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Registered Number: 02416253
England and Wales

 

 

 

WEARSMART LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
Report to the directors on the preparation of the unaudited statutory accounts of WEARSMART LIMITED for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WEARSMART LIMITED for the year ended 29 February 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of WEARSMART LIMITED, as a body, in accordance with the terms of our engagement letter dated 18 November 2024 Our work has been undertaken solely to prepare for your approval the accounts of WEARSMART LIMITED and state those matters that we have agreed to state to the Board of Directors of WEARSMART LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WEARSMART LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that WEARSMART LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of WEARSMART LIMITED. You consider that WEARSMART LIMITED is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of WEARSMART LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
29 February 2024



....................................................

SNP Plus Ltd

Accountants and Tax Advisors
284 Station Road
Harrow, London
HA1 2EA
18 November 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,101,491    1,101,754 
1,101,491    1,101,754 
Current assets      
Debtors 32,292    30,000 
Cash at bank and in hand 37,587    39,394 
69,879    69,394 
Creditors: amount falling due within one year (48,709)   (56,365)
Net current assets 21,170    13,029 
 
Total assets less current liabilities 1,122,661    1,114,783 
Creditors: amount falling due after more than one year (103,747)   (123,807)
Provisions for liabilities (215,157)   (215,361)
Net assets 803,757    775,615 
 

Capital and reserves
     
Called up share capital 4 1,000    1,000 
Reserves 5 860,892    860,892 
Profit and loss account (58,135)   (86,277)
Shareholders' funds 803,757    775,615 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 18 November 2024 and were signed on its behalf by:


-------------------------------
Chandravadan Nanji Vaghela
Director
2
General Information
WEARSMART LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02416253, registration address 284 STATION ROAD, HARROW, MIDDLESEX, HA1 2EA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of agreed rent. The rent is recognized on monthly basis as soon as tenants compete their period of stay for that particular month.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Total
  £   £   £
At 01 March 2023 1,100,000    29,073    1,129,073 
Additions    
Disposals    
At 29 February 2024 1,100,000    29,073    1,129,073 
Depreciation
At 01 March 2023   27,319    27,319 
Charge for year   263    263 
On disposals    
At 29 February 2024   27,582    27,582 
Net book values
Closing balance as at 29 February 2024 1,100,000    1,491    1,101,491 
Opening balance as at 01 March 2023 1,100,000    1,754    1,101,754 

Investment Property
As per the directors of the company, there is no material increase in the market value of the Investment property as on 29th February 2024 compared to year ended 28th February 2023. The historical costs of the property was £239,108.00.

4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1,000 Class A shares of £1.00 each 1,000    1,000 
1,000    1,000 

5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Mr. Chandravadan Nanji Vaghela23,219 21,823 
3