Company Registration No. 08123160 (England and Wales)
WRITERS DIGITAL PAYMENTS LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
WRITERS DIGITAL PAYMENTS LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
WRITERS DIGITAL PAYMENTS LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
2021
2020
Notes
£
£
£
£
Non-current assets
Intangible assets
3
15,200
3,900
Property, plant and equipment
4
1,024
1,478
16,224
5,378
Current assets
Trade and other receivables
5
52,260
50,546
Cash and cash equivalents
193,523
211,558
245,783
262,104
Current liabilities
6
(69,110)
(99,590)
Net current assets
176,673
162,514
Net assets
192,897
167,892
Reserves
Income and expenditure account
192,897
167,892
Members' funds
192,897
167,892
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 May 2022 and are signed on its behalf by:
R P Taylor
Director
Company Registration No. 08123160
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WRITERS DIGITAL PAYMENTS LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
Company information
Writers Digital Payments Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
Devonshire House, 1 Devonshire Street, London, W1W 5DR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
pound sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound sterling
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue represents amounts receivable for the provision of support services to performing arts rendered during the period and is recognised when and to the extent that a right to consideration arises.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
Straight line over 10 years
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Straight line over 4 years
Computer equipment
Straight line over 4 years
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
WRITERS DIGITAL PAYMENTS LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
An impairment loss is recognised immediately in
the income statement.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include deposits held at call with banks
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
trade and other receivables
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method
. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WRITERS DIGITAL PAYMENTS LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date
.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
WRITERS DIGITAL PAYMENTS LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Intangible fixed assets
Other
£
Cost
At 1 January 2021
4,000
Additions
12,000
At 31 December 2021
16,000
Amortisation and impairment
At 1 January 2021
100
Amortisation charged for the year
700
At 31 December 2021
800
Carrying amount
At 31 December 2021
15,200
At 31 December 2020
3,900
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2021
4,320
Additions
414
At 31 December 2021
4,734
Depreciation and impairment
At 1 January 2021
2,842
Depreciation charged in the year
868
At 31 December 2021
3,710
Carrying amount
At 31 December 2021
1,024
At 31 December 2020
1,478
5
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Other receivables
52,260
50,546
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WRITERS DIGITAL PAYMENTS LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Current liabilities
2021
2020
£
£
Corporation tax
6,160
179
Other taxation and social security
5,600
22,062
Other payables
57,350
77,349
69,110
99,590
7
Control
The company is limited by guarantee and as at 31 December 202
1
the payment of debts and liabilities have been guaranteed by The Writers' Guild of Great Britain Trustee Company Limited and The Personal Managers' Association Limited.
8
Related party transactions
During the year consultancy fees totalling £
40,000
(20
20
- £
48
,000) were payable to the directors of the company, together with director fees of £
5,000
(20
20
- £7,000). The fees represented services both in respect of the current year and in recognition of the earlier years of the company. Director fees payable are recharged to the company's clients.
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