the board of directors on 28 December 2021 and are signed on behalf of the board by:
Ian Gibson Wilson
Director
The notes form part of these financial statements.

Wilson Global Strategy Consultants Limited
Notes to the financial statements
for the year ended 31 March 2021
1	Statutory information
	Registered name	Wilson Global Strategy Consultants Limited
	Legal form	Private limited company (Ltd)
	Limited by	Shares
	Country of formation	England
	Registered office	Oakley, 55 The Park, Cheltenham, Gloucestershire, GL50 2SA
2	Basis of preparation
	These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
	The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities measured at fair value.

Given the significant impact of COVID-19 on the economy, the director has paid particular attention to the appropriateness of the going concern basis in preparing these financial statements.

The company had net assets of £307,809 and net cash balances of £1,372,103 at 31 March 2021. Fixed overheads are insignficant. The company holds certain liquid investments together with listed investments, all of which continue to generate income. Included in the company's net assets of £307,809 at 31 March 2021, were loans from the director and a related party totalling £2,572,168 (2020: £2,597,384). These loans are repayable on demand, but both the director and the related party have agreed that no repayment will be sought which would jeopardise the company’s ability to meet its commitments as they fall due for a period of at least one year from the date that the financial statements for the year ended 31 March 2021 are approved and signed. Therefore, the director has, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Thus, the company continues to adopt the going concern basis of accounting in preparing these financial statements.

	Unless otherwise stated, the accounting policies set out below have remained unchanged from the previous year and have been applied consistently to all periods presented in these financial statements.
	In accordance with the option provided under the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008, the company has adapted one of the prescribed Statement of financial position formats, so as to distinguish between current and non-current items in a different way.
	Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency'). The financial statements are presented in pounds Sterling, which is the company’s functional and presentation currency.

3	Critical accounting judgements and key estimation of uncertainty
	The preparation of financial statements in conformity with accounting standards usually requires management to make judgements, estimates and assumptions in applying the company's accounting policies to determine the reported amounts of assets, 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. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis with revisions to accounting estimates applied prospectively.
	Critical accounting judgements
	Critical judgements made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements must be disclosed. However, in the course of preparing the financial statements, no judgements have been made in the process of applying the company's accounting policies, other than those involving estimations, that have had a significant effect on the amounts recognised in the financial statements.
	Key sources of estimation uncertainty
	The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year must be disclosed. Where assumptions and estimates have been made, details are included within the relevant note to the financial statements.

4	Accounting policies
	General
	This section contains a description of the company’s significant accounting policies that relate to the financial statements as a whole. Further accounting policies are disclosed within the relevant note to the financial statements.

	Revenue
	Revenue comprises consultancy income and other recoveries.
	Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Foreign currency translation

Transactions in currencies, other than the company's functional currency, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the Statement of income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

	Borrowing costs
	All borrowing costs are recognised in the Statement of income in the year in which they are incurred.

5	Employees
						2021		2020
						Number		Number
	Average number of people with employment contracts in the year					-		-
6	Tangible assets

	Accounting policy
	Tangible assets are measured at cost less accumulated depreciation less accumulated impairment losses.
	Where an asset has a finite life, the economic benefits embodied in that asset are assumed to be consumed over that life. Such assets are depreciated to their residual value on a straight-line basis over their estimated useful lives of between two and five years.
	An asset’s residual value is the estimated amount that it could be sold for today, if it were already of the age and condition that it will be in when the company expects to sell it. Where an asset’s residual value is equal to, or greater than its carrying amount, no depreciation charge arises.
	Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, if there is an indication of a significant change since the last reporting date.
	An impairment loss is recognised in the Statement of income if the carrying amount of an asset subject to depreciation, exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.
	Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the Statement of income.

								Artwork
								£
	Cost
	At 1 April 2020							332,368
	At 31 March 2021							332,368
	Carried value at 31 March 2021							332,368
	Carried value at 31 March 2020							332,368
	The carrying value of the artworks is reviewed for impairment at regular intervals by an experienced art administrator. The director believes that the value carried in the financial statements is reasonable.
7	Investments

	Accounting policy
	Investments whose market value can be reliably determined are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement, are recognised in the Statement of income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
	Where there is an intention to hold shares on a continuing basis, the shareholding is classified as an investment under non-current assets.

								Listed securities
								£
	Cost or valuation at 1 April 2020							463,439
	Additions							760,000
	Revaluation gains/(losses)							205,975
	Cost or valuation c/fwd.							1,429,414
	Carried value at 31 March 2021							1,429,414
	Carried value at 31 March 2020							463,439
8	Derivative financial instruments

	Accounting policy
	The company deals in financial futures, options and other derivatives for its own account.
	Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently measured at fair value at each reporting date. The resulting gain or loss is recognised in the Statement of income.
	A derivative is presented as a financial asset or financial liability depending on whether it is in favourable or unfavourable position for the company at the reporting date.

