TheWarp Limited 13922480 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is trading of models Digita Accounts Production Advanced 6.30.9574.0 true true 13922480 2023-03-01 2024-02-29 13922480 2024-02-29 13922480 bus:OrdinaryShareClass1 2024-02-29 13922480 core:RetainedEarningsAccumulatedLosses 2024-02-29 13922480 core:ShareCapital 2024-02-29 13922480 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13922480 core:Non-currentFinancialInstruments 2024-02-29 13922480 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 13922480 core:FurnitureFittingsToolsEquipment 2024-02-29 13922480 bus:SmallEntities 2023-03-01 2024-02-29 13922480 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13922480 bus:FilletedAccounts 2023-03-01 2024-02-29 13922480 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13922480 bus:RegisteredOffice 2023-03-01 2024-02-29 13922480 bus:Director1 2023-03-01 2024-02-29 13922480 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 13922480 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13922480 bus:Agent1 2023-03-01 2024-02-29 13922480 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 13922480 countries:England 2023-03-01 2024-02-29 13922480 2022-02-17 2023-02-28 13922480 2023-02-28 13922480 bus:OrdinaryShareClass1 2023-02-28 13922480 core:RetainedEarningsAccumulatedLosses 2023-02-28 13922480 core:ShareCapital 2023-02-28 13922480 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13922480 core:Non-currentFinancialInstruments 2023-02-28 13922480 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13922480

TheWarp Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

TheWarp Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

TheWarp Limited

Company Information

Director

Mr R King

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
TheWarp Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of TheWarp Limited for the year ended 29 February 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of TheWarp Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of TheWarp Limited and state those matters that we have agreed to state to the Board of Directors of TheWarp Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TheWarp Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that TheWarp Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of TheWarp Limited. You consider that TheWarp Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of TheWarp Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

15 April 2024

 

TheWarp Limited

(Registration number: 13922480)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

831

-

Current assets

 

Stocks

5

46,500

3,000

Cash at bank and in hand

 

2,973

-

 

49,473

3,000

Creditors: Amounts falling due within one year

6

(42,795)

(8,137)

Net current assets/(liabilities)

 

6,678

(5,137)

Total assets less current liabilities

 

7,509

(5,137)

Creditors: Amounts falling due after more than one year

6

(2,044)

(2,249)

Net assets/(liabilities)

 

5,465

(7,386)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

5,365

(7,486)

Shareholders' funds/(deficit)

 

5,465

(7,386)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

TheWarp Limited

(Registration number: 13922480)
Balance Sheet as at 29 February 2024

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 April 2024
 

.........................................
Mr R King
Director

 

TheWarp Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

These financial statements were authorised for issue by the director on 15 April 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis due to the ongoing support of the director.

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 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.

 

TheWarp Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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:

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.

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.

 

TheWarp Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

TheWarp Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,108

1,108

At 29 February 2024

1,108

1,108

Depreciation

Charge for the year

277

277

At 29 February 2024

277

277

Carrying amount

At 29 February 2024

831

831

5

Stocks

2024
£

2023
£

Other inventories

46,500

3,000

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

5,930

493

Accruals and deferred income

1,700

1,700

Other creditors

35,165

5,944

42,795

8,137

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

2,044

2,249

 

TheWarp Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,044

2,249