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Registered number: 03479625
World Suncare Products Limited
Financial Statements
For the Period 1 January 2023 to 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03479625
30 June 2024 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 602,817 666,054
602,817 666,054
CURRENT ASSETS
Stocks 5 274,606 337,182
Debtors 6 1,907,241 1,641,895
Cash at bank and in hand 3,954,887 1,258,623
6,136,734 3,237,700
Creditors: Amounts Falling Due Within One Year 7 (1,468,389 ) (248,014 )
NET CURRENT ASSETS (LIABILITIES) 4,668,345 2,989,686
TOTAL ASSETS LESS CURRENT LIABILITIES 5,271,162 3,655,740
Creditors: Amounts Falling Due After More Than One Year 8 (54,163 ) (62,451 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (52,133 ) (54,697 )
NET ASSETS 5,164,866 3,538,592
CAPITAL AND RESERVES
Called up share capital 10 2 2
Other reserves 214,221 227,715
Profit and Loss Account 4,950,643 3,310,875
SHAREHOLDERS' FUNDS 5,164,866 3,538,592
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For the period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Gary Banks
Director
2nd August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
World Suncare Products Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03479625 . The registered office is Mistry House, , 6- 8 Dudley Street, Luton, Beds, LU2 0NT.
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost or fair value less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight line over fifty years
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
The company revalued its Freehold Property to fair value to reflect current market value.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. 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.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the period was:
30 June 2024 31 December 2022
Office and administration 3 3
Sales, marketing and distribution 4 4
7 7
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 793,483 185,655 94,152 117,390 1,190,680
Additions - - - 2,357 2,357
As at 30 June 2024 793,483 185,655 94,152 119,747 1,193,037
...CONTINUED
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Depreciation
As at 1 January 2023 225,861 169,132 23,538 106,095 524,626
Provided during the period 27,799 6,196 26,480 5,119 65,594
As at 30 June 2024 253,660 175,328 50,018 111,214 590,220
Net Book Value
As at 30 June 2024 539,823 10,327 44,134 8,533 602,817
As at 1 January 2023 567,622 16,523 70,614 11,295 666,054
5. Stocks
30 June 2024 31 December 2022
£ £
Materials 274,606 337,182
6. Debtors
30 June 2024 31 December 2022
£ £
Due within one year
Trade debtors 254,252 66,172
Prepayments and accrued income 82,589 -
Other debtors. - 473
Amounts owed by associates 1,570,400 1,575,250
1,907,241 1,641,895
7. Creditors: Amounts Falling Due Within One Year
30 June 2024 31 December 2022
£ £
Net obligations under finance lease and hire purchase contracts 5,525 5,525
Trade creditors 28,590 32,098
Corporation tax 550,174 159,779
Other taxes and social security 357,422 6,917
VAT 205,712 35,710
Other creditors 632 -
Amex Credit Card 1,632 -
Accruals and deferred income 11,972 6,379
Director's loan account 306,730 1,606
1,468,389 248,014
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8. Creditors: Amounts Falling Due After More Than One Year
30 June 2024 31 December 2022
£ £
Net obligations under finance lease and hire purchase contracts 54,163 -
Bank loans - 62,451
54,163 62,451
9. Obligations Under Finance Leases and Hire Purchase
30 June 2024 31 December 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,525 5,525
Later than one year and not later than five years 54,163 -
59,688 5,525
59,688 5,525
10. Share Capital
30 June 2024 31 December 2022
£ £
Allotted, Called up and fully paid 2 2
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