2020-09-012021-08-312021-08-31false07725203WIGHT INITIATIVES 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WIGHT INITIATIVES LTD

Registered Number
07725203
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2021

WIGHT INITIATIVES LTD
Company Information
for the year from 1 September 2020 to 31 August 2021

Directors

WIGHT, Lisa Katherine

Registered Address

Building 18 Gateway 1000, Whittle Way
Arlington Business Park
Stevenage
SG1 2FP

Registered Number

07725203 (England and Wales)
WIGHT INITIATIVES LTD
Balance Sheet as at
31 August 2021

Notes

2021

2020

£

£

£

£

Fixed assets
Tangible assets51,210798
1,210798
Current assets
Debtors4,8613,977
Cash at bank and on hand2,82833,437
7,68937,414
Creditors amounts falling due within one year7(136,484)(166,830)
Net current assets (liabilities)(128,795)(129,416)
Total assets less current liabilities(127,585)(128,618)
Creditors amounts falling due after one year(33,812)(35,000)
Net assets(161,397)(163,618)
Capital and reserves
Called up share capital100100
Profit and loss account(161,497)(163,718)
Shareholders' funds(161,397)(163,618)
The financial statements were approved and authorised for issue by the Director on 20 July 2022, and are signed on its behalf by:
WIGHT, Lisa Katherine
Director
Registered Company No. 07725203
WIGHT INITIATIVES LTD
Notes to the Financial Statements
for the year ended 31 August 2021

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
The company has net current liabilities of £131,589 (2019: £188,093) at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the director has given assurance that he will continue to provide support to the company to allow it to continue in the operation for the foreseeable future. The director therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
4.Employee information

20212020
Average number of employees during the year--
5.Property, plant and equipment

Total

£
Cost or valuation
At 01 September 2010,618
Additions607
At 31 August 2111,225
Depreciation and impairment
At 01 September 209,820
Charge for year196
Other adjustments(1)
At 31 August 2110,016
Net book value
At 31 August 211,210
At 31 August 20798
6.Debtors within one year

2021

2020

££
Trade debtors / trade receivables3,6773,699
Other debtors984-
Prepayments and accrued income-278
Total4,6613,977
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors within one year

2021

2020

££
Trade creditors / trade payables25,99026,529
Taxation and social security9,48710,116
Other creditors100,107129,336
Accrued liabilities and deferred income900849
Total136,484166,830
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.