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Registered number: 07070760
Worthers Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 07070760
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 18,482 11,037
Investments 5 - 30
18,482 11,067
CURRENT ASSETS
Debtors 6 229,650 139,696
Cash at bank and in hand 179,317 130,982
408,967 270,678
Creditors: Amounts Falling Due Within One Year 7 (232,860 ) (164,343 )
NET CURRENT ASSETS (LIABILITIES) 176,107 106,335
TOTAL ASSETS LESS CURRENT LIABILITIES 194,589 117,402
Creditors: Amounts Falling Due After More Than One Year 8 (28,269 ) (38,079 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,766 ) (2,107 )
NET ASSETS 162,554 77,216
CAPITAL AND RESERVES
Called up share capital 10 200 200
Share premium account 6,354 6,084
Profit and Loss Account 156,000 70,932
SHAREHOLDERS' FUNDS 162,554 77,216
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Catherine Worthington
Director
13 August 2024
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Worthers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07070760 . The registered office is Breathe House Kenn Road, Kenn, Clevedon, North Somerset, BS21 6TJ.
The presentation currency of the financial statements is the Pound Sterling (£)
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents the revenue generated from the sale of services. Revenue is measured at the fair value of the consideration received and receivable excluding value added tax.
Revenue from services is recognised when services have been provided and the contractual right to the consideration has been earned. For incomplete contracts an assessment is made of the extent to which revenue has been earned.
2.3. Research and Development
Expenditure on research and development is written off in the year in which it is incurred.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses
Depreciation is provided at following annual rates in order to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on cost
Computer Equipment 25% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter with a full charge on the year of acquisition.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
2.6. Financial Instruments
Financial liabilities and equity instruments are classified and accounted for according to the substance of contractual arrangements, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.11. Investment in subsidiaries
Investments in subsidiary undertakings are recognised at cost lest impairments in accordance with Sections 612 and 615 Companies Act 2006.
2.12. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
The average number of employees, including directors, during the year was 19 (2022: 16)
19 16
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 6,665 31,477 38,142
Additions 5,503 11,686 17,189
Disposals (461 ) (2,439 ) (2,900 )
As at 31 December 2023 11,707 40,724 52,431
Depreciation
As at 1 January 2023 5,153 21,952 27,105
Provided during the period 2,089 7,636 9,725
Disposals (442 ) (2,439 ) (2,881 )
As at 31 December 2023 6,800 27,149 33,949
Net Book Value
As at 31 December 2023 4,907 13,575 18,482
As at 1 January 2023 1,512 9,525 11,037
5. Investments
Unlisted
£
Cost
As at 1 January 2023 30
As at 31 December 2023 30
Provision
As at 1 January 2023 -
Impairment losses 30
As at 31 December 2023 30
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 30
The company's investments at the Balance Sheet date in the share capital of the companies include the following:
Hullo Creative Ltd
Registered office: Breathe House, Kenn Road, Clevedon BS21 6TJ
Nature of business: Advertising Agency
Class of Shares: Ordinary 100.00% holding
Hullo Creative Ltd ceased trading on 31st December 2023.
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 105,439 72,691
Amounts owed by group undertakings 886 5,579
Other debtors 123,325 61,426
229,650 139,696
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 6,147 3,479
Bank loans and overdrafts 9,809 9,566
Other creditors 152,847 90,383
Taxation and social security 64,057 60,915
232,860 164,343
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 28,269 38,079
28,269 38,079
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 2,107 2,107
Deferred taxation 1,659 1,659
Balance at 31 December 2023 3,766 3,766
The provision for deferred taxation is made up of accelerated capital allowances.
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 14,459 15,270
Later than one year and not later than five years 4,859 30,541
19,318 45,811
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12. Related Party Transactions
During the year, total dividends of £139,000 (2022 - £90,376) were paid to the directors.
The company is controlled by Mr P Worthington and Mrs C Worthington by virtue of their shareholdings.
Hullo Creative Ltd is a subsidiary of the company. Worthers Limited traded with Hullo Creative Ltd during the accounting period generating sales transactions of £0 (2022: £89). All transactions were undertaken on an arms length basis at market value.
The company maintaned a loan to Hullo Creative Ltd during the accounting period in respect of which the balance outstanding as at 31 December 2023 is £886. An amount of £19,472 is considered to be irrecoverable (refer to Note 15 of these financial statements).
Mr & Mrs Worthington are directors and shareholders of Breathe Success Limited. Worthers Limited traded with Breathe Success Limited during the accounting period generating sales transactions of £12 (2022: £12). All transactions were undertaken on an arms length basis at market value.
The company maintaned a loan to Breathe Success Limited during the accounting period. The amount owed to the company as at 31 December 2023 was £100,000 (2022: £50,000).
Other than movements on the shareholder's loan accounts with the company, there were no other advances, credits and guarantees with the shareholders during the accounting period.
All of the above loans are unsecured, interest free and repayable on demand.
13. Exceptional Items
Hullo Creative Ltd Loan
The exceptional item in the sum of £886 (2022: £Nil) is in respect of an impairment loss arising on the outstanding balance of a loan due from Hullo Creative Ltd (refer to Note 14)
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