0 false false false false false false false false false true false false false false false true No description of principal activity 2021-08-01 Sage Accounts Production Advanced 2021 - FRS102_2021 71,800 125,973 197,773 17,950 49,443 67,393 130,380 53,850 100 100 100 xbrli:pure xbrli:shares iso4217:GBP 11630417 2021-08-01 2022-07-29 11630417 2022-07-29 11630417 2021-07-31 11630417 2020-11-01 2021-07-31 11630417 2021-07-31 11630417 bus:Director1 2021-08-01 2022-07-29 11630417 core:WithinOneYear 2022-07-29 11630417 core:WithinOneYear 2021-07-31 11630417 core:AfterOneYear 2022-07-29 11630417 core:AfterOneYear 2021-07-31 11630417 core:ShareCapital 2022-07-29 11630417 core:ShareCapital 2021-07-31 11630417 core:RetainedEarningsAccumulatedLosses 2022-07-29 11630417 core:RetainedEarningsAccumulatedLosses 2021-07-31 11630417 core:UKTax 2020-11-01 2021-07-31 11630417 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-07-29 11630417 core:CostValuation core:Non-currentFinancialInstruments 2022-07-29 11630417 core:Non-currentFinancialInstruments 2022-07-29 11630417 bus:SmallEntities 2021-08-01 2022-07-29 11630417 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-29 11630417 bus:FullAccounts 2021-08-01 2022-07-29 11630417 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-29 11630417 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-29 11630417 core:ComputerEquipment 2021-08-01 2022-07-29 11630417 core:ComputerEquipment 2021-07-31 11630417 core:ComputerEquipment 2022-07-29
COMPANY REGISTRATION NUMBER: 11630417
WORLD MOBILE CHAIN LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
29 July 2022
WORLD MOBILE CHAIN LTD
STATEMENT OF FINANCIAL POSITION
29 July 2022
29 Jul 22
31 Jul 21
Note
£
£
£
FIXED ASSETS
Tangible assets
5
130,380
53,850
Investments
6
100
---------
--------
130,480
53,850
CURRENT ASSETS
Debtors
7
1,442,991
537,521
Cash at bank and in hand
44,219
58,048
------------
---------
1,487,210
595,569
CREDITORS: amounts falling due within one year
8
( 5,785,997)
( 2,125,428)
------------
------------
NET CURRENT LIABILITIES
( 4,298,787)
( 1,529,859)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 4,168,307)
( 1,476,009)
CREDITORS: amounts falling due after more than one year
9
( 2,676,706)
( 3,768,772)
------------
------------
NET LIABILITIES
( 6,845,013)
( 5,244,781)
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 6,845,113)
( 5,244,881)
------------
------------
SHAREHOLDERS DEFICIT
( 6,845,013)
( 5,244,781)
------------
------------
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 income and retained earnings has not been delivered.
For the period ending 29 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period 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 .
WORLD MOBILE CHAIN LTD
STATEMENT OF FINANCIAL POSITION (continued)
29 July 2022
These financial statements were approved by the board of directors and authorised for issue on 13 September 2023 , and are signed on behalf of the board by:
C A Barnett
Director
Company registration number: 11630417
WORLD MOBILE CHAIN LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 AUGUST 2021 TO 29 JULY 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Holywell Row, London, EC2A 4JB, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements have been prepared on the going concern basis. The director considers the going concern basis to be appropriate as he has confirmed the ongoing financial support of the creditors of the company. The financial statements are prepared in sterling, which is the functional currency of the entity.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Research and development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale;
- There is the intention to complete the intangible asset and use or sell it;
- There is the ability to use or sell the intangible asset;
- The use or sale of the intangible asset will generate probable future economic benefits;
- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
- The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Research and development tax credits will be recognised in the accounting period they are received.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office & Audio Visual equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. TAX ON LOSS
Major components of tax income
Period from
Period from
1 Aug 21 to
1 Nov 20 to
29 Jul 22
31 Jul 21
£
£
Current tax:
Adjustments in respect of prior periods
( 629,381)
----
---------
Tax on loss
( 629,381)
----
---------
5. TANGIBLE ASSETS
Office & audio visual equipment
£
Cost
At 1 August 2021
71,800
Additions
125,973
---------
At 29 July 2022
197,773
---------
Depreciation
At 1 August 2021
17,950
Charge for the period
49,443
---------
At 29 July 2022
67,393
---------
Carrying amount
At 29 July 2022
130,380
---------
At 31 July 2021
53,850
---------
6. INVESTMENTS
Other investments other than loans
£
Cost
At 1 August 2021
Additions
100
----
At 29 July 2022
100
----
Impairment
At 1 August 2021 and 29 July 2022
----
Carrying amount
At 29 July 2022
100
----
At 31 July 2021
----
7. DEBTORS
29 Jul 22
31 Jul 21
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,417,793
501,661
Other debtors
25,198
35,860
------------
---------
1,442,991
537,521
------------
---------
8. CREDITORS: amounts falling due within one year
29 Jul 22
31 Jul 21
£
£
Bank loans and overdrafts
10,111
10,000
Trade creditors
2,300,718
1,283,835
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,741,969
99,544
Other creditors
733,199
732,049
------------
------------
5,785,997
2,125,428
------------
------------
9. CREDITORS: amounts falling due after more than one year
29 Jul 22
31 Jul 21
£
£
Bank loans and overdrafts
28,646
38,225
Other creditors
2,648,060
3,730,547
------------
------------
2,676,706
3,768,772
------------
------------