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REGISTERED NUMBER: 01340417 (England and Wales)















Worldcrest Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Worldcrest Limited (Registered number: 01340417)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Worldcrest Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: TJ Foster
RD Foster
AD Foster
WN Foster





SECRETARY: GM Foster





REGISTERED OFFICE: The Coach House
The Grange
Hartford
Northwich
CW8 1QH





REGISTERED NUMBER: 01340417 (England and Wales)





ACCOUNTANTS: McMillan & Co LLP
Chartered Accountants
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Worldcrest Limited (Registered number: 01340417)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 8,107 10,808
Investments 5 100 100
Investment property 6 950,000 950,000
958,207 960,908

CURRENT ASSETS
Stocks 36,194 60,250
Debtors 7 10,129 14,958
Cash at bank 99,082 110,027
145,405 185,235
CREDITORS
Amounts falling due within one year 8 50,273 46,542
NET CURRENT ASSETS 95,132 138,693
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,053,339

1,099,601

CREDITORS
Amounts falling due after more than one
year

9

(100

)

(100

)

PROVISIONS FOR LIABILITIES 10 (30,656 ) (30,792 )
NET ASSETS 1,022,583 1,068,709

CAPITAL AND RESERVES
Called up share capital 11 375,000 375,000
Fair value reserve 12 265,273 265,273
Retained earnings 382,310 428,436
SHAREHOLDERS' FUNDS 1,022,583 1,068,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Worldcrest Limited (Registered number: 01340417)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





RD Foster - Director


Worldcrest Limited (Registered number: 01340417)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Worldcrest Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The amounts in the financial statements have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
In accordance with Financial Reporting Standard 102, the company's properties are held for long-term investment and are included in the Balance Sheet at their fair values. Any surplus or deficit on revaluation of such properties is transferred to the fair value reserve net of deferred tax. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from the requirements of the Companies Act, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.


Worldcrest Limited (Registered number: 01340417)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
COST
At 1 April 2023
and 31 March 2024 2,544 78,249 1,304 82,097
DEPRECIATION
At 1 April 2023 2,289 68,521 479 71,289
Charge for year 64 2,431 206 2,701
At 31 March 2024 2,353 70,952 685 73,990
NET BOOK VALUE
At 31 March 2024 191 7,297 619 8,107
At 31 March 2023 255 9,728 825 10,808

Worldcrest Limited (Registered number: 01340417)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 100

6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023
and 31 March 2024 950,000
NET BOOK VALUE
At 31 March 2024 950,000
At 31 March 2023 950,000

Fair value at 31 March 2024 is represented by:
£
Valuation in 2024 950,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 684,727 684,727

The investment properties were valued on an open market basis on 31 March 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 8,449 7,275
Other debtors 1,680 7,683
10,129 14,958

Worldcrest Limited (Registered number: 01340417)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 2,201 2,200
Taxation and social security 34,372 33,505
Other creditors 13,700 10,837
50,273 46,542

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Other creditors 100 100

10. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances 30,656 30,792

Deferred tax
£
Balance at 1 April 2023 30,792
Credit to Statement of Income and Retained Earnings during year (136 )
Movement in year
Balance at 31 March 2024 30,656

Deferred tax at 25% (2023- 25%)

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
210,000 Ordinary A £1 210,000 210,000
165,000 Ordinary B £1 165,000 165,000
375,000 375,000

12. RESERVES
Fair value
reserve
£
At 1 April 2023
and 31 March 2024 265,273

13. RELATED PARTY DISCLOSURES

In the opinion of the directors the company is controlled by the directors.