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COMPANY REGISTRATION NUMBER: 11776967
Liquid Worlds Limited
Filleted Unaudited Financial Statements
30 April 2024
Liquid Worlds Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Liquid Worlds Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,487
Investments
6
1,657,121
----
------------
1,659,608
Current assets
Debtors
7
6,395,902
118,548
Cash at bank and in hand
827
2,870,628
------------
------------
6,396,729
2,989,176
Creditors: amounts falling due within one year
8
12,200
34,490
------------
------------
Net current assets
6,384,529
2,954,686
------------
------------
Total assets less current liabilities
6,384,529
4,614,294
------------
------------
Net assets
6,384,529
4,614,294
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
6,384,429
4,614,194
------------
------------
Shareholders funds
6,384,529
4,614,294
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Liquid Worlds Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr N R G Clark
Director
Company registration number: 11776967
Liquid Worlds Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company ceased trading on 30 April 2024 and will be wound up shortly after the year end.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Equipment
£
Cost
At 1 May 2023
12,528
Disposals
( 12,528)
--------
At 30 April 2024
--------
Depreciation
At 1 May 2023
10,041
Charge for the year
2,393
Disposals
( 12,434)
--------
At 30 April 2024
--------
Carrying amount
At 30 April 2024
--------
At 30 April 2023
2,487
--------
6. Investments
Other investments other than loans
£
Cost
At 1 May 2023
1,657,121
Disposals
( 1,657,121)
------------
At 30 April 2024
------------
Impairment
At 1 May 2023 and 30 April 2024
------------
Carrying amount
At 30 April 2024
------------
At 30 April 2023
1,657,121
------------
7. Debtors
2024
2023
£
£
Corporation tax repayable
124,681
118,548
Directors loan account
6,271,221
------------
---------
6,395,902
118,548
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
11,400
33,000
Social security and other taxes
800
Director loan accounts
1,490
--------
--------
12,200
34,490
--------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Directors' advances, credits and guarantees
At the year end the directors Mr & Mrs Clark, owed the company £6,271,221 by way of a directors loan account shown within debtors. The maximum amount outstanding during the year was £6,285,147 and interest totalling £10,410 was charged on this loan.
11. Related party transactions
At the year end the company owed its directors £0 (2023: £1,490) which is shown within creditors due within one year.