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FINANCIAL STATEMENTS |
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FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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WTUK LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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FOR |
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WTUK LIMITED |
WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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WTUK LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditor |
10 Stadium Business Court |
Millennium Way |
Pride Park |
Derby |
DE24 8HP |
WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2019 |
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2019 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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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
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10 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Retained earnings |
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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 Board of Directors and authorised for issue on
signed on its behalf by: |
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WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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WTUK 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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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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FUNCTIONAL CURRENCY |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
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PERIODS COVERED IN THE FINANCIAL STATEMENTS |
The current period shown in these financial statements covers the period of 31 January 2019 to 31 December |
2019. |
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The comparative period shown in these financial statements covers the period of 1 August 2017 to 30 January |
2019. |
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PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about WTUK Limited as an individual company and do not contain |
consolidated financial information as the parent of a group. The company has taken the option under Section |
399 of the Companies Act 2006 not to prepare consolidated financial statements. |
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SIGNIFICANT JUDGEMENTS AND ESTIMATES |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, |
including expectations of future events that are believed to be reasonable under the circumstances. |
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The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic |
lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. |
They are amended when necessary to reflect current estimates, based on technological advancement, future |
investments, economic utilisation and the physical condition of the assets. |
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The directors consider assets held on lease to be classified as finance leases where substantially all the risks |
and rewards incidental to ownership are transferred to the company. |
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The directors have considered the recoverability of all investment and loans through review of the relevant |
company's financials, concluding that no write-down of loans or investments is required. The review performed |
assessed the finances of relevant companies, taking into account group support provided to these companies. |
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TURNOVER |
In presenting its turnover the company has disclosed the revenue attributable to the company, presented on an |
agency basis in accordance with generally accepted accounting practice. In previous periods the company had |
disclosed the gross value of the revenue and costs on currency contracts. This is now disclosed as additional |
information at the top of the statement of income and retained earnings. There has been no effect on the profit |
for the current or comparative period. |
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Turnover 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 of commissions and fees generated from the remitted funds on behalf of clients and |
currency sales made in the normal course of business. Turnover from currency sales is recognised when receipt |
of payment can be assured and significant risks and rewards of ownership have transferred to the customer. |
Where the company enters into forward currency exchange contracts, revenue is deferred and is only |
recognised when receipt of payment can be assured and the significant risks and rewards of ownership have |
passed to the customer by including turnover within the profit and loss account. |
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INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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TANGIBLE FIXED ASSETS |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Equipment | - |
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Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation |
and impairment losses. |
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INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
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FINANCIAL INSTRUMENTS |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at their |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. Loans and borrowings are initially recognised at the transaction price including |
transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, |
less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
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TAXATION |
Taxation for the period 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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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 period 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 |
Monetary 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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HIRE PURCHASE AND LEASING COMMITMENTS |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their |
fair value. The capital element of the future payments is treated as a liability and the interest is charged to the |
profit and loss account on a straight line basis. |
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Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
the lessor are charged against profits on a straight line basis over the period of the lease. |
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PENSION COSTS |
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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INVESTMENTS |
Investments are initially recorded at cost. Expected permanent material impairments are recognised in the profit |
and loss account for the year. |
WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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GOING CONCERN |
The company meets its day to day working capital requirements through its current cash resources and financing |
facilities. The current economic conditions create uncertainty particularly over the timing and level of demand for |
the company's products and services. The company's forecasts and projections, taking account of reasonably |
possible changes in trading performance, show that the company should be able to operate within the level of its |
current facility and cash resource. The directors have reviewed the forecasts, which have been prepared to |
January 2021, and have concluded that there is a reasonable expectation that the company has adequate |
resources to continue in operational existence for the foreseeable future. Accordingly they have prepared the |
financial statements on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | AUDITORS' REMUNERATION |
Period | Period |
31.1.19 | 1.8.17 |
to | to |
31.12.19 | 30.1.19 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
14,400 |
14,400 |
Total audit fees | 14,400 | 14,400 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 31 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 31 January 2019 |
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Charge for period |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 30 January 2019 |
