14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 12,409 3,681 16,090 6,471 1,924 8,395 7,695 5,938 12,480 1 12,481 12,481 12,480 xbrli:pure xbrli:shares iso4217:GBP 09327823 2023-02-01 2024-01-31 09327823 2024-01-31 09327823 2023-01-31 09327823 2022-02-01 2023-01-31 09327823 2023-01-31 09327823 2022-01-31 09327823 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 09327823 bus:Director3 2023-02-01 2024-01-31 09327823 bus:Director4 2023-02-01 2024-01-31 09327823 bus:Director5 2023-02-01 2024-01-31 09327823 core:WithinOneYear 2024-01-31 09327823 core:WithinOneYear 2023-01-31 09327823 core:ShareCapital 2024-01-31 09327823 core:ShareCapital 2023-01-31 09327823 core:SharePremium 2024-01-31 09327823 core:SharePremium 2023-01-31 09327823 core:RetainedEarningsAccumulatedLosses 2024-01-31 09327823 core:RetainedEarningsAccumulatedLosses 2023-01-31 09327823 core:CostValuation core:Non-currentFinancialInstruments 2023-01-31 09327823 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-01-31 09327823 core:CostValuation core:Non-currentFinancialInstruments 2024-01-31 09327823 core:Non-currentFinancialInstruments 2024-01-31 09327823 core:Non-currentFinancialInstruments 2023-01-31 09327823 bus:SmallEntities 2023-02-01 2024-01-31 09327823 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09327823 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09327823 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09327823 bus:FullAccounts 2023-02-01 2024-01-31 09327823 bus:OrdinaryShareClass1 2024-01-31 09327823 bus:OrdinaryShareClass1 2023-01-31 09327823 core:ToolsEquipment 2023-02-01 2024-01-31 09327823 core:ToolsEquipment 2023-01-31 09327823 core:ToolsEquipment 2024-01-31
COMPANY REGISTRATION NUMBER: 09327823
Wearisma Limited
Filleted Unaudited Financial Statements
31 January 2024
Wearisma Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wearisma Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
7,695
5,938
Investments
6
12,481
12,480
--------
--------
20,176
18,418
Current assets
Debtors
7
644,679
635,087
Cash at bank and in hand
1,547,593
2,097,357
------------
------------
2,192,272
2,732,444
Creditors: amounts falling due within one year
8
858,989
819,574
------------
------------
Net current assets
1,333,283
1,912,870
------------
------------
Total assets less current liabilities
1,353,459
1,931,288
------------
------------
Net assets
1,353,459
1,931,288
------------
------------
Capital and reserves
Called up share capital
9
22
21
Share premium account
3,953,184
3,697,290
Profit and loss account
( 2,599,747)
( 1,766,023)
------------
------------
Shareholders funds
1,353,459
1,931,288
------------
------------
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.
For the year ending 31 January 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 .
Wearisma Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr B J Scott Knight
Ms C Nolan
Director
Director
Ms J Tsai
Director
Company registration number: 09327823
Wearisma Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM20AW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 as a finance cost 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 14 (2023: 11 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 February 2023
12,409
12,409
Additions
3,681
3,681
--------
--------
At 31 January 2024
16,090
16,090
--------
--------
Depreciation
At 1 February 2023
6,471
6,471
Charge for the year
1,924
1,924
--------
--------
At 31 January 2024
8,395
8,395
--------
--------
Carrying amount
At 31 January 2024
7,695
7,695
--------
--------
At 31 January 2023
5,938
5,938
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 February 2023
12,480
Additions
1
--------
At 31 January 2024
12,481
--------
Impairment
At 1 February 2023 and 31 January 2024
--------
Carrying amount
At 31 January 2024
12,481
--------
At 31 January 2023
12,480
--------
During the year the company purchased 100% of the share capital in Wearisma PTE. Ltd, a company registered in Singapore. The company also owns 100% of the share capital of Wearisma Taiwan Ltd, a company registered in Taiwan.
7. Debtors
2024
2023
£
£
Trade debtors
566,739
543,598
Amounts owed by group undertakings
71,685
Prepayments and accrued income
6,255
3,988
Corporation tax repayable
87,501
---------
---------
644,679
635,087
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,700
70,714
Amounts owed to group undertakings
25,246
Accruals and deferred income
723,052
669,372
Social security and other taxes
51,813
40,549
Director loan accounts
10,206
Other creditors
27,424
3,487
---------
---------
858,989
819,574
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.001 each
21,605
22
21,075
21
--------
----
--------
----
10. Related party transactions
At the year end the company owed a director NIL (2023: £10,206) which is shown amongst creditors due within one year. During the year the company was recharged expenses of £261,893 (2023: £260,784) from a subsidiary undertaking.