Wallcoverings on the Net.Co.UK Ltd 06900940 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the retail of wallcoverings via the internet Digita Accounts Production Advanced 6.30.9574.0 true true 06900940 2023-06-01 2024-05-31 06900940 2024-05-31 06900940 core:CurrentFinancialInstruments 2024-05-31 06900940 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 06900940 core:Non-currentFinancialInstruments 2024-05-31 06900940 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 06900940 core:FurnitureFittings 2024-05-31 06900940 core:OfficeEquipment 2024-05-31 06900940 bus:SmallEntities 2023-06-01 2024-05-31 06900940 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06900940 bus:FilletedAccounts 2023-06-01 2024-05-31 06900940 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 06900940 bus:RegisteredOffice 2023-06-01 2024-05-31 06900940 bus:Director1 2023-06-01 2024-05-31 06900940 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06900940 core:FurnitureFittings 2023-06-01 2024-05-31 06900940 core:OfficeEquipment 2023-06-01 2024-05-31 06900940 countries:England 2023-06-01 2024-05-31 06900940 2023-05-31 06900940 core:FurnitureFittings 2023-05-31 06900940 core:OfficeEquipment 2023-05-31 06900940 2022-06-01 2023-05-31 06900940 2023-05-31 06900940 core:CurrentFinancialInstruments 2023-05-31 06900940 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 06900940 core:Non-currentFinancialInstruments 2023-05-31 06900940 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 06900940 core:FurnitureFittings 2023-05-31 06900940 core:OfficeEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 06900940

Wallcoverings on the Net.Co.UK Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Wallcoverings on the Net.Co.UK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Wallcoverings on the Net.Co.UK Ltd

Company Information

Director

Mr J M Haslam

Registered office

1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

Wallcoverings on the Net.Co.UK Ltd

(Registration number: 06900940)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

74

144

Current assets

 

Stocks

5

5,500

5,500

Debtors

6

43,184

37,000

Cash at bank and in hand

 

25,215

39,804

 

73,899

82,304

Creditors: Amounts falling due within one year

7

(17,841)

(15,949)

Net current assets

 

56,058

66,355

Total assets less current liabilities

 

56,132

66,499

Creditors: Amounts falling due after more than one year

7

(21,630)

(31,235)

Net assets

 

34,502

35,264

Capital and reserves

 

Called up share capital

100

100

Retained earnings

34,402

35,164

Shareholders' funds

 

34,502

35,264

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 August 2024
 

.........................................
Mr J M Haslam
Director

 

Wallcoverings on the Net.Co.UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

The principal place of business is:
25-27 Forest Road
Southport
PR8 6JD

These financial statements were authorised for issue by the director on 27 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Wallcoverings on the Net.Co.UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.3% per annum straight line basis

Furniture and fittings

20.0% per annum straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Wallcoverings on the Net.Co.UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Wallcoverings on the Net.Co.UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

5,131

2,158

7,289

Additions

-

24

24

At 31 May 2024

5,131

2,182

7,313

Depreciation

At 1 June 2023

5,023

2,122

7,145

Charge for the year

57

37

94

At 31 May 2024

5,080

2,159

7,239

Carrying amount

At 31 May 2024

51

23

74

At 31 May 2023

108

36

144

5

Stocks

2024
£

2023
£

Other inventories

5,500

5,500

6

Debtors

Current

2024
£

2023
£

Prepayments

184

-

Other debtors

43,000

37,000

 

43,184

37,000

 

Wallcoverings on the Net.Co.UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

9,842

9,771

Taxation and social security

 

492

609

Accruals and deferred income

 

897

897

Other creditors

 

6,610

4,672

 

17,841

15,949

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

21,630

31,235

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

21,630

31,235

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,605

9,605

Other borrowings

237

166

9,842

9,771