WeLocate Finance Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10598606 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

WELOCATE FINANCE LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

6

DIRECTORS:

Mr D G Warburton

Mr M Plano

REGISTERED OFFICE:

Britannic House

657 Liverpool Road

Irlam

Manchester

Lancashire

M44 5XD

REGISTERED NUMBER:

10598606 (England and Wales)

ACCOUNTANTS:

Cadishead Accountancy Services Limited

Britannic House

657 Liverpool Road

Irlam

Manchester

Lancashire

M44 5XD

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of other credit granting not elsewhere classified

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 January 2022 to the date of this report.

The beneficial interests of the directors holding office at 31 December 2022 in the shares of the company, according to the register of directors' interests, were as follows:

31.12.22

1.1.22

Ordinary shares of £1.00 each

Mr D G Warburton

1

1

Mr M Plano

2

2

These directors did not hold any non-beneficial interests in the shares of the company.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr D G Warburton - Director

21 September 2023

FIXED ASSETS

Tangible assets

4

7

88

CURRENT ASSETS

Debtors

5

79,486

30,916

Cash at bank

9,345

43,580

88,831

74,496

CREDITORS

Amounts falling due within one year

6

(22,533

)

(18,805

)

NET CURRENT ASSETS

66,298

55,691

TOTAL ASSETS LESS CURRENT LIABILITIES

66,305

55,779

CREDITORS

Amounts falling due after more than one year

7

(16,091

)

(16,681

)

PROVISIONS FOR LIABILITIES

(1

)

(17

)

NET ASSETS

50,213

39,081

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

50,210

39,078

SHAREHOLDERS' FUNDS

50,213

39,081

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:

Mr D G Warburton - Director

1.	STATUTORY INFORMATION

WeLocate Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2022

and 31 December 2022

5,507

DEPRECIATION

At 1 January 2022

5,419

Charge for year

81

At 31 December 2022

5,500

NET BOOK VALUE

At 31 December 2022

7

At 31 December 2021

88

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Other debtors

79,486

30,916

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

2,796

4,500

Taxation and social security

5,682

4,424

Other creditors

14,055

9,881

22,533

18,805

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

16,091

16,681

8.	RELATED PARTY DISCLOSURES

Included within other debtors due within one year is £76,292(2021 - £29,931) owed by Welocate Limited.

Included within other creditors due within one year is £8,861(2021 - £8,861) owed to Plano Limited.

Mr M. Plano is a director and shareholder at Welocate Limited and Plano Limited which are companies registered in England and Wales.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M Plano.