Company registration number 03080528 (England and Wales)
Worldwide Hole 'N One Limited
Financial Statements
For the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Worldwide Hole 'N One Limited
Content
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
Worldwide Hole 'N One Limited
Company Information
- 1 -
Directors
Mr J R Wilkinson
Mr P Garvey
Mr J Jennings
Company number
03080528
Registered office
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Business address
3 Kinsbourne Court
96-100 Luton Road
Harpenden
Hertfordshire
AL5 3BL
Worldwide Hole 'N One Limited
Balance Sheet
As at 31 December 2023
31 December 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,335
5,705
Investments
4
44,350
-
0
45,685
5,705
Current assets
Debtors
5
618,238
482,685
Cash at bank and in hand
234,841
267,654
853,079
750,339
Creditors: amounts falling due within one year
6
(235,555)
(85,196)
Net current assets
617,524
665,143
Total assets less current liabilities
663,209
670,848
Creditors: amounts falling due after more than one year
7
(817,361)
(817,361)
Net liabilities
(154,152)
(146,513)
Capital and reserves
Called up share capital
8
130,000
130,000
Profit and loss reserves
(284,152)
(276,513)
Total equity
(154,152)
(146,513)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
Mr J R Wilkinson
Director
Company registration number 03080528 (England and Wales)
Worldwide Hole 'N One Limited
Notes to the Financial Statements
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Worldwide Hole 'N One Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ. The principal place of business is 3 Kinsbourne Court, 96-100 Luton Road, Harpenden, Hertfordshire, AL5 3BL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover comprises premiums received from the sale of sports and event risk insurance policies and revenue from the sale of advertising space on the company’s promotional materials. The company has the right to market these products throughout the world.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Worldwide Hole 'N One Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Worldwide Hole 'N One Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
14
12
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
57,484
Depreciation and impairment
At 1 January 2023
51,779
Depreciation charged in the year
4,370
At 31 December 2023
56,149
Carrying amount
At 31 December 2023
1,335
At 31 December 2022
5,705
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
44,350
-
0
Worldwide Hole 'N One Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
-
Additions
44,350
At 31 December 2023
44,350
Carrying amount
At 31 December 2023
44,350
At 31 December 2022
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
194,761
217,710
Amounts owed by group undertakings
71,584
-
0
Other debtors
97,437
88,419
363,782
306,129
Deferred tax asset
254,456
176,556
618,238
482,685
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,364
1,119
Taxation and social security
37,257
18,170
Other creditors
196,934
65,907
235,555
85,196
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
817,361
817,361
Worldwide Hole 'N One Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
130,000
130,000
130,000
130,000
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Richard Hattrell BA FCA
Statutory Auditor:
Gilberts Chartered Accountants
Date of audit report:
1 October 2024
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
3,650
5,475
11
Parent company

The directors consider that the immediate parent undertaking of the company is Jencap Group LLC and the ultimate parent undertaking is Galway Finance Holdings LLC whose address is 1350 Broadway, New York, NY 10018, United States of America, consolidated Financial Statements are available from this address.

12
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Current assets
Bank and cash
1,231,245
(963,591)
267,654
Creditors due within one year
Other creditors
(1,030,617)
963,591
(67,026)
Net assets
(146,513)
-
(146,513)
Capital and reserves
Total equity
(146,513)
-
(146,513)
Worldwide Hole 'N One Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
12
Prior period adjustment
(Continued)
- 8 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Loss for the financial period
(53,119)
-
(53,119)
Notes to reconciliation

Adjustment to aggregate the funds held as Client Money against the matching Creditor. The adjustment was made as the funds do not represent an asset of the company.

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