Watt to Wear Limited 02360073 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the design, manufacture and sale of embroidered clothing. Digita Accounts Production Advanced 6.30.9574.0 true 02360073 2023-05-01 2024-04-30 02360073 2024-04-30 02360073 core:FurtherSpecificReserve1ComponentTotalEquity 2024-04-30 02360073 core:OtherReservesSubtotal 2024-04-30 02360073 core:RetainedEarningsAccumulatedLosses 2024-04-30 02360073 core:ShareCapital 2024-04-30 02360073 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 02360073 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 02360073 bus:SmallEntities 2023-05-01 2024-04-30 02360073 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02360073 bus:FullAccounts 2023-05-01 2024-04-30 02360073 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 02360073 bus:RegisteredOffice 2023-05-01 2024-04-30 02360073 bus:Director1 2023-05-01 2024-04-30 02360073 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02360073 core:FurtherSpecificReserve1ComponentTotalEquity 2023-05-01 2024-04-30 02360073 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 02360073 core:ShareCapital 2023-05-01 2024-04-30 02360073 core:Buildings 2023-05-01 2024-04-30 02360073 core:ComputerEquipment 2023-05-01 2024-04-30 02360073 core:FurnitureFittings 2023-05-01 2024-04-30 02360073 core:MotorVehicles 2023-05-01 2024-04-30 02360073 countries:EnglandWales 2023-05-01 2024-04-30 02360073 2023-04-30 02360073 core:FurtherSpecificReserve1ComponentTotalEquity 2023-04-30 02360073 core:RetainedEarningsAccumulatedLosses 2023-04-30 02360073 core:ShareCapital 2023-04-30 02360073 2022-05-01 2023-04-30 02360073 2023-04-30 02360073 core:OtherReservesSubtotal 2023-04-30 02360073 core:RetainedEarningsAccumulatedLosses 2023-04-30 02360073 core:ShareCapital 2023-04-30 02360073 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 02360073 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 02360073

Watt to Wear Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Watt to Wear Limited

Contents

Abridged Balance Sheet

1

Statement of Changes in Equity

2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Watt to Wear Limited

(Registration number: 02360073)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

420,148

370,335

Current assets

 

Stocks

48,689

78,229

Debtors

103,727

121,228

Cash at bank and in hand

 

55,782

46,120

 

208,198

245,577

Creditors: Amounts falling due within one year

5

(194,452)

(174,018)

Net current assets

 

13,746

71,559

Total assets less current liabilities

 

433,894

441,894

Creditors: Amounts falling due after more than one year

6

(123,110)

(135,273)

Provisions for liabilities

(11,998)

(11,709)

Net assets

 

298,786

294,912

Capital and reserves

 

Called up share capital

90

90

Other reserves

12

12

Profit and loss account

298,684

294,810

Total equity

 

298,786

294,912

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 17 January 2025
 

Mr D D Watt

Director

 

Watt to Wear Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 May 2023

90

12

294,810

294,912

Profit for the year

-

-

92,644

92,644

Total comprehensive income

-

-

92,644

92,644

Dividends

-

-

(88,770)

(88,770)

At 30 April 2024

90

12

298,684

298,786

 

Watt to Wear Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ford Road
Wiveliscombe
Taunton
Somerset
TA4 2RE

These financial statements were authorised for issue by the director on 17 January 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Watt to Wear Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Office equipment

33% straight line

Motor vehicles

25% reducing balance

Freehold property

2% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 17).

 

Watt to Wear Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Total
£

Cost or valuation

At 1 May 2023

504,327

Additions

95,486

Disposals

(40,765)

At 30 April 2024

559,048

Depreciation

At 1 May 2023

133,993

Charge for the year

22,257

Eliminated on disposal

(17,350)

At 30 April 2024

138,900

Carrying amount

At 30 April 2024

420,148

At 30 April 2023

370,335

5

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £51,646 (2023 - £34,034).

6

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £123,110 (2023 - £135,273).