Company registration number 09327525 (England and Wales)
WE ARE THE FAIR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WE ARE THE FAIR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WE ARE THE FAIR LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,862
28,759
Current assets
Debtors
4
718,753
713,344
Cash at bank and in hand
223,447
254,779
942,200
968,123
Creditors: amounts falling due within one year
5
(452,530)
(881,156)
Net current assets
489,670
86,967
Total assets less current liabilities
510,532
115,726
Provisions for liabilities
(4,297)
(4,517)
Net assets
506,235
111,209
Capital and reserves
Called up share capital
6
213
205
Profit and loss reserves
506,022
111,004
Total equity
506,235
111,209

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
N R Morgan
Director
Company Registration No. 09327525
WE ARE THE FAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

We Are The Fair Limited is a private company limited by shares incorporated in England and Wales. The registered office is PKF Smith Cooper Limited, 158 Edmund Street, Birmingham, West Midlands, B3 2HB. The company registration number is 09327525.

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 £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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:

Leasehold improvements
2 years straight line - Life of the lease
Office equipment
20% straight line
1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WE ARE THE FAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
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 19 (2022 - 18).

3
Tangible fixed assets
Leasehold improvements
Office equipment
Total
£
£
£
Cost
At 1 December 2022
35,952
31,300
67,252
Additions
-
0
4,613
4,613
At 30 November 2023
35,952
35,913
71,865
Depreciation
At 1 December 2022
26,295
12,198
38,493
Depreciation charged in the year
5,982
6,528
12,510
At 30 November 2023
32,277
18,726
51,003
Carrying amount
At 30 November 2023
3,675
17,187
20,862
At 30 November 2022
9,657
19,102
28,759
WE ARE THE FAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Debtors
2023
2022
£
£
Trade debtors
479,857
345,343
Other debtors
117,632
160,998
Prepayments and accrued income
121,264
207,003
718,753
713,344

Included within other debtors is £15,000 (2022: £10,000) due from a director of the business. Further information is disclosed in the notes to the financial statements.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
207,368
417,658
Corporation tax
120,168
126,450
Other taxation and social security
46,887
16,205
Other creditors
78,107
320,843
452,530
881,156
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
800,000 (2022 - 800,000) A Ordinary shares of £0.0001
80
80
100,000 (2022 - 100,000) B Ordinary shares of £0.0001
10
10
100,000 (2022 - 100,000) C Ordinary shares of £0.0001
10
10
900,000 (2022 - 900,000) D Ordinary shares of £0.0001
90
90
100,000 (2022 - 100,000) E Ordinary shares of £0.0001
10
10
128,307 (2022 - 53,513) VV shares of £0.0001
13
5
213
205

On 17 May 2023 the company allotted and issued 5,432 VV shares of £0.0001 each.

On 19 May 2023 the company allotted and issued 2,716 VV shares of £0.0001 each.

On 31 May 2023 the company allotted and issued 63,904 VV shares of £0.0001 each.

On 27 November 2023 the company allotted and issued 914 VV shares of £0.0001 each.

On 30 November 2023 the company allotted and issued 1,828 VV shares of £0.0001 each.

WE ARE THE FAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
78,750
180,000
8
Directors' transactions

During the year, the company advanced £5,000 (2022: £10,000) to a director of the business. At the balance sheet date, the amount due to the company was £15,000 (2022: £10,000) and is included within other debtors. The amount advanced is interest free and holds no conditions. At the date of approval of these financial statements the amount due to the company was £nil.

9
Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,065 (2022: £9,621). Contributions totalling £2,585 (2022: £1,943) were payable to the fund at the balance sheet date and are included within creditors.

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