Company Registration No. 06296468 (England and Wales)
WORLD FOUNDRY ORGANIZATION LTD
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WORLD FOUNDRY ORGANIZATION LTD
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
L. M. Fenyes
F. J. G. Azpiri
Company number
06296468
Registered office
Winton House
Lyonshall
Herefordshire
HR5 3JP
Auditor
Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Bankers
Barclays
1-3 Broad Street
Hereford
HR4 9BH
WORLD FOUNDRY ORGANIZATION LTD
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Directors' responsibilities statement
Balance sheet
1
Notes to the financial statements
2 - 6
WORLD FOUNDRY ORGANIZATION LTD
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
Fixed assets
Intangible assets
4
12,118
14,582
Tangible assets
5
1,064
1,216
13,182
15,798
Current assets
Stocks
599
-
Debtors falling due after more than one year
6
-
0
11,892
Debtors falling due within one year
6
26,111
29,916
Cash at bank and in hand
86,136
104,309
112,846
146,117
Creditors: amounts falling due within one year
7
(15,655)
(19,035)
Net current assets
97,191
127,082
Total assets less current liabilities
110,373
142,880
Creditors: amounts falling due after more than one year
8
-
0
(9,000)
Net assets
110,373
133,880
Reserves
Income and expenditure account
110,373
133,880
Members' funds
110,373
133,880

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

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 14 August 2024 and are signed on its behalf by:
L. M. Fenyes
Director
Company registration number 06296468 (England and Wales)
WORLD FOUNDRY ORGANIZATION LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

World Foundry Organization Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Winton House, Lyonshall, Herefordshire, HR5 3JP.

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 euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents membership fees due in respect of the financial reporting period and other income in connection with other services provided to the extent that there is a right to consideration and it is recorded at the value of the consideration due. Where a service has only been partially completed at the balance sheet date turnover represents the value of the service provided to date on a proportion of the total expected consideration at completion. Where payments are received from members in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

The intangible asset represents the website and is measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Website
Straight line over 6 years
1.4
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:

Plant and machinery
Straight line over 12 years
WORLD FOUNDRY ORGANIZATION LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the fair value less costs to sell.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit,

1.6
Stocks

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Cash and cash equivalents

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

1.8
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.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

WORLD FOUNDRY ORGANIZATION LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Intangible fixed assets
Website
Cost
At 1 January 2023 and 31 December 2023
14,787
Amortisation and impairment
At 1 January 2023
205
Amortisation charged for the year
2,464
At 31 December 2023
2,669
Carrying amount
At 31 December 2023
12,118
At 31 December 2022
14,582
WORLD FOUNDRY ORGANIZATION LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Tangible fixed assets
Plant and machinery etc
Cost
At 1 January 2023 and 31 December 2023
1,824
Depreciation and impairment
At 1 January 2023
608
Depreciation charged in the year
152
At 31 December 2023
760
Carrying amount
At 31 December 2023
1,064
At 31 December 2022
1,216
6
Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
17,876
22,048
Other debtors
8,235
7,868
26,111
29,916
Amounts falling due after more than one year:
Trade debtors
-
0
9,000
Other debtors
-
0
2,892
-
0
11,892
Total debtors
26,111
41,808
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
25
3,850
Other creditors
15,630
15,185
15,655
19,035
WORLD FOUNDRY ORGANIZATION LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
-
0
9,000
9
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding €5.63 (£5).

10
Related party transactions
Remuneration of key management personnel

During the period certain officers of the company were also directors of member organizations. The associated membership payment is made at the full rate.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Elizabeth Needham ACA CTA (VAT).
The auditor was Kendall Wadley LLP.
2023-12-312023-01-01false14 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr L M FenyesF. J. G. AzpiriMr F GaonzalezL. M. Fenyesfalsefalse062964682023-01-012023-12-3106296468bus:CompanySecretaryDirector12023-01-012023-12-3106296468bus:Director22023-01-012023-12-3106296468bus:Director12023-01-012023-12-3106296468bus:Director32023-01-012023-12-3106296468bus:CompanySecretary12023-01-012023-12-3106296468bus:RegisteredOffice2023-01-012023-12-3106296468bus:Agent12023-01-012023-12-31062964682023-12-31062964682022-12-3106296468core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3106296468core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3106296468core:OtherPropertyPlantEquipment2023-12-3106296468core:OtherPropertyPlantEquipment2022-12-3106296468core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3106296468core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3106296468core:CurrentFinancialInstruments2022-12-3106296468core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106296468core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106296468core:Non-currentFinancialInstruments2023-12-3106296468core:Non-currentFinancialInstruments2022-12-3106296468core:CurrentFinancialInstruments2023-12-3106296468core:RetainedEarningsAccumulatedLosses2023-12-3106296468core:RetainedEarningsAccumulatedLosses2022-12-3106296468core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3106296468core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3106296468core:PlantMachinery2023-01-012023-12-31062964682022-01-012022-12-3106296468core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3106296468core:OtherPropertyPlantEquipment2022-12-3106296468core:OtherPropertyPlantEquipment2023-01-012023-12-3106296468bus:CompanyLimitedByGuarantee2023-01-012023-12-3106296468bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106296468bus:FRS1022023-01-012023-12-3106296468bus:Audited2023-01-012023-12-3106296468bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP