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Registration number: 12450899

Wonders Of Maths Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Wonders Of Maths Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Wonders Of Maths Ltd

Company Information

Director

Mr N Pham-Quang

Registered office

Work.Life Kings House
174 Hammersmith Road
London
W6 7JP

Accountants

Balance Accounts Limited
Chartered Certified Accountants
4 Beau Street
Bath
BA1 1QY

 

Wonders Of Maths Ltd

(Registration number: 12450899)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

154,502

-

Tangible assets

5

10,319

7,147

 

164,821

7,147

Current assets

 

Stocks

6

2,083

3,300

Debtors

7

293,307

165,293

Cash at bank and in hand

 

13,435

315,082

 

308,825

483,675

Creditors: Amounts falling due within one year

8

(234,690)

(142,985)

Net current assets

 

74,135

340,690

Net assets

 

238,956

347,837

Capital and reserves

 

Called up share capital

9

2

2

Share premium reserve

964,936

798,280

Retained earnings

(725,982)

(450,445)

Shareholders' funds

 

238,956

347,837

For the financial year ending 28 February 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 his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 November 2023
 

.........................................
Mr N Pham-Quang
Director

 

Wonders Of Maths Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Work.Life Kings House
174 Hammersmith Road
London
W6 7JP
United Kingdom

These financial statements were authorised for issue by the director on 30 November 2023.

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 and 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.

 

Wonders Of Maths Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 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:

Asset class

Depreciation method and rate

Office equipment

3 years straight line

Development costs

After a period of research the company began the development stage of its AI-powered platform. The development work began in June 2022 and all related project and technical development costs have been capitalised in the period.

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

Capitalised development costs

Straight line over 4 years

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.

 

Wonders Of Maths Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Wonders Of Maths Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 13 (2022 - 11).

 

Wonders Of Maths Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

Additions internally developed

168,000

168,000

At 28 February 2023

168,000

168,000

Amortisation

Amortisation charge

13,498

13,498

At 28 February 2023

13,498

13,498

Carrying amount

At 28 February 2023

154,502

154,502

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

9,119

9,119

Additions

6,664

6,664

At 28 February 2023

15,783

15,783

Depreciation

At 1 March 2022

1,972

1,972

Charge for the year

3,492

3,492

At 28 February 2023

5,464

5,464

Carrying amount

At 28 February 2023

10,319

10,319

At 28 February 2022

7,147

7,147

6

Stocks

2023
£

2022
£

Other inventories

2,083

3,300

 

Wonders Of Maths Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

33,040

6,941

Prepayments

3,288

6,398

Other debtors

256,979

151,954

 

293,307

165,293

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

62,022

-

Trade creditors

 

38,177

31,722

Amounts due to related parties

99

-

Social security and other taxes

 

98,093

77,107

Outstanding defined contribution pension costs

 

1,399

889

Other payables

 

23,490

27,040

Accruals

 

11,410

6,227

 

234,690

142,985

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.0001 each

21,387

2.14

21,387

2.14