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Registration number: 08891424

Wedidit Creative Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Wedidit Creative Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Wedidit Creative Limited

Company Information

Directors

Martin Dieguez

Rafael Teixeira

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

Wedidit Creative Limited

(Registration number: 08891424)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Debtors

6

34,352

88,562

Cash at bank and in hand

 

547,324

535,346

 

581,676

623,908

Creditors: Amounts falling due within one year

7

(25,139)

(59,474)

Net assets

 

556,537

564,434

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

556,437

564,334

Total equity

 

556,537

564,434

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Wedidit Creative Limited

(Registration number: 08891424)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:
 

.........................................
Martin Dieguez
Director

.........................................
Rafael Teixeira
Director

 

Wedidit Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9 Hare & Billet Road
Blackheath
SE3 0RB

The principal place of business is:
Unit 3.17
1 Elmfield Park
Bromley
BR1 1LU

These financial statements were authorised for issue by the Board on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
the service is delivered. When the service delivered straddles the accounting period end, the income is apportioned on a pro-rata basis.

 

Wedidit Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Wedidit Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

-

366

 

Wedidit Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

16,601

38,846

Deferred taxation

Arising from origination and reversal of timing differences

-

(69)

Tax expense in the income statement

16,601

38,777

6

Debtors

Current

2023
£

2022
£

Trade debtors

34,050

88,261

Prepayments

302

301

 

34,352

88,562

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

6,049

8,567

Taxation and social security

 

351

10,066

Other creditors

 

18,739

40,841

 

25,139

59,474

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,141

25,956

 

Wedidit Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Summary of transactions with other related parties

Martin Dieguez
(Director)

 During the year he received dividends totalling £41,586 (2022: £36,239) and a salary of £12,570 (2022: £12,978). At the balance sheet date the amount due to Martin Dieguez was £nil (2022: £nil).
 
Rafael Teixeira
(Director)
During the year he received dividends totalling £37,086 (2022: £36,319) and a salary of £12,570 (2022: £12,978). At the balance sheet date the amount due to Rafael Teixeira was £nil (2022 : £nil).
 

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Class A ordinary share of £1 each

50

50

50

50

Class B ordinary share of £1 each

50

50

50

50

 

100

100

100

100

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £831.72 (2022 - £724.78) per each Class A ordinary share

 

41,586

 

36,239

Interim dividend of £741.72 (2022 - £726.38) per each Class B ordinary share

 

37,086

 

36,319

   

78,672

 

72,558