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COMPANY REGISTRATION NUMBER: SC519519
Wethinkweb Limited
Filleted Unaudited Financial Statements
30 November 2023
Wethinkweb Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Wethinkweb Limited
Officers and Professional Advisers
Director
Mr I J Davie
Company secretary
Ian J Davie
Registered office
49 Echline Terrace
South Queensferry
Scotland
EH30 9XH
Accountants
Charles Burrows & Co
Chartered Accountants
7 Palmerston Place
Edinburgh
EH12 5AH
Wethinkweb Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1
1
Current assets
Cash at bank and in hand
255
150
Creditors: amounts falling due within one year
6
166
114
----
----
Net current assets
89
36
----
----
Total assets less current liabilities
90
37
----
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 10)
( 63)
----
----
Shareholders funds
90
37
----
----
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 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
Mr I J Davie
Director
Company registration number: SC519519
Wethinkweb Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 49 Echline Terrace, South Queensferry, EH30 9XH, Scotland.
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 accounts are prepared on a going concern basis as the director has confirmed he will continue to support the company and provide funding if required.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
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
-
33% straight line
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.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
12
5
----
----
Tax on profit
12
5
----
----
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 December 2022 and 30 November 2023
1,509
1,509
-------
-------
Depreciation
At 1 December 2022 and 30 November 2023
1,508
1,508
-------
-------
Carrying amount
At 30 November 2023
1
1
-------
-------
At 30 November 2022
1
1
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
24
12
Other creditors
142
102
----
----
166
114
----
----
7. Related party transactions
The company was under the control of Mr I J Davie throughout the current Period. Mr I J Davie is the managing director and sole shareholder.