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Registration number: 11447693

Isabella Worsley Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Isabella Worsley Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Isabella Worsley Limited

Company Information

Director

Ms Isabella Worsley

Registered office

342 Westbourne Park Road
London
W11 1EQ

Accountants

Hatherleigh Limited
Chartered Accountants & Business Advisers
Unit D Green Barn
West Down Farm
Corton Denham
Sherborne
Dorset
DT9 4LG

 

Isabella Worsley Limited

(Registration number: 11447693)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

424

2,751

Current assets

 

Stocks

5

3,000

-

Debtors

6

50,342

66,518

Cash at bank and in hand

 

210,989

715,972

 

264,331

782,490

Creditors: Amounts falling due within one year

7

(172,109)

(655,912)

Net current assets

 

92,222

126,578

Net assets

 

92,646

129,329

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

92,546

129,229

Shareholders' funds

 

92,646

129,329

For the financial 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.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 January 2024
 

.........................................
Ms Isabella Worsley
Director

 

Isabella Worsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
342 Westbourne Park Road
London
W11 1EQ

These financial statements were authorised for issue by the director on 30 January 2024.

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.

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;
and specific criteria have been met for each of the company's activities.

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.

 

Isabella Worsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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:
33.3% reducing balance

Asset class

Depreciation method and rate

Office Equipment

33.3% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Isabella Worsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 3).

 

Isabella Worsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

6,221

6,221

At 31 July 2023

6,221

6,221

Depreciation

At 1 August 2022

3,471

3,471

Charge for the year

2,326

2,326

At 31 July 2023

5,797

5,797

Carrying amount

At 31 July 2023

424

424

At 31 July 2022

2,751

2,751

5

Stocks

2023
£

2022
£

Other inventories

3,000

-

6

Debtors

Current

2023
£

2022
£

Trade debtors

26,407

12,797

Prepayments

5,349

5,349

Other debtors

18,586

48,372

 

50,342

66,518

7

Creditors

Creditors: amounts falling due within one year

 

Isabella Worsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2023
£

2022
£

Due within one year

Trade creditors

144,627

55,109

Taxation and social security

9,241

123,355

Accruals and deferred income

1,300

500

Other creditors

16,941

476,948

172,109

655,912

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £48.86 (2022 - £36.86) per each Ordinary shares

 

48,860

 

36,860

         

10

Related party transactions

 

Isabella Worsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Ms Isabella Worsley

The director maintains an interest free loan account with the company which is repayable on demand

10,946

(10,946)

58

58

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

Ms Isabella Worsley

The director maintains an interest free loan account with the company which is repayable on demand

24,377

(88,933)

75,502

10,946

         
       

 

 

Isabella Worsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,576

12,576