Company Registration No. 05716524 (England and Wales)
Everwise Limited
Unaudited Financial Statements
for the year ended 28 February 2023
Everwise Limited
Unaudited Financial Statements
Contents
Everwise Limited
Company Information
for the year ended 28 February 2023
Company Number
05716524 (England and Wales)
Registered Office
ROMER HOUSE
MIDDLE LANE
KINGSTON SEYMOUR CLEVEDON
SOMERSET
BS21 6XR
Everwise Limited
Statement of financial position
as at 28 February 2023
Cash at bank and in hand
16,745
17,140
Creditors: amounts falling due within one year
(4,602)
(5,031)
Net current assets
21,743
16,709
Called up share capital
1
1
Profit and loss account
21,742
16,708
Shareholders' funds
21,743
16,709
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 November 2023 and were signed on its behalf by
S Daniels
Director
Company Registration No. 05716524
Everwise Limited
Notes to the Accounts
for the year ended 28 February 2023
Everwise Limited is a private company, limited by shares, registered in England and Wales, registration number 05716524. The registered office is ROMER HOUSE, MIDDLE LANE, KINGSTON SEYMOUR CLEVEDON, SOMERSET, BS21 6XR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The accounts are presented in £ sterling.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes. All revenue recognised relates to rental income.
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Everwise Limited
Notes to the Accounts
for the year ended 28 February 2023
The Company only enters into basic financial instrument 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, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short term loan, not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
Amounts falling due within one year
5
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
1,181
125
Loans from directors
1,621
2,356
The Director's Loan account is non interest bearing and is repayable on demand.
Allotted, called up and fully paid:
1 Ordinary share of £1 each
1
1
7
Average number of employees
During the year the average number of employees was 1 (2022: 1).