Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30true2022-12-01falseRetail of furniture, lighting, and similar in a specialist store23trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01036564 2022-12-01 2023-11-30 01036564 2021-12-01 2022-11-30 01036564 2023-11-30 01036564 2022-11-30 01036564 c:Director2 2022-12-01 2023-11-30 01036564 d:PlantMachinery 2022-12-01 2023-11-30 01036564 d:PlantMachinery 2023-11-30 01036564 d:PlantMachinery 2022-11-30 01036564 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01036564 d:MotorVehicles 2022-12-01 2023-11-30 01036564 d:MotorVehicles 2023-11-30 01036564 d:MotorVehicles 2022-11-30 01036564 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01036564 d:FurnitureFittings 2022-12-01 2023-11-30 01036564 d:FurnitureFittings 2023-11-30 01036564 d:FurnitureFittings 2022-11-30 01036564 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01036564 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01036564 d:CurrentFinancialInstruments 2023-11-30 01036564 d:CurrentFinancialInstruments 2022-11-30 01036564 d:Non-currentFinancialInstruments 2023-11-30 01036564 d:Non-currentFinancialInstruments 2022-11-30 01036564 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01036564 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 01036564 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 01036564 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 01036564 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 01036564 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 01036564 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 01036564 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 01036564 d:ShareCapital 2023-11-30 01036564 d:ShareCapital 2022-11-30 01036564 d:RetainedEarningsAccumulatedLosses 2023-11-30 01036564 d:RetainedEarningsAccumulatedLosses 2022-11-30 01036564 c:FRS102 2022-12-01 2023-11-30 01036564 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 01036564 c:FullAccounts 2022-12-01 2023-11-30 01036564 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01036564 2 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 01036564










WORLD WIDE CARPETS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
WORLD WIDE CARPETS LIMITED
REGISTERED NUMBER: 01036564

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
£
£

Fixed assets

Tangible assets
6,450
11,849

Current assets

Stocks
23,054
20,866

Debtors: amounts falling due within one year
14,916
6,805

Cash at bank and in hand
10,790
19,183

48,760
46,854

Creditors: amounts falling due within one year
(48,817)
(32,068)

Net current (liabilities)/assets
 
 
(57)
 
 
14,786

Total assets less current liabilities
6,393
26,635

Creditors: amounts falling due after more than one year
(22,357)
(25,343)


Net (liabilities)/assets
(15,964)
1,292


Capital and reserves

Called up share capital 
100
100

Profit and loss account
(16,064)
1,192

(15,964)
1,292


Page 1

 
WORLD WIDE CARPETS LIMITED
REGISTERED NUMBER: 01036564
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






T J Reed
Director

Date: 29 February 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WORLD WIDE CARPETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

World Wide Carpets Limited, which was incorporated and registered in England and Wales (registered number 01036564), is a privately owned company limited by shares. The registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

As shown in the financial statements, at the year end, the company's liabilities exceeded its assets by £15,964 (2022: assets exceeded liabilities by £1,292). The company meets its day to day working capital requirements through the support of loans to the company.
The directors have confirmed that this support will continue for the foreseeable future. For this reason, the company has decided to prepare the accounts using the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
WORLD WIDE CARPETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant & machinery
-
20%
reducing balance
Motor vehicles
-
25%
straight line
Fixtures & fittings
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
WORLD WIDE CARPETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 3).

Page 5

 
WORLD WIDE CARPETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 December 2022
1,221
14,060
12,346
27,627


Additions
600
-
-
600



At 30 November 2023

1,821
14,060
12,346
28,227



Depreciation


At 1 December 2022
722
8,743
6,313
15,778


Charge for the year on owned assets
149
3,515
2,335
5,999



At 30 November 2023

871
12,258
8,648
21,777



Net book value



At 30 November 2023
950
1,802
3,698
6,450



At 30 November 2022
499
5,317
6,033
11,849


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
23,054
20,866



6.


Debtors

2023
2022
£
£


Trade debtors
14,916
6,805


Page 6

 
WORLD WIDE CARPETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
10,790
19,183



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
9,996
9,996

Trade creditors
23,989
11,289

Other taxation and social security
6,589
7,126

Other creditors
6,252
1,912

Accruals and deferred income
1,991
1,745

48,817
32,068



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
22,357
25,343



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
9,996
9,996

Amounts falling due 1-2 years

Other loans
9,996
9,996

Amounts falling due 2-5 years

Other loans
12,361
15,347

32,353
35,339


 
Page 7