Company registration number 10682319 (England and Wales)
WORDPHRASE LTD (FORMERLY KNOWN AS HOLLA SERVICES LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WORDPHRASE LTD (FORMERLY KNOWN AS HOLLA SERVICES LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WORDPHRASE LTD (FORMERLY KNOWN AS HOLLA SERVICES LTD)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
30,787
30,787
Tangible assets
4
-
0
585
30,787
31,372
Current assets
Stocks
41,428
26,450
Debtors
5
504,806
19,282
Cash at bank and in hand
24,229
30,994
570,463
76,726
Creditors: amounts falling due within one year
6
(10,801)
(252,512)
Net current assets/(liabilities)
559,662
(175,786)
Net assets/(liabilities)
590,449
(144,414)
Capital and reserves
Called up share capital
7
205
100
Share premium account
749,895
-
0
Profit and loss reserves
(159,651)
(144,514)
Total equity
590,449
(144,414)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
SM Morjaria
Director
Company Registration No. 10682319
WORDPHRASE LTD (FORMERLY KNOWN AS HOLLA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Wordphrase Ltd (formerly known as Holla Services Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is Suite 110 82 James Carter Road, Mildenhall, Suffolk, IP28 7DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
10 years
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers - 33% SL

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

WORDPHRASE LTD (FORMERLY KNOWN AS HOLLA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
1
1
WORDPHRASE LTD (FORMERLY KNOWN AS HOLLA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Intangible fixed assets
Website
£
Cost
At 1 April 2022 and 31 March 2023
30,787
Amortisation and impairment
At 1 April 2022 and 31 March 2023
-
0
Carrying amount
At 31 March 2023
30,787
At 31 March 2022
30,787
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
3,046
Depreciation and impairment
At 1 April 2022
2,461
Depreciation charged in the year
585
At 31 March 2023
3,046
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
585
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
Other debtors
504,706
19,182
504,806
19,282
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
10,801
252,512
WORDPHRASE LTD (FORMERLY KNOWN AS HOLLA SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
205
100
205
100
8
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
19,182
4,706
(19,182)
4,706
19,182
4,706
(19,182)
4,706
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