Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr T R W Cross 01/01/2015 Mr R Taylor 28/01/2010 11 October 2023 The principal activity of the Company during the financial year was that of preparation and selling of arts and crafts. 06832407 2023-03-31 06832407 bus:Director1 2023-03-31 06832407 bus:Director2 2023-03-31 06832407 2022-03-31 06832407 core:CurrentFinancialInstruments 2023-03-31 06832407 core:CurrentFinancialInstruments 2022-03-31 06832407 core:Non-currentFinancialInstruments 2023-03-31 06832407 core:Non-currentFinancialInstruments 2022-03-31 06832407 core:ShareCapital 2023-03-31 06832407 core:ShareCapital 2022-03-31 06832407 core:RetainedEarningsAccumulatedLosses 2023-03-31 06832407 core:RetainedEarningsAccumulatedLosses 2022-03-31 06832407 core:PlantMachinery 2022-03-31 06832407 core:FurnitureFittings 2022-03-31 06832407 core:ComputerEquipment 2022-03-31 06832407 core:PlantMachinery 2023-03-31 06832407 core:FurnitureFittings 2023-03-31 06832407 core:ComputerEquipment 2023-03-31 06832407 bus:OrdinaryShareClass1 2023-03-31 06832407 bus:OrdinaryShareClass2 2023-03-31 06832407 bus:OrdinaryShareClass3 2023-03-31 06832407 bus:OrdinaryShareClass4 2023-03-31 06832407 2022-04-01 2023-03-31 06832407 bus:FullAccounts 2022-04-01 2023-03-31 06832407 bus:SmallEntities 2022-04-01 2023-03-31 06832407 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06832407 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06832407 bus:Director1 2022-04-01 2023-03-31 06832407 bus:Director2 2022-04-01 2023-03-31 06832407 core:PlantMachinery 2022-04-01 2023-03-31 06832407 core:FurnitureFittings 2022-04-01 2023-03-31 06832407 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 06832407 2021-04-01 2022-03-31 06832407 core:ComputerEquipment 2022-04-01 2023-03-31 06832407 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 06832407 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06832407 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 06832407 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 06832407 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 06832407 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 06832407 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 06832407 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 06832407 bus:OrdinaryShareClass4 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06832407 (England and Wales)

WELOVENETWORK LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

WELOVENETWORK LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

WELOVENETWORK LIMITED

BALANCE SHEET

As at 31 March 2023
WELOVENETWORK LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 34,390 34,943
34,390 34,943
Current assets
Stocks 330,000 768,000
Debtors 4 323,690 143,820
Cash at bank and in hand 10,402 26,712
664,092 938,532
Creditors: amounts falling due within one year 5 ( 830,612) ( 963,983)
Net current liabilities (166,520) (25,451)
Total assets less current liabilities (132,130) 9,492
Creditors: amounts falling due after more than one year 6 ( 203,180) 0
Provision for liabilities ( 8,598) ( 8,736)
Net (liabilities)/assets ( 343,908) 756
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 344,008 ) 656
Total shareholder's (deficit)/funds ( 343,908) 756

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Welovenetwork Limited (registered number: 06832407) were approved and authorised for issue by the Board of Directors on 11 October 2023. They were signed on its behalf by:

Mr T R W Cross
Director
WELOVENETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
WELOVENETWORK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Welovenetwork Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is Unit 1, Haxter Court, Broadley Park Road, Roborough, Plymouth, Devon, PL6 7FS.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The dividends voted during the year were voted based on the information available to the directors at the point of the distribution. At the time of the distribution there were sufficient reserves in the company but at the year end the company has fallen into negative reserves. If required financial support will be forthcoming from the directors and shareholders.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost of finished goods and work in progress includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 15

3. Tangible assets

Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 19,195 19,604 14,167 52,966
Additions 0 6,500 333 6,833
At 31 March 2023 19,195 26,104 14,500 59,799
Accumulated depreciation
At 01 April 2022 2,590 5,058 10,375 18,023
Charge for the financial year 2,491 2,832 2,063 7,386
At 31 March 2023 5,081 7,890 12,438 25,409
Net book value
At 31 March 2023 14,114 18,214 2,062 34,390
At 31 March 2022 16,605 14,546 3,792 34,943

4. Debtors

2023 2022
£ £
Trade debtors 1,449 6,878
Other debtors 322,241 136,942
323,690 143,820

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 196,772 321,944
Corporation tax 29,188 58,615
Other taxation and social security 218,829 91,165
Other creditors 385,823 492,259
830,612 963,983

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 203,180 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
35 Ordinary shares of £ 1.00 each 35 35
10 A Ordinary shares of £ 1.00 each 10 10
45 B Ordinary shares of £ 1.00 each 45 45
10 C Ordinary shares of £ 1.00 each 10 10
100 100

8. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
- other 74,928 4,482

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Director 1 80,625 25,605
Director 2 102,348 46,232

Interest is charged on the above balances at 2.5%.