Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31the retail of textile supplies, rental of associated equipment/materials and provision of weaving workshops and other events2023-04-01false33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12343908 2023-04-01 2024-03-31 12343908 2022-04-01 2023-03-31 12343908 2024-03-31 12343908 2023-03-31 12343908 c:Director1 2023-04-01 2024-03-31 12343908 d:PlantMachinery 2023-04-01 2024-03-31 12343908 d:PlantMachinery 2024-03-31 12343908 d:PlantMachinery 2023-03-31 12343908 d:OfficeEquipment 2023-04-01 2024-03-31 12343908 d:OfficeEquipment 2024-03-31 12343908 d:OfficeEquipment 2023-03-31 12343908 d:CurrentFinancialInstruments 2024-03-31 12343908 d:CurrentFinancialInstruments 2023-03-31 12343908 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12343908 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12343908 d:ShareCapital 2024-03-31 12343908 d:ShareCapital 2023-03-31 12343908 d:RetainedEarningsAccumulatedLosses 2024-03-31 12343908 d:RetainedEarningsAccumulatedLosses 2023-03-31 12343908 c:EntityNoLongerTradingButTradedInPast 2023-04-01 2024-03-31 12343908 c:FRS102 2023-04-01 2024-03-31 12343908 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12343908 c:AbridgedAccounts 2023-04-01 2024-03-31 12343908 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12343908 2 2023-04-01 2024-03-31 12343908 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 12343908









WEAVERSBAZAAR LTD








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


 
WEAVERSBAZAAR LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WEAVERSBAZAAR LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Weaversbazaar Ltd for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Weaversbazaar Ltd in accordance with the terms of our engagement letter dated 7 December 2023Our work has been undertaken solely to prepare for your approval the financial statements of Weaversbazaar Ltd and state those matters that we have agreed to state to the director of Weaversbazaar Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weaversbazaar Ltd and its director for our work or for this report. 

It is your duty to ensure that Weaversbazaar Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Weaversbazaar Ltd. You consider that Weaversbazaar Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Weaversbazaar Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



DMC Partnership Limited
 
Chartered Accountants
  
Yew Tree House
Lewes Road
Forest Row
East Sussex
RH18 5AA
9 September 2024
Page 1


 
WEAVERSBAZAAR LTD
REGISTERED NUMBER:12343908

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
953

  
-
953

Current assets
  

Stocks
 5 
-
34,620

Debtors
 6 
-
547

Cash at bank and in hand
 7 
43,185
8,519

  
43,185
43,686

Creditors: amounts falling due within one year
 8 
(43,085)
(35,720)

Net current assets
  
 
 
100
 
 
7,966

Total assets less current liabilities
  
100
8,919

Net assets
  
100
8,919


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
-
8,819

Shareholders' funds
  
100
8,919


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2024.




Dr Linda Squires
Director
Page 2


 
WEAVERSBAZAAR LTD
REGISTERED NUMBER:12343908
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


The notes on pages 4 to 9 form part of these financial statements.

Page 3


 
WEAVERSBAZAAR LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The legal form of the entity is private limited company, its country of incorporation is England and Wales and the registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
The company's principal activities continued to be the retail of textile supplies, rental of associated equipment/materials and the provision of weaving workshops and other events up until cessation of trade on 15 March 2024.  An application will be sent to Companies House to have the company dissolved in due course.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

Page 4


 
WEAVERSBAZAAR LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5


 
WEAVERSBAZAAR LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance
Office equipment
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6


 
WEAVERSBAZAAR LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
24,483
24,483

Cost of defined contribution scheme
-
18

24,483
24,501


The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7


 
WEAVERSBAZAAR LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£





At 1 April 2023
1,362
672
2,034


Disposals
(1,362)
(672)
(2,034)



At 31 March 2024

-
-
-





At 1 April 2023
787
294
1,081


Disposals
(787)
(294)
(1,081)



At 31 March 2024

-
-
-



Net book value



At 31 March 2024
-
-
-



At 31 March 2023
575
378
953


5.


Stocks

2024
2023
£
£

Stock
-
34,620

-
34,620



6.


Debtors

2024
2023
£
£


Trade debtors
-
114

Other debtors
-
433

-
547


Page 8


 
WEAVERSBAZAAR LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
43,185
8,519

43,185
8,519



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
312

Corporation tax
1,276
-

Other taxation and social security
-
70

Other creditors
39,528
33,057

Accruals and deferred income
2,281
2,281

43,085
35,720



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £NIL (2023 - £18). Contributions totalling £NIL (2023 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.


10.


Transactions with directors

Included in other creditors due within one year is a loan from the director, Dr Linda Squires, amounting to £(39,528) [2023 - £(30,472)].


11.


Controlling party

The company was controlled throughout the period by its director, Dr Linda Squires, by virtue of the fact that she owns all of the company's ordinary issued share capital.

 
Page 9