21 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09473109 2023-04-01 2024-03-31 09473109 2024-03-31 09473109 2023-03-31 09473109 2022-04-01 2023-03-31 09473109 2023-03-31 09473109 2022-03-31 09473109 core:LandBuildings 2023-04-01 2024-03-31 09473109 core:PlantMachinery 2023-04-01 2024-03-31 09473109 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09473109 bus:RegisteredOffice 2023-04-01 2024-03-31 09473109 bus:Director1 2023-04-01 2024-03-31 09473109 bus:Director2 2023-04-01 2024-03-31 09473109 bus:Director3 2023-04-01 2024-03-31 09473109 bus:Director4 2023-04-01 2024-03-31 09473109 bus:Director5 2023-04-01 2024-03-31 09473109 core:LandBuildings 2023-03-31 09473109 core:PlantMachinery 2023-03-31 09473109 core:LandBuildings 2024-03-31 09473109 core:PlantMachinery 2024-03-31 09473109 core:DeferredTaxation 2023-04-01 2024-03-31 09473109 core:WithinOneYear 2024-03-31 09473109 core:WithinOneYear 2023-03-31 09473109 core:ShareCapital 2024-03-31 09473109 core:ShareCapital 2023-03-31 09473109 core:CapitalRedemptionReserve 2024-03-31 09473109 core:CapitalRedemptionReserve 2023-03-31 09473109 core:RetainedEarningsAccumulatedLosses 2024-03-31 09473109 core:RetainedEarningsAccumulatedLosses 2023-03-31 09473109 core:LandBuildings 2023-03-31 09473109 core:PlantMachinery 2023-03-31 09473109 core:DeferredTaxation 2023-03-31 09473109 core:DeferredTaxation 2024-03-31 09473109 bus:Director1 2023-03-31 09473109 bus:Director1 2023-03-31 09473109 bus:Director1 2022-04-01 2023-03-31 09473109 bus:SmallEntities 2023-04-01 2024-03-31 09473109 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09473109 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09473109 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09473109 bus:FullAccounts 2023-04-01 2024-03-31 09473109 core:ComputerEquipment 2023-03-31 09473109 core:ComputerEquipment 2024-03-31 09473109 core:ComputerEquipment 2023-04-01 2024-03-31 09473109 core:AllAssociates 2024-03-31 09473109 core:AllAssociates 2023-03-31 09473109 core:AllAssociates 2023-04-01 2024-03-31
Company registration number: 09473109
WeAreInk Limited
Unaudited filleted financial statements
31 March 2024
WeAreInk Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
WeAreInk Limited
Directors and other information
Directors Mr Kamen Sirashki
Mr David Macey
Mr James Ball
Mr Stuart Piercy
Mr Miles Christensen
Company number 09473109
Registered office Unit 5b
445 Caledonian Road
London
N7 9BG
Business address Unit 5b
445 Caledonian Road
London
N7 9BG
WeAreInk Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 140,141 179,641
_______ _______
140,141 179,641
Current assets
Debtors 6 786,765 748,916
Cash at bank and in hand 443,939 186,122
_______ _______
1,230,704 935,038
Creditors: amounts falling due
within one year 7 ( 343,255) ( 312,387)
_______ _______
Net current assets 887,449 622,651
_______ _______
Total assets less current liabilities 1,027,590 802,292
Provisions for liabilities 8 ( 35,035) ( 34,131)
_______ _______
Net assets 992,555 768,161
_______ _______
Capital and reserves
Called up share capital 200 200
Capital redemption reserve 20 20
Profit and loss account 992,335 767,941
_______ _______
Shareholders funds 992,555 768,161
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements 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.
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr Kamen Sirashki
Director
Company registration number: 09473109
WeAreInk Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 5b, 445 Caledonian Road, London, N7 9BG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Leasehold property - 18 % straight line
Office equipment - 33 % reducing balance
Furniture & fixtures - 25 % straight line
Website - 24 months straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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.
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 or 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 in finance costs 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 21 (2023: 18 ).
5. Tangible assets
Freehold and leasehold properties Plant and machinery Website Total
£ £ £ £
Cost
At 1 April 2023 71,317 243,723 37,600 352,640
Additions - 29,973 - 29,973
Disposals ( 707) - - ( 707)
_______ _______ _______ _______
At 31 March 2024 70,610 273,696 37,600 381,906
_______ _______ _______ _______
Depreciation
At 1 April 2023 15,258 136,774 20,967 172,999
Charge for the year 12,837 39,296 16,633 68,766
_______ _______ _______ _______
At 31 March 2024 28,095 176,070 37,600 241,765
_______ _______ _______ _______
Carrying amount
At 31 March 2024 42,515 97,626 - 140,141
_______ _______ _______ _______
At 31 March 2023 56,059 106,949 16,633 179,641
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 446,351 391,608
Other debtors 340,414 357,308
_______ _______
786,765 748,916
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 60,594 33,074
Corporation tax 190,084 121,000
Social security and other taxes 41,324 73,080
Other creditors 51,253 85,233
_______ _______
343,255 312,387
_______ _______
8. Provisions
Deferred tax Total
£ £
At 1 April 2023 34,132 34,132
Additions 903 903
_______ _______
At 31 March 2024 35,035 35,035
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Kamen Sirashki ( 80,000) - 80,000 -
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Kamen Sirashki - ( 80,000) - ( 80,000)
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Universal Machines Ltd - - 273,600 273,600
_______ _______ _______ _______
At the balance sheet date, the amount owed to the company by Universal Machines Ltd was £273,600. This is an interest free loan.