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Company No: 13046826 (England and Wales)

SIZE WORKS LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

SIZE WORKS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

SIZE WORKS LTD

COMPANY INFORMATION

For the financial year ended 30 November 2023
SIZE WORKS LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTOR Simon Whitehead
SECRETARY Georgina Anne Hopkins
REGISTERED OFFICE Old Mill Group Leeward House
Fitzroy Road
Exeter
EX1 3LJ
United Kingdom
COMPANY NUMBER 13046826 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Leeward House
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
SIZE WORKS LTD

BALANCE SHEET

As at 30 November 2023
SIZE WORKS LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 3,000 4,500
Tangible assets 4 65,134 55,170
68,134 59,670
Current assets
Debtors 5 89,302 40,801
Cash at bank and in hand 21,266 19,832
110,568 60,633
Creditors: amounts falling due within one year 6 ( 177,296) ( 148,235)
Net current liabilities (66,728) (87,602)
Total assets less current liabilities 1,406 (27,932)
Net assets/(liabilities) 1,406 ( 27,932)
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,306 ( 28,032 )
Total shareholders' funds/(deficit) 1,406 ( 27,932)

For the financial year ending 30 November 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 financial statements of Size Works Ltd (registered number: 13046826) were approved and authorised for issue by the Director on 09 March 2024. They were signed on its behalf by:

Simon Whitehead
Director
SIZE WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
SIZE WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Size Works Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Old Mill Group Leeward House, Fitzroy Road, Exeter, EX1 3LJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Other intangible assets

Intangible assets relate to a franchise fee and licence agreement and are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 10 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

The fixtures and fittings are now depreciated over 10 years instead of 4 years as the directors have reviewed the accounting estimate and believe this reflects the anticipated useful economic life of the assets more accurately. Under the previous accounting estimate the fixtures and fittings depreciation in the year ended 30 November 2023 would have totalled £9,312, compared to the actual current depreciation of fixtures and fittings of £5,472.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 31 15

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 December 2022 7,500 7,500
At 30 November 2023 7,500 7,500
Accumulated amortisation
At 01 December 2022 3,000 3,000
Charge for the financial year 1,500 1,500
At 30 November 2023 4,500 4,500
Net book value
At 30 November 2023 3,000 3,000
At 30 November 2022 4,500 4,500

4. Tangible assets

Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 December 2022 17,649 52,809 3,775 74,233
Additions 0 18,083 4,103 22,186
At 30 November 2023 17,649 70,892 7,878 96,419
Accumulated depreciation
At 01 December 2022 5,428 12,144 1,491 19,063
Charge for the financial year 4,412 5,472 2,338 12,222
At 30 November 2023 9,840 17,616 3,829 31,285
Net book value
At 30 November 2023 7,809 53,276 4,049 65,134
At 30 November 2022 12,221 40,665 2,284 55,170

5. Debtors

2023 2022
£ £
Trade debtors 87,844 38,884
Other debtors 1,458 1,917
89,302 40,801

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 116,101 60,715
Other taxation and social security 33,961 20,239
Other creditors 27,234 67,281
177,296 148,235

7. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 33,600 33,600

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Key management personnel 2,637 46,588

Balances disclosed above represent amounts owed to the director. The balances are interest free and repayable on demand

Advances

Advances were granted to the director in the form of a director's loan account during the year. At the beginning of the year the amount owed to the company was £nil. £9,747 was advanced, and £9,747 was subsequently repaid. The balance at the end of the year was £nil. The loan was interest free and repayable on demand.