Company Registration No. 11289209 (England and Wales)
We Are Nations Limited
Unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
WE ARE NATIONS LIMITED
We Are Nations Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WE ARE NATIONS LIMITED
We Are Nations Limited
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
7,420
88,564
Debtors
3
58,497
59,181
Cash at bank and in hand
31,482
24,244
97,399
171,989
Creditors: amounts falling due within one year
4
(449,276)
(298,303)
Net current liabilities
(351,877)
(126,314)
Creditors: amounts falling due after more than one year
5
(241,427)
(321,081)
Net liabilities
(593,304)
(447,395)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(593,404)
(447,495)
Total equity
(593,304)
(447,395)

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
A Romer
Director
Company registration number 11289209 (England and Wales)
WE ARE NATIONS LIMITED
We Are Nations Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

We Are Nations Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun, St.John's wood, London, United Kingdom, NW8 0DL.

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
Going concern

The financial statements have been prepared on the going concern basis. We Are Nations Limited has made truea profit in the year ended 31 December 2023. The directors have therefore confirmed that the funds will continue to be made available from the support of the company's parent company, We Are Nations Inc. The financial statements do not include any adjustments that might result from the withdrawal of this support and the directors are of the opinion that the going concern basis is therefore appropriate to the preparation of these financial statements.

1.3
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.

1.4
Stocks

Stocks are stated at the lower of cost and net realisable value.

 

Net realisable value is the estimated selling price less all estimated costs of completion and costs incurred in marketing, selling and distribution.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets that include cash in hand and deposits held at call with banks.

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.

WE ARE NATIONS LIMITED
We Are Nations Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans 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
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.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised as income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised as income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year is 2 (2021: 2).

WE ARE NATIONS LIMITED
We Are Nations Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,807
49,328
Corporation tax recoverable
-
0
8,605
Other debtors
31,998
1,035
Prepayments and accrued income
16,692
213
58,497
59,181
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
49,000
-
0
Trade creditors
158,878
226,117
Taxation and social security
50,641
11,889
Other creditors
178,321
60,297
Accruals and deferred income
12,436
-
0
449,276
298,303
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
126,460
206,114
Intercompany loan
114,967
114,967
241,427
321,081
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Related party transactions
WE ARE NATIONS LIMITED
We Are Nations Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Related party transactions
(Continued)
- 5 -

At the reporting date an amount of £28,426 (2022: £30,096) was owed to We Are Nations BVBA, a company wholly owned by We Are Nations Inc, the parent company of We Are Nations Limited.

 

At the year end the company owed an amount of £258,034 (2022: £139,750) to We Are Nations Inc. Within this balance, £114,967 is payable in more than one year. The remaining balance of £143,067 is payable within one year.

8
Parent company

The parent and ultimate controlling party is We Are Nations Inc. a company incorporated in the US.

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