Company registration number SC405571 (Scotland)
ALL WORLDWIDE LTD TRADING AS ALL DESIGN
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
ALL WORLDWIDE LTD TRADING AS ALL DESIGN
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ALL WORLDWIDE LTD TRADING AS ALL DESIGN
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,003
2,439
Investments
4
50,049
50,049
53,052
52,488
Current assets
Debtors
5
215,957
229,612
Cash at bank and in hand
49,753
64,627
265,710
294,239
Creditors: amounts falling due within one year
6
(100,431)
(115,515)
Net current assets
165,279
178,724
Total assets less current liabilities
218,331
231,212
Creditors: amounts falling due after more than one year
7
(312,560)
(312,560)
Net liabilities
(94,229)
(81,348)
Capital and reserves
Called up share capital
89
89
Share premium account
269,959
269,959
Profit and loss reserves
(364,277)
(351,396)
Total equity
(94,229)
(81,348)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ALL WORLDWIDE LTD TRADING AS ALL DESIGN
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 March 2024
M R Rosello
Director
Company registration number SC405571 (Scotland)
ALL WORLDWIDE LTD TRADING AS ALL DESIGN
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
All Worldwide Ltd trading as All Design is a private company limited by shares incorporated in Scotland. The registered office is 77 St Vincent Street, Glasgow, Scotland, G2 5TF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the reporting entity had net liabilities in the sum of £94,229. The company is reliant on the support by the shareholders, who have provided a loan of £312,560 which is disclosed within Creditors: falling due after more than one year. On the basis that the shareholders will continue to support the reporting entity for the foreseeable future, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of the shareholders.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% Straight line
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
ALL WORLDWIDE LTD TRADING AS ALL DESIGN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Classification of financial liabilities
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.
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ALL WORLDWIDE LTD TRADING AS ALL DESIGN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
3,659
Additions
2,676
At 31 August 2023
6,335
Depreciation and impairment
At 1 September 2022
1,220
Depreciation charged in the year
2,112
At 31 August 2023
3,332
Carrying amount
At 31 August 2023
3,003
At 31 August 2022
2,439
ALL WORLDWIDE LTD TRADING AS ALL DESIGN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
4
Fixed asset investments
2023
2022
£
£
Investments
50,049
50,049
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 September 2022 & 31 August 2023
50,085
Carrying amount
At 31 August 2023
50,049
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,299
3,299
Amounts owed by group undertakings
212,658
212,658
Other debtors
13,655
215,957
229,612
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,400
Other creditors
100,431
113,115
100,431
115,515
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
312,560
312,560
ALL WORLDWIDE LTD TRADING AS ALL DESIGN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
8
Related party transactions
At the balance sheet date, included within debtors is an amount of £Nil (2022: £13,655) due from All London Design Ltd, a company registered in England and Wales, and in which the director M Rosello is also a director and shareholder.
Also at the balance sheet date, included in creditors more than one year, £312,560 (2022: £312.560) was due to the following shareholders: Tim Ward, John Davis and Kurt Engelhorn