Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activity1false2023-04-011truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13130405 2023-04-01 2024-03-31 13130405 2022-02-01 2023-03-31 13130405 2024-03-31 13130405 2023-03-31 13130405 c:Director1 2023-04-01 2024-03-31 13130405 d:CurrentFinancialInstruments 2024-03-31 13130405 d:CurrentFinancialInstruments 2023-03-31 13130405 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13130405 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13130405 d:ShareCapital 2024-03-31 13130405 d:ShareCapital 2023-03-31 13130405 d:RetainedEarningsAccumulatedLosses 2024-03-31 13130405 d:RetainedEarningsAccumulatedLosses 2023-03-31 13130405 c:OrdinaryShareClass1 2023-04-01 2024-03-31 13130405 c:OrdinaryShareClass1 2024-03-31 13130405 c:OrdinaryShareClass1 2023-03-31 13130405 c:FRS102 2023-04-01 2024-03-31 13130405 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13130405 c:FullAccounts 2023-04-01 2024-03-31 13130405 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13130405 6 2023-04-01 2024-03-31 13130405 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 13130405









WORLD INNOVATIONS LIMITED

FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024







































 
WORLD INNOVATIONS LIMITED
REGISTERED NUMBER: 13130405

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
  
405,176
-

  
405,176
-

Current assets
  

Debtors: amounts falling due within one year
 5 
-
150,000

Cash at bank and in hand
 6 
4,198
726

  
4,198
150,726

Creditors: amounts falling due within one year
 7 
(63,592)
(50,247)

Net current (liabilities)/assets
  
 
 
(59,394)
 
 
100,479

Total assets less current liabilities
  
345,782
100,479

  

Net assets
  
345,782
100,479

Page 1

 
WORLD INNOVATIONS LIMITED
REGISTERED NUMBER: 13130405
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
345,682
100,379

  
345,782
100,479


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A R Gibbons
Director

Date: 15 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WORLD INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

World Innovations Limited is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Greenwood House, Greenwood Court, Skyliner Way, Bury St Edmunds, Suffolk, IP32 7GY.
These financial statements are in respect of the 12 months ended 31 March 2024. The previous period was for the 14 month period ended 31st March 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the accounts on the going concern basis. They have considered the 12 months following the date of signing the accounts and consider the company to be a going concern.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
WORLD INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 4

 
WORLD INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
WORLD INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Listed investments

£



Cost or valuation


Additions
350,034


Revaluations
55,142



At 31 March 2024
405,176





5.


Debtors

2024
2023
£
£


Trade debtors
-
150,000



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,198
726



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
965

Corporation tax
62,018
23,459

Other taxation and social security
-
24,845

Other creditors
78
78

Accruals and deferred income
1,496
900

63,592
50,247


Page 6

 
WORLD INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £0.01 each
100
100



9.


Related party transactions

During the year, the company received management charges of £250,000 from a company under common control. At the year end, a balance of £nil (2023 - £150,000) was due from this company.

 
Page 7