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COMPANY REGISTRATION NUMBER: 05566455
Worth Group Limited
Filleted Unaudited Financial Statements
31 July 2023
Worth Group Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
4
202
202
Current assets
Cash at bank and in hand
1
1
Creditors: amounts falling due within one year
5
3
3
----
----
Net current liabilities
2
2
----
----
Total assets less current liabilities
200
200
----
----
Capital and reserves
Called up share capital
200
200
----
----
Shareholders funds
200
200
----
----
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 July 2023 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 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 were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr. M. Isaacs
Mr. M. Gabel
Director
Director
Company registration number: 05566455
Worth Group Limited
Notes to the Financial Statements
Year ended 31 July 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 Worth House, Unit 32 Stanley Road, Whitefield, Manchester, M45 8QX.
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, 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.
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.
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.
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. 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 are 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. Investments
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
202
----
Impairment
At 1 August 2022 and 31 July 2023
----
Carrying amount
At 31 July 2023
202
----
At 31 July 2022
202
----
The company's investments at the statement of financial position date are as follows.
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
JPS (Surveyors) Limited
Worth House
Ordinary
100
Unit 32 Stanley Road
Whitefield
Manchester M45 8QX
Assettrail Limited
Worth House
Ordinary
100
Unit 32 Stanley Road
Whitefield
Manchester M45 8QX
Boxtrail Ltd
Didsbury House
Ordinary
67
748 Wilmslow Road
Didsbury
Manchester M20 2DW
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2023
2022
2023
2022
£
£
£
£
Subsidiary undertakings
JPS (Surveyors) Limited
124,908
83,230
324,928
327,935
Assettrail Limited
(13,761)
(13,761)
Boxtrail Ltd
6,692
5,978
451
355
---------
--------
---------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3
3
----
----
6. Related party transactions
The group and its subsidiaries have taken advantage of the exemption in section 33 of FRS102, from disclosing transactions with other members of the group headed by Worth Group Limited . In the year the company paid dividends of £258,000 (2022 £242,000) to the directors and their wives.
7. Controlling party
The company was under the control of its directors Mr. M. Isaacs and Mr. M. Gabel throughout the current and previous year. Mr. M. Isaacs , Mr. M. Gabel and their wives own all of the issued shares of the company.