		Assets		Liabilities		Assets		Liabilities
		2021		2021		2020		2020
		£		£		£		£
	Non-exchange traded
	Option contracts	665,068		(93,404)		64,284		(284,412)
	Analysis
	Current assets	665,068		-		64,284		-
	Current liabilities	-		(93,404)		-		(284,412)
		665,068		(93,404)		64,284		(284,412)
	Over the counter options are valued by the company’s counterparty, UBS Switzerland AG, using generally accepted pricing models such as Black Scholes, where inputs are based on market data at the year-end date.
9	Trade and other receivables

Accounting policy

Financial assets representing a contractual right to receive cash or another financial asset from another entity, which bear no stated interest rate and are receivable within one year, are measured at their transaction price until they are settled or otherwise extinguished. Any losses arising from impairment are recognised in the Statement of income.

						2021		2020
						£		£
	Trade receivables					5,980		10,560
	Accrued income					8,120		-
						14,100		10,560
	Analysis
	Current assets					14,100		10,560
10	Cash and cash equivalents

	Accounting policy
	Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature at no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

						2021		2020
						£		£
	Balances with banks					1,416,392		1,683,256
11	Trade and other payables

Accounting policy

Financial liabilities representing a contractual obligation to pay cash or another financial asset to another entity, which bear no stated interest rate and are payable within one year, are measured at their transaction price until they are settled or otherwise extinguished.

						2021		2020
						£		£
	Trade payables					200		200
	Social security and other taxes (employment taxes and VAT)					3,783		2,302
	Accruals					36,441		8,479
						40,424		10,981
	Analysis
	Current liabilities					40,424		10,981
12	Interest-bearing loans and borrowings

	Accounting policy
	Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Statement of income over the period of the borrowings, using the effective interest method.

						2021		2020
						£		£
	Loan 1					750,000		-
	Bank overdraft					44,289		4,713
						794,289		4,713
	Analysis of maturity of debt:
	Within one year or on demand					794,289		4,713
13	Non-interest-bearing loans and borrowings

Accounting policy

Where a small entity receives a loan that is not repayable on demand from a person who is within a “director’s group” and that group contains at least one shareholder in the entity, and the loan is not at a market rate of interest, then the entity may choose to initially measure that loan at transaction price instead of imputing a market rate of interest and measuring the loan at present value. A director’s group consist of a director, or a close family member of that director.

Loans that are repayable on demand, are presented as a current liability at their nominal value, irrespective of whether the loan is at a market rate of interest or not.

						2021		2020
						£		£
	Director's group loan 1					1,907,168		1,932,384
	Director's group loan 2					665,000		665,000
						2,572,168		2,597,384
	Analysis of maturity of debt:
	Within one year or on demand					2,572,168		2,597,384
	The loans are unsecured, interest-free and repayable on demand
14	Taxation

	Accounting policy
	Taxation represents the sum of tax currently payable and deferred tax.
	The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
	Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
	Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

		Assets		Liabilities		Assets		Liabilities
		2021		2021		2020		2020
		£		£		£		£
	Deferred tax at 31 March relates to the following:
	Revaluation of investments	-		56,072		-		16,937
	Reconciliation
	At 1 April	-		16,937		-		-
	Charge for the year	-		39,135		-		16,937
	At 31 March	-		56,072		-		16,937
15	Financial instruments
	This disclosure will assist users in understanding the extent to which accounting policies affect the amounts at which financial assets and financial liabilities are recognised in the financial statements
						2021		2020
						£		£
	Carrying amount of financial assets
	Measured at fair value					2,094,482		64,284
	Measured at amortised cost					1,416,392		1,683,256
						3,510,874		1,747,540
	Carrying amount of financial liabilities
	Measured at fair value					93,404		284,412
	Measured at amortised cost					3,366,457		2,602,097
						3,459,861		2,886,509
	As at the Statement of financial position date, open derivative contracts all expire within 12 months of the year-end.
16	Related party disclosures
	Included within non interest-bearing loans and borrowings is an amount of £1,907,168 (2020: £1,932,384) due to the director of the company. The amount due is interest free and due on demand.
	Included within non interest-bearing loans and borrowings is an amount of £665,000 (2019: £665,000) due to an individual with a close relationship to the director of the company. The amount due is interest free and due on demand.
17	Events after the end of the reporting period
	There are no reportable events after the reporting period.