2023-04-012024-03-312024-03-31false04759972WE ARE WHY 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WE ARE WHY LIMITED

Registered Number
04759972
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

WE ARE WHY LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

KENT, James Robert

Company Secretary

KENT, James Robert

Registered Address

9 Park Street
London
SE1 9AB

Registered Number

04759972 (England and Wales)
WE ARE WHY LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets425,65633,530
25,65633,530
Current assets
Debtors596,78999,492
Cash at bank and on hand251,679615,604
348,468715,096
Creditors amounts falling due within one year6(63,934)(172,892)
Net current assets (liabilities)284,534542,204
Total assets less current liabilities310,190575,734
Creditors amounts falling due after one year7(15,030)(24,122)
Provisions for liabilities9-(6,197)
Accruals and deferred income(2,500)(2,500)
Net assets292,660542,915
Capital and reserves
Called up share capital44
Profit and loss account292,656542,911
Shareholders' funds292,660542,915
The financial statements were approved and authorised for issue by the Director on 1 November 2024, and are signed on its behalf by:
KENT, James Robert
Director
Registered Company No. 04759972
WE ARE WHY LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined benefit pension plan
The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date. The defined benefit obligation is calculated using the projected unit credit method. Annually the group engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments('discount rate'). The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the group's policy for similarly held assets. This includes the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'remeasurement of net defined benefit liability'. The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises: the increase in pension benefit liability arising from employee service during the period; and the cost of plan introductions, benefit changes, curtailments and settlements.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
2.Average number of employees

20242023
Average number of employees during the year1010
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 April 23168,77222,184190,956
Additions533-533
At 31 March 24169,30522,184191,489
Depreciation and impairment
At 01 April 23138,10119,325157,426
Charge for year7,6927158,407
At 31 March 24145,79320,040165,833
Net book value
At 31 March 2423,5122,14425,656
At 31 March 2330,6712,85933,530
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables95,34991,748
Other debtors240240
Prepayments and accrued income1,2007,504
Total96,78999,492
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables6,96315,477
Bank borrowings and overdrafts13,22013,975
Taxation and social security43,748143,436
Other creditors34
Total63,934172,892
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts15,03024,122
Total15,03024,122
8.Obligations under finance leases
Minimum lease payments under non-cancellable operating leases fall due between one and five years £33,220 (2023: £32,000).
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)-6,197
Total-6,197
10.Controlling party
The company was controlled by its director, J Kent, throughout the period.