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COMPANY REGISTRATION NUMBER: 02735104
Worldspan Trading Company Limited
Filleted Unaudited Financial Statements
31 January 2023
Worldspan Trading Company Limited
Financial Statements
Year ended 31 January 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Worldspan Trading Company Limited
Officers and Professional Advisers
Director AR Renshaw
- Director
Company secretary
E Renshaw
Registered office
Unit 180-182 Road E
Boughton Industrial Estate
Boughton
Newark
Nottinghamshire
NG22 9LD
Accountants
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton in Ashfield
Nottinghamshire
NG17 4EA
Worldspan Trading Company Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
5,688
132,344
Current assets
Stocks
80,500
86,734
Debtors
6
35,117
29,561
Cash at bank and in hand
19,487
8,721
---------
---------
135,104
125,016
Creditors: amounts falling due within one year
7
176,415
178,696
---------
---------
Net current liabilities
41,311
53,680
--------
---------
Total assets less current liabilities
( 35,623)
78,664
Creditors: amounts falling due after more than one year
8
23,463
34,622
Provisions
1,081
25,146
--------
--------
Net (liabilities)/assets
( 60,167)
18,896
--------
--------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
( 70,167)
8,896
--------
--------
Shareholders (deficit)/funds
( 60,167)
18,896
--------
--------
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 year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Worldspan Trading Company Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 1 September 2023 , and are signed on behalf of the board by:
AR Renshaw
Director
Company registration number: 02735104
Worldspan Trading Company Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 180-182 Road E, Boughton Industrial Estate, Boughton, Newark, Nottinghamshire, NG22 9LD.
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 are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. This may not be appropriate as the company had a balance sheet deficit of £60,167 at 31st January 2023. The company is therefore dependent on the continued support of its directors. Should this support be withdrawn and the company be unable to continue trading, adjustments would have to be made to reduce the value of the assets and their net realisable value and to provide any further liabilities which might arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 10 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022
185,961
208,004
393,965
Additions
3,750
3,750
Disposals
( 175,666)
( 208,005)
( 383,671)
---------
---------
---------
At 31 January 2023
10,295
3,749
14,044
---------
---------
---------
Depreciation
At 1 February 2022
118,847
142,774
261,621
Charge for the year
356
78
434
Disposals
( 110,926)
( 142,773)
( 253,699)
---------
---------
---------
At 31 January 2023
8,277
79
8,356
---------
---------
---------
Carrying amount
At 31 January 2023
2,018
3,670
5,688
---------
---------
---------
At 31 January 2022
67,114
65,230
132,344
---------
---------
---------
6. Debtors
2023
2022
£
£
Other debtors
35,117
29,561
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,580
12,175
Trade creditors
123,641
149,436
Corporation tax
11,339
Social security and other taxes
19,355
11,023
Other creditors
2,500
6,062
---------
---------
176,415
178,696
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,463
34,622
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr TS Timson
18,158
168,514
( 186,672)
--------
---------
---------
----
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr TS Timson
( 1,585)
59,743
( 40,000)
18,158
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--------
--------
--------