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WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 31 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 31 January 2019 |
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Charge for period |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 30 January 2019 |
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7. | FIXED ASSET INVESTMENTS |
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2019 | 2019 |
£ | £ |
Shares in group undertakings |
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Other investments not loans |
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Additional information is as follows: |
Shares in |
group |
undertakings |
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COST |
At 31 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 30 January 2019 |
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Investments (neither listed nor unlisted) were as follows: |
2019 | 2019 |
£ | £ |
Other investments |
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WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Directors' loan accounts |
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Deferred tax asset |
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Prepayments and accrued income |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2019 |
£ | £ |
Other loans |
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Trade creditors |
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Tax | ( |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2019 |
£ | £ |
Other loans - 1-2 years | 67,874 | 141,661 |
Other loans - 2-5 years | 300,424 | 130,401 |
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11. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2019 |
£ | £ |
Within one year |
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12. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2019 |
£ | £ |
Other loans |
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13. | DEFERRED TAX |
£ |
Balance at 31 January 2019 | ( |
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Utilised during period |
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Balance at 31 December 2019 | ( |
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WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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14. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2019 |
value: | £ | £ |
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A Ordinary Shares | £1 | 1,140 | 1,140 |
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B Ordinary Shares | £1 | 114 | 114 |
1,254 | 1,254 |
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Income |
The A and B shares will be entitled to profits of the company from time to time as agreed by all of the A and B |
ordinary shareholders. Dividends may, subject to the provisions of the Act, be payable by the directors at |
variable rates on the different classes of shares. The directors may only pay dividends on the unanimous |
approval of the shareholders. |
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Capital |
On a return of assets in liquidation, the assets of the company remaining after the payment of its liabilities shall |
be distributed equally between each class of shares and then in proportion to the number of shares held by each |
shareholder within each class. |
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Voting Rights |
With the exception of approving dividend payments, each shareholder shall have one vote for each share held. |
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Class Rights |
Whenever the capital of the company is divided into different classes of shares the rights attached to any class |
may be varied or abrogated either whilst the company is a going concern or during or in contemplation of a |
winding up, only with the consent in writing of the holders of 75% of the issued shares of that class. |
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15. | 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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WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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16. | TRANSACTIONS WITH DIRECTORS AND SHAREHOLDERS |
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Transactions with directors |
During the year the following transactions took place and at the year-end the balances existed with directors of |
the company. |
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2019 | 2019 |
£ | £ |
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Opening balance owed to the company | 186,273 | 241,635 |
Loans to director during the year | 61,110 | 120,538 |
Loans repaid to the company during the year | (141,430 | ) | (175,900 |
Closing balance owed to the company | 105,953 | 186,273 |
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Transactions with shareholders |
During the year the following transactions took place and at the year-end the balances existed with a |
shareholder of the company. The below balances are included in other debtors. |
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2019 | 2019 |
£ | £ |
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Opening balance owed to the company | 63,071 | 100,340 |
Loans to director during the year | 3,500 | 63,832 |
Loans repaid to the company during the year | (73,420 | ) | (101,101 |
Closing balance owed to the company | (6,849 | ) | 63,071 |
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It is the company policy to charge interest on all overdrawn loan accounts at the HMRC official rate of interest. |
The amount charged during the year in respect of the above loans was £3,817 (2019 - £10,771). |
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A director and a shareholder have provided joint personal guarantees for £265,000 of loans included within other |
loans and will be required to meet any shortfall in loan repayments made by the company. |
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17. | RELATED PARTY DISCLOSURES |
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During the period the company had the following transactions with related parties: |
2019 | 2019 |
£ | £ |
Subsidiary company |
Balance brought forward owed to the company | 145,627 | 44,240 |
Amounts paid to the related company | 70,902 | 135,525 |
Amounts paid to the company | (14,316 | ) | (34,138 | ) |
Balance carried forward owed to the company | 202,213 | 145,627 |
Companies in which a director is a beneficial owner |
Balance brought forward owed to the company | 93,079 | 206,029 |
Amounts paid to the related companies | 475 | 1,301 |
Amounts written off | - | (101,051 | ) |
Amounts paid to the company | (2,250 | ) | (13,200 | ) |
Balance carried forward owed to the company | 91,304 | 93,079 |
Companies in which a director has common control |
Balance brought forward owed to the company | 281,370 | 486,947 |
Amounts paid to the related companies | 41,986 | 266,049 |
Amounts written off | - | (11,517 | ) |
Amounts paid to the company | (34,837 | ) | (460,109 | ) |
Balance carried forward owed to the company | 288,519 | 281,370 |
WTUK LIMITED (REGISTERED NUMBER: 08261731) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JANUARY 2019 TO 31 DECEMBER 2019 |
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18. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company has a share option scheme for an employee. The option was granted on 13 July 2015 and covers |
30 A Ordinary shares and 3 B Ordinary shares in the company. The option is exercisable at a price of £100 per A |
Ordinary share and £1,000 per B Ordinary share. The vesting period is from the date of grant for a period of 10 |
years. |
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If the option remain unexercised after a period of 10 years from the date of grant, the option expires. The option |
is forfeited if the employee leaves the company before the option vests. |
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The company has elected not to apply Section 26 Share based payments to equity instruments granted before |
the date of transition to FRS 102. FRS 20 has been applied to instruments granted prior to the date of transition. |
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19. | OFF BALANCE SHEET ARRANGEMENTS |
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As at the year end the amounts held in designated client accounts was £9,819 (2019: £2,680,910). These |
balances are not included within the financial statements. |