OuiDoIt Ltd 14486418 false 2022-11-15 2023-11-30 2023-11-30 The principal activity of the company is Fashion Retailer - Loungewear Brand Digita Accounts Production Advanced 6.30.9574.0 true true 14486418 2022-11-15 2023-11-30 14486418 2023-11-30 14486418 core:CurrentFinancialInstruments 2023-11-30 14486418 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 14486418 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 14486418 core:Goodwill 2023-11-30 14486418 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 14486418 bus:SmallEntities 2022-11-15 2023-11-30 14486418 bus:AuditExemptWithAccountantsReport 2022-11-15 2023-11-30 14486418 bus:FullAccounts 2022-11-15 2023-11-30 14486418 bus:SmallCompaniesRegimeForAccounts 2022-11-15 2023-11-30 14486418 bus:RegisteredOffice 2022-11-15 2023-11-30 14486418 bus:Director1 2022-11-15 2023-11-30 14486418 bus:PrivateLimitedCompanyLtd 2022-11-15 2023-11-30 14486418 core:ComputerSoftware 2022-11-15 2023-11-30 14486418 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-15 2023-11-30 14486418 core:Goodwill 2022-11-15 2023-11-30 14486418 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-15 2023-11-30 14486418 countries:AllCountries 2022-11-15 2023-11-30 iso4217:GBP xbrli:pure

Registration number: 14486418

OuiDoIt Ltd

Annual Report and Unaudited Financial Statements

for the Period from 15 November 2022 to 30 November 2023

 

OuiDoIt Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

OuiDoIt Ltd

Company Information

Director

Miss J Da Silva Meira

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

OuiDoIt Ltd

(Registration number: 14486418)
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

39,987

Current assets

 

Stocks

5

28,655

Debtors

6

22,866

Cash at bank and in hand

 

21,105

 

72,626

Creditors: Amounts falling due within one year

7

(172,957)

Net current liabilities

 

(100,331)

Net liabilities

 

(60,344)

Capital and reserves

 

Called up share capital

1,000

Retained earnings

(61,344)

Shareholders' deficit

 

(60,344)

For the financial period ending 30 November 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 period in question in accordance with section 476; and

The director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 June 2024
 

.........................................
Miss J Da Silva Meira
Director

   
     
 

OuiDoIt Ltd

Notes to the Unaudited Financial Statements for the Period from 15 November 2022 to 30 November 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:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

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, on the understanding that the director and shareholder will continue to financially support the company during this uncertain period.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of construction 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.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.

Tax

The tax expense for the period comprises 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.

 

OuiDoIt Ltd

Notes to the Unaudited Financial Statements for the Period from 15 November 2022 to 30 November 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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Trademarks have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible asset so as to write off the cost , less any estimated residual value, over their useful life, as below. Brand Development costs have not been amortised in the year as this was still under construction and not in use at the year end.

 

Asset class

Amortisation method and rate

Trademarks

Straight line over 5 years.

Website costs

Straight line over 5 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.

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.

 

OuiDoIt Ltd

Notes to the Unaudited Financial Statements for the Period from 15 November 2022 to 30 November 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.

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.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 

OuiDoIt Ltd

Notes to the Unaudited Financial Statements for the Period from 15 November 2022 to 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Intangible assets

Brand development
 £

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

Additions acquired separately

20,351

1,557

22,988

44,896

At 30 November 2023

20,351

1,557

22,988

44,896

Amortisation

Amortisation charge

-

311

4,598

4,909

At 30 November 2023

-

311

4,598

4,909

Carrying amount

At 30 November 2023

20,351

1,246

18,390

39,987

5

Stocks

2023
£

Other inventories

28,655

6

Debtors

2023
£

Prepayments

258

Other debtors

22,608

 

22,866

 

OuiDoIt Ltd

Notes to the Unaudited Financial Statements for the Period from 15 November 2022 to 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

8

161,595

Trade creditors

 

10,362

Accruals and deferred income

 

1,000

 

172,957

8

Loans and borrowings

2023
£

Current loans and borrowings

Other borrowings

161,595

Included in other borrowings is the director’s loan account which is non-interest bearing and has no formal repayment terms.