Registered number
07147627
WARE FRAMES LTD
Unaudited Filleted Accounts
29 February 2024
WARE FRAMES LTD
Registered number: 07147627
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,503 9,005
Current assets
Stocks 16,700 12,200
Debtors 4 28,636 61,995
Cash at bank and in hand 18,733 18,604
64,069 92,799
Creditors: amounts falling due within one year 5 (85,649) (101,542)
Net current liabilities (21,580) (8,743)
Net (liabilities)/assets (16,077) 262
Capital and reserves
Called up share capital 100 100
Profit and loss account (16,177) 162
Shareholder's funds (16,077) 262
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Deborah Wareing
Director
Approved by the board on 28 November 2024
WARE FRAMES LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
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 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 14,007
At 29 February 2024 14,007
Depreciation
At 1 March 2023 5,002
Charge for the year 3,502
At 29 February 2024 8,504
Net book value
At 29 February 2024 5,503
At 28 February 2023 9,005
4 Debtors 2024 2023
£ £
Trade debtors - 19,418
Other debtors 28,636 42,577
28,636 61,995
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,280 33,212
Trade creditors 33,563 39,241
Corporation tax 7,065 7,740
Other taxes and social security 21,741 21,349
85,649 101,542
6 Controlling party
The Company was controlled throughout the year by the directors by virtue of the fact that they own all of the ordinary shares.
7 Other information
WARE FRAMES LTD is a private company limited by shares and incorporated in England. Its registered office is:
90 Brixon Hill
London
SW2 1QN
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