Company Registration No. 09113111 (England and Wales)
WF Federated GP Network Limited
Unaudited accounts
for the year ended 31 March 2023
WF Federated GP Network Limited
Unaudited accounts
Contents
WF Federated GP Network Limited
Company Information
for the year ended 31 March 2023
Directors
Dr N Khan-Lodhi
Dr A S Jaleel
Dr H S Johal
Dr S Kawar
Dr T M Kiyani
A B Zahoor
Company Number
09113111 (England and Wales)
Registered Office
500 Larkshall Road
London
E4 9HH
England
WF Federated GP Network Limited
Statement of financial position
as at 31 March 2023
Debtors
3,397,062
3,488,306
Cash at bank and in hand
1,168,881
7,025,868
Creditors: amounts falling due within one year
(3,056,607)
(9,137,734)
Net current assets
1,509,336
1,376,440
Total assets less current liabilities
1,509,636
1,376,540
Creditors: amounts falling due after more than one year
(1,060,000)
(960,000)
Net assets
449,636
416,540
Called up share capital
18,500
18,500
Profit and loss account
431,136
398,040
Shareholders' funds
449,636
416,540
For the year ending 31 March 2023 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2023 and were signed on its behalf by
Dr N Khan-Lodhi
Director
Company Registration No. 09113111
WF Federated GP Network Limited
Notes to the Accounts
for the year ended 31 March 2023
WF Federated GP Network Limited is a private company, limited by shares, registered in England and Wales, registration number 09113111. The registered office is 500 Larkshall Road, London, E4 9HH, England.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. They are presented in GBP and rounded to the nearest pound.
Summary of disclosure exemption
The company has taken advantage of the exemption under FRS 102 paragraph 3.1(b) from preparing a statement of cashflows, on the basis that it is a qualifying small entity.
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
These financial statements have been prepared on a going concern basis which assumes that the company is able to realise its assets and discharge its liabilities in the normal course of the business. The directors have assessed that Covid-19 has not had a material impact on the ability of the company to continue as a going concern. Thus, they have continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make, judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover is measured at fair value of consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from sale of services is recognised when the significant risk & rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefit will flow to the entity; and the cost incurred or to be incurred in respect of the transactions can be measured reliably.
WF Federated GP Network Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% - Straight line
Fixtures & fittings
25% - Straight line
Investments in subsidiary undertakings are initially stated at cost and are subject to annual impairment review.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company operates pension schemes for employees. The annual contributions payable are charged to the profit and loss account.
WF Federated GP Network Limited
Notes to the Accounts
for the year ended 31 March 2023
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
4
Tangible fixed assets
Total
Allotted, called up and fully paid:
37 Ordinary shares of £500 each
18,500
18,500
The company operates pension schemes for the benefit of the directors and employees. The cost charged to the profit and loss account represents contributions payable by the company to the fund and amounted to £214,846 (2022: £213,202). Contributions totaling £37,199 (2022: £24,346) were payable to the fund at the balance sheet date.
7
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
28,805
199,867
Later than one year and not later than five years
264,338
364,053
8
Transactions with related parties
They Company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned, in accordance with Section 33 of FRS 102.
There is no one controlling party of the company.
10
Average number of employees
During the year the average number of employees was 157 (2022: 183).
