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REGISTERED NUMBER:
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WMG Funds Limited |
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Abridged Audited Financial Statements |
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for the Year Ended 31 October 2019 |
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REGISTERED NUMBER:
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WMG Funds Limited |
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Abridged Audited Financial Statements |
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for the Year Ended 31 October 2019 |
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WMG Funds Limited (Registered number: 05237578) |
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Contents of the Financial Statements |
for the year ended 31 October 2019 |
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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 Funds Limited |
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Company Information |
for the year ended 31 October 2019 |
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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 Funds Limited (Registered number: 05237578) |
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Abridged Statement of Financial Position |
31 October 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Share premium | 7 |
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Retained earnings | 7 | ( |
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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 on
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WMG Funds Limited (Registered number: 05237578) |
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Notes to the Financial Statements |
for the year ended 31 October 2019 |
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1. | STATUTORY INFORMATION |
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WMG Funds Limited is a
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registered number and registered office address can be found on the Company Information page. |
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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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Preparation of consolidated financial statements |
The financial statements contain information about WMG Funds Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section 400 |
of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its |
subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, W |
M G Limited, . |
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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 |
Turnover comprises service charges made to companies in the financial services sector and share of financial |
securities trading activities. Fees and other income are recognised on an accruals basis and are shown exclusive |
of Value Added Tax. |
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Turnover is generated from ordinary activities of the business. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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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 Funds Limited (Registered number: 05237578) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2019 |
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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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Going concern |
The director has indicated that, in their judgement, there is reasonable expectation that the company has adequate |
resources to continue in operational existence for the foreseeable future. Notwithstanding this, the company is |
assured of continuing necessary financial support from WMG Limited, the parent company to enable it to meet |
its liability as that fall due. Therefore, the director continues to adopt the going concern basis in preparing these |
financial statements. |
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Expenses |
Expenses incurred have been recognised on an accruals basis. |
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Investments |
Investments are stated at cost less provision for any permanent diminution in value. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 November 2018 |
and 31 October 2019 | 3,460,141 |
PROVISIONS |
At 1 November 2018 |
and 31 October 2019 | 1,369,376 |
NET BOOK VALUE |
At 31 October 2019 | 2,090,765 |
At 31 October 2018 | 2,090,765 |
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Investments represent the company's 100% capital contribution in WMG Advisors LLP. The partnership is an |
investment manager registered in UK. |
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Other investments are funds available for investment management services. |
WMG Funds Limited (Registered number: 05237578) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2019 |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 1,010,002 | 1,010,002 |
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Allotted share capital included 1 ordinary share of £1 which is not paid. |
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7. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 November 2018 | ( |
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908,998 |
Profit for the year |
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At 31 October 2019 | ( |
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1,013,006 |
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8. | 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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9. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature, we take our auditors assistance in submission of |
returns to the tax authorities and the preparation of the financial statements. |
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10. | ULTIMATE CONTROLLING PARTY |
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The parent undertaking of largest group within which 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 which 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 is the ultimate controlling party. |