ACCOUNTS - Final Accounts preparation

WICKHAM COURT ASSET MANAGEMENT LTD - Company Information

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Registered number: 11982369

WICKHAM COURT ASSET MANAGEMENT LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MAY 2021

WICKHAM COURT ASSET MANAGEMENT LTD

REGISTERED NUMBER: 11982369

BALANCE SHEET

AS AT 31 MAY 2021

		2021		2020
Note		£		£


Current assets
Stocks	4	489,330		-
Debtors: amounts falling due within one year	5	337,622		512
Cash at bank and in hand	6	5		-
		826,957		512
Creditors: amounts falling due within one year	7	(843,340)		(22,011)
Net current liabilities			(16,383)		(21,499)
Total assets less current liabilities			(16,383)		(21,499)

Net liabilities			(16,383)		(21,499)

Capital and reserves
Called up share capital	8	1	1
Profit and loss account	9	(16,384)	(21,500)
Shareholders' deficit		(16,383)	(21,499)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr J K Lee

Director

Date: 23 September 2021

The notes on pages 2 to 6 form part of these financial statements.

Page 1

WICKHAM COURT ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

1.	General information

Wickham Court Asset Management Limited is a private company limited by shares and incorporated in England and Wales registered number 11982369. The address of the registered office and principal place of trading is 20-22 Wenlock Road, London N1 7GU.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A - Small Entities. There were no material departures from that standard.

2.3

Going concern

The Company is in a net liability position however on the basis of future cashflow forecasts and growth post balance sheet date, the directors are satisifed that the Company is a going concern.The Company has met its day to day working capital requirements from loans provided by a Director, which will not be called upon to the detriment of the Company. The Directors consider that the Company will continue to operate as a going concern, and meet its liabilites as they fall due for the forseeable future, and as such the financial statements are prepared on a going concern basis.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

WICKHAM COURT ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.Accounting policies (continued)

2.5

Revenue

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, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

WICKHAM COURT ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.Accounting policies (continued)

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in 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.

2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

4.	Stocks
		2021	2020
		£	£

	Finished goods and goods for resale	489,330	-

Stock recognised in cost of sales during the year as an expense was £489,330 (2020 - NIL)

Page 4

WICKHAM COURT ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

Debtors

					2021	2020
					£	£


Trade debtors	337,622	504
Other debtors	-	8
	337,622	512

6.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	5	-
Less: bank overdrafts	-	(904)
	5	(904)

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank overdrafts	-	904
Trade creditors	457,393	-
Other taxation and social security	609	-
Other creditors	42,716	18,607
Accruals and deferred income	342,622	2,500
	843,340	22,011

8.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

100 (2020 - 100) Ordinary shares of £0.01 each	1	1

Page 5

WICKHAM COURT ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.

10.Other financial commitments

At the balance sheet date the Company was committed to purchasing stocks to the value of $8,000,000.

11.	Related party transactions
	Included within other creditors due within one year is an amount owed to the directors totalling £30,301 (2020 -£18,607), this balance is interest free and repayable on demand.

Page 6