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Company registration number: 10843763
World Wheel Company ( Newcastle ) Limited
Pages for filing with Registrar
30 June 2021
World Wheel Company ( Newcastle ) Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
World Wheel Company ( Newcastle ) Limited
Statement of financial position
30 June 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 2,569,762 2,369,956
_______ _______
2,569,762 2,369,956
Current assets
Debtors 6 69,946 49,819
Cash at bank and in hand 110,753 112,353
_______ _______
180,699 162,172
Creditors: amounts falling due
within one year 7 ( 583,724) ( 760,450)
_______ _______
Net current liabilities ( 403,025) ( 598,278)
_______ _______
Total assets less current liabilities 2,166,737 1,771,678
Creditors: amounts falling due
after more than one year 8 ( 455,710) -
_______ _______
Net assets 1,711,027 1,771,678
_______ _______
Capital and reserves
Called up share capital 200 200
Share premium account 2,009,802 2,009,802
Profit and loss account ( 298,975) ( 238,324)
_______ _______
Shareholder funds 1,711,027 1,771,678
_______ _______
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2022 , and are signed on behalf of the board by:
N Hartley
Director
Company registration number: 10843763
World Wheel Company ( Newcastle ) Limited
Statement of changes in equity
Year ended 30 June 2021
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 July 2019 100 - ( 135,865) ( 135,765)
Loss for the year ( 102,459) ( 102,459)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 102,459) ( 102,459)
Issue of shares 100 2,009,802 2,009,902
_______ _______ _______ _______
Total investments by and distributions to owners 100 2,009,802 - 2,009,902
_______ _______ _______ _______
At 30 June 2020 and 1 July 2020 200 2,009,802 (238,325) 1,771,677
Loss for the year ( 60,650) ( 60,650)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 60,650) ( 60,650)
_______ _______ _______ _______
At 30 June 2021 200 2,009,802 ( 298,975) 1,711,027
_______ _______ _______ _______
World Wheel Company ( Newcastle ) Limited
Notes to the financial statements
Year ended 30 June 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 56 Leazes Park Road, Newcastle upon Tyne, NE1 4PG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. Having carried out a detailed review of the company's resources, the directors are satisfied that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the accounts.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).
5. Tangible assets
Project development costs Total
£ £
Cost
At 1 July 2020 2,369,956 2,369,956
Additions 199,806 199,806
_______ _______
At 30 June 2021 2,569,762 2,569,762
_______ _______
Depreciation
At 1 July 2020 and 30 June 2021 - -
_______ _______
Carrying amount
At 30 June 2021 2,569,762 2,569,762
_______ _______
At 30 June 2020 2,369,956 2,369,956
_______ _______
6. Debtors
2021 2020
£ £
Other debtors 69,946 49,819
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 581,157 503,006
Social security and other taxes 1,546 -
Other creditors 1,021 257,444
_______ _______
583,724 760,450
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Loans 455,710 -
_______ _______
9. Controlling party
The company is controlled by P Lynagh, a director and majority shareholder .