WF Financial Solutions Limited Filleted accounts for Companies House (small and micro)

WF FINANCIAL SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09233744

WF Financial Solutions Limited

Filleted Unaudited Financial Statements

31 August 2019

WF Financial Solutions Limited

Financial Statements

Year Ended 31 August 2019

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 5

WF Financial Solutions Limited

Statement of Financial Position

31 August 2019

	2019		2018
Note	£	£	£

Current Assets

Debtors	4	15,796	6,686
Cash at bank and in hand		19,627	10,054
		---------	---------
		35,423	16,740

Creditors: amounts falling due within one year	5	37,801		73,671
		---------		---------
Net Current Liabilities			2,378	56,931
			--------	---------
Total Assets Less Current Liabilities			( 2,378)	( 56,931)
			--------	---------
Net Liabilities			( 2,378)	( 56,931)
			--------	---------

Capital and Reserves

Called up share capital	6	1	1
Profit and loss account		( 2,379)	( 56,932)
		--------	---------
Shareholders Deficit		( 2,378)	( 56,931)
		--------	---------

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 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 income and retained earnings has not been delivered.

For the year ending 31 August 2019 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 year 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 .

WF Financial Solutions Limited

Statement of Financial Position (continued)

31 August 2019

These financial statements were approved by the board of directors and authorised for issue on 3 June 2020 , and are signed on behalf of the board by:

N Wilson

Director

Company registration number: 09233744

WF Financial Solutions Limited

Notes to the Financial Statements

Year Ended 31 August 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is The Manor House, 260 Ecclesall Road South, Sheffield, South Yorkshire, S11 9PS.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company is reliant on the financial support of other group companies. After making enquiries, the directors are of the opinion that the company has adequate resources to fund its operations for the foreseeable future and so determines that it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Financial instruments

Debtors and creditors with no stated interest rate, and repayable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

4. Debtors

	2019	2018
	£	£
Trade debtors	15,096	5,670
Other debtors	700	1,016
	---------	--------
	15,796	6,686
	---------	--------

5. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	2,870
Amounts owed to group undertakings	22,235	57,243
Accruals and deferred income	1,922	1,875
Corporation tax	12,797	9,805
Social security and other taxes	847	1,878
	---------	---------
	37,801	73,671
	---------	---------

6. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	-----	-----	-----	-----

7. Related party transactions

During the year the company provided and received short term loans from related parties. The balances outstanding due to related parties at 31 August 2019 are as follows:

	2019	2018
	£	£
Amounts owed to group undertakings	22,236	57,243

The above are unsecured, interest free and repayable on demand.

8. Controlling party

The company is a wholly owned subsidiary of Wilson Field Group Limited, a company incorporated and registered in England and Wales. The registered office is The Manor House, 260 Ecclesall Road South, Sheffield, South Yorkshire, S11 9PS.