REGISTERED NUMBER:
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WMG Services Limited |
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Abridged Audited Financial Statements |
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for the Year Ended 31 October 2021 |
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REGISTERED NUMBER:
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WMG Services Limited |
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Abridged Audited Financial Statements |
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for the Year Ended 31 October 2021 |
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WMG Services Limited (Registered number: 05030312) |
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Contents of the Financial Statements |
for the year ended 31 October 2021 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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WMG Services Limited |
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Company Information |
for the year ended 31 October 2021 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
& Statutory Auditors |
239-241 Kennington Lane |
London |
SE11 5QU |
WMG Services Limited (Registered number: 05030312) |
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Abridged Statement of Financial Position |
31 October 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
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CURRENT ASSETS |
Debtors |
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Investments |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 6 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 8 | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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WMG Services Limited (Registered number: 05030312) |
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Notes to the Financial Statements |
for the year ended 31 October 2021 |
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1. | STATUTORY INFORMATION |
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WMG Services Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover comprises service charges raised to companies in the financial services sector. |
Turnover is recognised when the right to consideration become due in case of services and at the date of completion in case of buying and selling of properties. |
Turnover is generated from ordinary activities of the business. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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WMG Services Limited (Registered number: 05030312) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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Going concern |
The director has indicated that, in his judgement, there is a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. The company is assured of continuing necessary financial support from WMG Limited, the parent company, to enable it to meet its liabilities as they fall due. Therefore, the director continues to adopt the going concern basis preparing these financial statements. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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WMG Services Limited (Registered number: 05030312) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Totals |
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COST |
At 1 November 2020 |
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Additions |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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6. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 4,743 | 1,248 |
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Deferred |
tax |
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Balance at 1 November 2020 |
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Charge to Income Statement during year |
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Balance at 31 October 2021 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 709,631 | 709,631 |
WMG Services Limited (Registered number: 05030312) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 November 2020 | ( |
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Deficit for the year | ( |
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At 31 October 2021 | ( |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | OTHER FINANCIAL COMMITMENTS |
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Under a lease agreement of Part of 3rd Floor, Bond Street House, 14 Clifford Street, London W1, |
expiring on 14th December 2026 with MB BSH (Guernsey) Ltd ( a company incorporated in Guernsey (company number is 58163). The company is to pay an annual of £134,000. The total rent payable under this agreement is £804,000. (2020- £183,225). |
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11. | RELATED PARTY DISCLOSURES |
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WMG Holdings Ltd |
Mr M Dalman is director of the company. |
An amount due from the company is Nil (2020- £434,375). |
This amount has been written off during the year. |
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WMG (Bermuda) Limited |
Mr Pieter Van Leuven is director of the company. |
The company is a subsidiary of WMG Holdings Limited |
An amount to the company is (£115,048) (2020- £51,986). |
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H R Owen Classics Limited |
Mr Pieter Van Leuven is director of the company |
An amount due from the company is £250 (2020- £250) |
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OXR Limited |
Mr Pieter Van Leuven is director of the company. |
An amount due from the company is £1,296,836 (2020- £821,689) |
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WMG Property Development Limited |
An amount due from the company is £25,048 (2020- Nil) |
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All above loans are interest free and repayable on demand. |
WMG Services Limited (Registered number: 05030312) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
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12. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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13. | ULTIMATE CONTROLLING PARTY |
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The parent undertaking of the largest group within the company belongs and for which group financial statements are prepared is WMG Holdings Limited, a company registered in Jersey with company registration number 89999. The smallest group within the company's accounts are consolidated is WMG Limited, a company registered in England and Wales. |
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The directors consider that WMG Holdings Limited are the ultimate controlling party. |