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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
13768355
2023-01-01
2023-12-31
13768355
2023-12-31
13768355
2022-12-31
13768355
2021-11-26
2022-12-31
13768355
2022-12-31
13768355
2021-11-25
13768355
core:PlantMachinery
2023-01-01
2023-12-31
13768355
core:MotorVehicles
2023-01-01
2023-12-31
13768355
bus:Director1
2023-01-01
2023-12-31
13768355
core:PlantMachinery
2023-12-31
13768355
core:MotorVehicles
2023-12-31
13768355
core:WithinOneYear
2023-12-31
13768355
core:WithinOneYear
2022-12-31
13768355
core:AfterOneYear
2023-12-31
13768355
core:ShareCapital
2023-12-31
13768355
core:ShareCapital
2022-12-31
13768355
core:RetainedEarningsAccumulatedLosses
2023-12-31
13768355
core:RetainedEarningsAccumulatedLosses
2022-12-31
13768355
core:BetweenOneFiveYears
2023-12-31
13768355
core:MoreThanFiveYears
2023-12-31
13768355
bus:SmallEntities
2023-01-01
2023-12-31
13768355
bus:AuditExempt-NoAccountantsReport
2023-01-01
2023-12-31
13768355
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
13768355
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
13768355
bus:FullAccounts
2023-01-01
2023-12-31
13768355
core:CapitalContributionReserve
2023-12-31
COMPANY REGISTRATION NUMBER:
13768355
Worldwide Global Brands Ltd |
|
Filleted Unaudited Accounts |
|
Worldwide Global Brands Ltd |
|
Year ended 31 December 2023
Statement of financial position |
1 |
|
|
Worldwide Global Brands Ltd |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
68,916 |
– |
|
|
|
|
|
Current assets
Stocks |
649,225 |
|
571,934 |
Debtors |
6 |
198,912 |
|
688,104 |
Cash at bank and in hand |
818,608 |
|
293,759 |
|
------------ |
|
------------ |
|
1,666,745 |
|
1,553,797 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
1,015,957) |
|
(
1,417,059) |
|
------------ |
|
------------ |
Net current assets |
|
650,788 |
136,738 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
719,704 |
136,738 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
(
273,906) |
– |
|
|
--------- |
--------- |
Net assets |
|
445,798 |
136,738 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Capital contribution |
|
27,612 |
– |
Profit and loss account |
|
418,086 |
136,638 |
|
|
--------- |
--------- |
Shareholder funds |
|
445,798 |
136,738 |
|
|
--------- |
--------- |
|
|
|
|
These accounts 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 comprehensive income has not been delivered.
For the year ending 31 December 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 member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
.
Worldwide Global Brands Ltd |
|
Statement of Financial Position (continued) |
|
31 December 2023
These accounts were approved by the
board of directors
and authorised for issue on
10 September 2024
, and are signed on behalf of the board by:
Company registration number:
13768355
Worldwide Global Brands Ltd |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Wenlock Road, N1 7GU, London.
2.
Statement of compliance
These accounts 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 The financial statements are prepared in sterling, which is the functional currency of the entity. Comparatives The comparatives cover the period from incorporation 26 November 2021 to 31 December 2022.
Going concern
The director considers the entity to be a going concern, on the basis that the company is profit-making and in a significant net asset position at 31 December 2023.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
|
Plant and machinery |
- |
33% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
14
(2022: Nil).
5.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
– |
– |
– |
Additions |
6,355 |
80,808 |
87,163 |
|
------- |
-------- |
-------- |
At 31 December 2023 |
6,355 |
80,808 |
87,163 |
|
------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 January 2023 |
– |
– |
– |
Charge for the year |
1,412 |
16,835 |
18,247 |
|
------- |
-------- |
-------- |
At 31 December 2023 |
1,412 |
16,835 |
18,247 |
|
------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2023 |
4,943 |
63,973 |
68,916 |
|
------- |
-------- |
-------- |
At 31 December 2022 |
– |
– |
– |
|
------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
176,231 |
307,687 |
Other debtors |
22,681 |
380,417 |
|
--------- |
--------- |
|
198,912 |
688,104 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
924 |
– |
Trade creditors |
845,791 |
1,377,460 |
Corporation tax |
90,113 |
30,790 |
Social security and other taxes |
24,423 |
5,559 |
Other creditors |
54,706 |
3,250 |
|
------------ |
------------ |
|
1,015,957 |
1,417,059 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
273,906 |
– |
|
--------- |
---- |
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
144,000 |
– |
Later than 1 year and not later than 5 years |
576,000 |
– |
Later than 5 years |
288,000 |
– |
|
------------ |
---- |
|
1,008,000 |
– |
|
------------ |
---- |
|
|
|
10.
Director's advances, credits and guarantees
During the year, the company received a loan amounting to £297,000 from another company owed by the director and shareholder
N Madhu
. The loan is for two years and to be repaid by 31 December 2025 the loan has an effective interest rate charged at 5%. At the balance sheet date, the loan was still outstanding and is included at its net present value within creditors: amounts falling due after more than one year. The company further paid rent and service charges to the company owed by the director and shareholder N Madhu
totalling £116,000 (2022: £Nil) during the year and have contracted to a lease for period to 31 December 2030.