Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01falseproduction and retail of knitware.22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12058529 2022-07-01 2023-06-30 12058529 2021-07-01 2022-06-30 12058529 2023-06-30 12058529 2022-06-30 12058529 c:Director1 2022-07-01 2023-06-30 12058529 d:PlantMachinery 2022-07-01 2023-06-30 12058529 d:PlantMachinery 2023-06-30 12058529 d:PlantMachinery 2022-06-30 12058529 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 12058529 d:OfficeEquipment 2022-07-01 2023-06-30 12058529 d:OfficeEquipment 2023-06-30 12058529 d:OfficeEquipment 2022-06-30 12058529 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 12058529 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 12058529 d:CurrentFinancialInstruments 2023-06-30 12058529 d:CurrentFinancialInstruments 2022-06-30 12058529 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12058529 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 12058529 d:ShareCapital 2023-06-30 12058529 d:ShareCapital 2022-06-30 12058529 d:RetainedEarningsAccumulatedLosses 2023-06-30 12058529 d:RetainedEarningsAccumulatedLosses 2022-06-30 12058529 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 12058529 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 12058529 c:OrdinaryShareClass1 2022-07-01 2023-06-30 12058529 c:OrdinaryShareClass1 2023-06-30 12058529 c:OrdinaryShareClass1 2022-06-30 12058529 c:FRS102 2022-07-01 2023-06-30 12058529 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 12058529 c:FullAccounts 2022-07-01 2023-06-30 12058529 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12058529









WOOLLY THINKING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
WOOLLY THINKING LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
WOOLLY THINKING LIMITED
REGISTERED NUMBER: 12058529

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
37,936
48,756

  
37,936
48,756

Current assets
  

Stocks
 5 
4,297
1,500

Debtors: amounts falling due within one year
 6 
823
452

Cash at bank and in hand
 7 
4,718
4,910

  
9,838
6,862

Creditors: amounts falling due within one year
 8 
(113,429)
(102,086)

Net current liabilities
  
 
 
(103,591)
 
 
(95,224)

Total assets less current liabilities
  
(65,655)
(46,468)

  

Net liabilities
  
(65,655)
(46,468)


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
(65,657)
(46,470)

  
(65,655)
(46,468)


Page 1

 
WOOLLY THINKING LIMITED
REGISTERED NUMBER: 12058529
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

................................................
A Sinclair
Director

Date: 16 February 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WOOLLY THINKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Woolly Thinking Limited is a private company, limited by shares and incorporated in England and Wales with registration number of 12058529. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the forseeable future.
Having considered the financial support available from its shareholder, the directors consider the adoption of the going concern basis in preparing these financial statements is appropriate.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
WOOLLY THINKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Raw materials includes the cost to acquire such materials. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.

Page 4

 
WOOLLY THINKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Debtors

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.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

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.

 
2.10

Financial instruments

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 ordinary shares.


3.


Employees

The average monthly number of employees, including non-payrolled directors, during the year was 2 (2022 - 2).

Page 5

 
WOOLLY THINKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost 


At 1 July 2022
71,087
629
71,716



At 30 June 2023

71,087
629
71,716



Depreciation


At 1 July 2022
22,633
327
22,960


Charge for the year on owned assets
10,663
157
10,820



At 30 June 2023

33,296
484
33,780



Net book value



At 30 June 2023
37,791
145
37,936



At 30 June 2022
48,454
302
48,756


5.


Stocks

2023
2022
£
£

Raw materials
4,297
1,500



6.


Debtors

2023
2022
£
£


Other debtors
823
452


Page 6

 
WOOLLY THINKING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,718
4,910



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,298
-

Other creditors
103,316
97,316

Accruals and deferred income
4,815
4,770

113,429
102,086



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
4,718
4,910




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand. 


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1 each
2
2


 
Page 7