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COMPANY REGISTRATION NUMBER: 03973136
WELLKNOWN LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
27 April 2023
WELLKNOWN LIMITED
STATEMENT OF FINANCIAL POSITION
27 April 2023
27 Apr 23
28 Apr 22
Note
£
£
£
FIXED ASSETS
Tangible assets
6
720,191
683,848
CURRENT ASSETS
Stocks
25,603
25,102
Debtors
7
45,190
38,042
Cash at bank and in hand
271,342
193,680
---------
---------
342,135
256,824
CREDITORS: amounts falling due within one year
8
( 373,903)
( 299,878)
---------
---------
NET CURRENT LIABILITIES
( 31,768)
( 43,054)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
688,423
640,794
PROVISIONS
Taxation including deferred tax
( 10,298)
( 9,779)
---------
---------
NET ASSETS
678,125
631,015
---------
---------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
678,123
631,013
---------
---------
SHAREHOLDER FUNDS
678,125
631,015
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 27 April 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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WELLKNOWN LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
27 April 2023
These financial statements were approved by the board of directors and authorised for issue on 27 February 2024 , and are signed on behalf of the board by:
I. Pargeter
Director
Company registration number: 03973136
WELLKNOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 29 APRIL 2022 TO 27 APRIL 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Carpet Co Limited, Leathley Road, Leeds, LS10 1BG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and freehold properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts recognised during the year, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. TAX ON PROFIT
Major components of tax expense
Period from
29 Apr 22 to
Year to
27 Apr 23
28 Apr 22
£
£
Current tax:
UK current tax expense
7,086
Deferred tax:
Origination and reversal of timing differences
519
----
-------
Tax on profit
519
7,086
----
-------
6. TANGIBLE ASSETS
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 29 April 2022
682,027
13,283
44,695
740,005
Additions
95,610
95,610
Disposals
( 2,037)
( 50,735)
( 52,772)
---------
--------
--------
---------
At 27 April 2023
679,990
13,283
89,570
782,843
---------
--------
--------
---------
Depreciation
At 29 April 2022
13,000
12,475
30,682
56,157
Charge for the period
1,000
121
5,374
6,495
---------
--------
--------
---------
At 27 April 2023
14,000
12,596
36,056
62,652
---------
--------
--------
---------
Carrying amount
At 27 April 2023
665,990
687
53,514
720,191
---------
--------
--------
---------
At 28 April 2022
669,027
808
14,013
683,848
---------
--------
--------
---------
7. DEBTORS
27 Apr 23
28 Apr 22
£
£
Other debtors
45,190
38,042
--------
--------
8. CREDITORS: amounts falling due within one year
27 Apr 23
28 Apr 22
£
£
Trade creditors
166,683
81,260
Corporation tax
7,086
Social security and other taxes
441
505
Other creditors
206,779
211,027
---------
---------
373,903
299,878
---------
---------