Company registration number 07820392 (England and Wales)
WONDERSPHERE LTD
Unaudited Financial Statements
For The Period Ended 29 February 2024
Pages For Filing With Registrar
Wondersphere Ltd
WONDERSPHERE LTD
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 10
Wondersphere Ltd
WONDERSPHERE LTD
Balance Sheet
As At 29 February 2024
- 1 -
29 February 2024
30 October 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
70,027
74,366
Current assets
Debtors
6
153,187
256,732
Cash at bank and in hand
386
200,038
153,573
456,770
Creditors: amounts falling due within one year
7
(127,152)
(162,288)
Net current assets
26,421
294,482
Total assets less current liabilities
96,448
368,848
Creditors: amounts falling due after more than one year
8
(13,091)
(26,612)
Provisions for liabilities
(13,305)
(18,594)
Net assets
70,052
323,642
Capital and reserves
Called up share capital
111
111
Share premium account
109,989
109,989
Profit and loss reserves
(40,048)
213,542
Total equity
70,052
323,642
Wondersphere Ltd
WONDERSPHERE LTD
Balance Sheet (Continued)
As At 29 February 2024
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr PF S Court
Director
Company registration number 07820392 (England and Wales)
Wondersphere Ltd
WONDERSPHERE LTD
Statement Of Changes In Equity
For The Period Ended 29 February 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 October 2022:
Balance at 31 October 2021
111
109,989
391,217
501,317
Prior year restatement
-
-
0
(45,100)
(45,100)
As restated
111
109,989
346,117
456,217
Year ended 30 October 2022:
Profit and total comprehensive income
-
-
218,235
218,235
Dividends
4
-
-
(350,810)
(350,810)
Balance at 30 October 2022
111
109,989
213,542
323,642
Period ended 29 February 2024:
Profit and total comprehensive income
-
-
14,720
14,720
Dividends
4
-
-
(268,310)
(268,310)
Balance at 29 February 2024
111
109,989
(40,048)
70,052
Wondersphere Ltd
WONDERSPHERE LTD
Notes To The Financial Statements
For The Period Ended 29 February 2024
- 4 -
1
Accounting policies
Company information

Wondersphere Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Applehurst, Pilgrims Way East, Kemsing, Sevenoaks, Kent, England, TN15 6TE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
10% straight line
Computer equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Wondersphere Ltd
WONDERSPHERE LTD
Notes To The Financial Statements (Continued)
For The Period Ended 29 February 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Wondersphere Ltd
WONDERSPHERE LTD
Notes To The Financial Statements (Continued)
For The Period Ended 29 February 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Wondersphere Ltd
WONDERSPHERE LTD
Notes To The Financial Statements (Continued)
For The Period Ended 29 February 2024
1
Accounting policies
(Continued)
- 7 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
7
7
4
Dividends
2024
2022
£
£
Final paid
268,310
350,810

Dividends were voted based upon previous financial statements and the management accounts at the date of voting. Due to a reduction in trade in the latter part of the period and a realisation of a missed historic dividend, reserves became negative at the yearend. After the year end, there has been a capital reorganisation along with an improvement in trading and reserves were positive at the date of signing the accounts.

Wondersphere Ltd
WONDERSPHERE LTD
Notes To The Financial Statements (Continued)
For The Period Ended 29 February 2024
- 8 -
5
Tangible fixed assets
Office equipment
Computer equipment
Total
£
£
£
Cost
At 31 October 2022
56,631
71,674
128,305
Additions
9,958
7,095
17,053
At 29 February 2024
66,589
78,769
145,358
Depreciation and impairment
At 31 October 2022
8,471
45,468
53,939
Depreciation charged in the period
8,500
12,892
21,392
At 29 February 2024
16,971
58,360
75,331
Carrying amount
At 29 February 2024
49,618
20,409
70,027
At 30 October 2022
48,160
26,206
74,366
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
25,302
104,342
Corporation tax recoverable
699
-
0
Other debtors
115,592
122,147
Prepayments and accrued income
11,594
30,243
153,187
256,732
7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
9
48,268
9,850
Trade creditors
7,803
12,183
Corporation tax
-
0
46,976
Other taxation and social security
8,782
17,220
Other creditors
22,370
47,481
Accruals and deferred income
39,929
28,578
127,152
162,288
Wondersphere Ltd
WONDERSPHERE LTD
Notes To The Financial Statements (Continued)
For The Period Ended 29 February 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2022
Notes
£
£
Bank loans and overdrafts
9
13,091
26,612
9
Loans and overdrafts
2024
2022
£
£
Bank loans
23,274
36,462
Bank overdrafts
38,085
-
0
61,359
36,462
Payable within one year
48,268
9,850
Payable after one year
13,091
26,612
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2022
Balances:
£
£
Accelerated capital allowances
13,305
18,594
2024
Movements in the period:
£
Liability at 31 October 2022
18,594
Credit to profit or loss
(5,289)
Liability at 29 February 2024
13,305
11
Prior period adjustment
Wondersphere Ltd
WONDERSPHERE LTD
Notes To The Financial Statements (Continued)
For The Period Ended 29 February 2024
11
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in equity
31 October
30 October
2021
2022
£
£
Adjustments to prior period
Historic dividend
(45,100)
(45,100)
Equity as previously reported
501,317
368,742
Equity as adjusted
456,217
323,642
12
Directors' transactions

At the start of the year, the company was owed £116,614 by the directors. During the year the company paid amounts to and on behalf of the director totalling £366,764, whilst the director repaid amounts totalling of £404,989. Interest due on this loan amounted to £4,669. At the end of the year, the amount owed to the company by the directors was £83,057. This amount attracted interest at 2.25%. The amount is included within Other Debtors. This amount has been cleared in full after the yearend.

13
Parent company

During the current and preceding year the company was under the control of P F S Court and E C Court.

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