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Registration number: 07676841

Warm Company (SW) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Warm Company (SW) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Warm Company (SW) Limited

(Registration number: 07676841)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

10,648

10,527

Current assets

 

Debtors

6

104,691

306,361

Cash at bank and in hand

 

262,530

605,498

 

367,221

911,859

Creditors: Amounts falling due within one year

7

(23,112)

(444,849)

Net current assets

 

344,109

467,010

Total assets less current liabilities

 

354,757

477,537

Provisions for liabilities

(2,822)

(2,790)

Net assets

 

351,935

474,747

Capital and reserves

 

Called up share capital

90

90

Share premium reserve

32,455

32,455

Capital redemption reserve

55

55

Profit and loss account

319,335

442,147

Shareholders' funds

 

351,935

474,747

 

Warm Company (SW) Limited

(Registration number: 07676841)
Statement of Financial Position as at 31 July 2023 (continued)

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.

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 18 April 2024 and signed on its behalf by:
 

.........................................
Mr Michael Roe
Director

.........................................
Mrs Sally Godber
Director

 
     
 

Warm Company (SW) 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 England and Wales.

The address of its registered office is:
3 Admirals Hard
Plymouth
Devon
PL1 3RJ

Principal activity

The principal activity of the company is design consultancy.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Warm Company (SW) Limited

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 deferred 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 statement of financial position 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

Plant & machinery

25% straight line

 

Warm Company (SW) Limited

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

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Warm Company (SW) Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Amortisation

At 1 August 2022

(25,000)

(25,000)

Amortisation charge

25,000

25,000

At 31 July 2023

-

-

Carrying amount

At 31 July 2023

-

-

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2022

40,329

40,329

Additions

5,522

5,522

At 31 July 2023

45,851

45,851

Depreciation

At 1 August 2022

29,802

29,802

Charge for the year

5,401

5,401

At 31 July 2023

35,203

35,203

Carrying amount

At 31 July 2023

10,648

10,648

At 31 July 2022

10,527

10,527

 

Warm Company (SW) Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

94,102

297,974

Other debtors

10,589

8,387

104,691

306,361

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

1,208

73,366

Accruals and deferred income

19,480

34,447

Other creditors

2,424

337,036

23,112

444,849

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Share premium account:

This reserve represents the premium paid on shares issued at greater than par and is not distributable.

Capital redemption reserve:

This reserve represents the par value of the shares repurchased by the company and is not distributable.