24 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 07672193 2023-06-01 2024-05-31 07672193 2024-05-31 07672193 2023-05-31 07672193 2022-06-01 2023-05-31 07672193 2023-05-31 07672193 2022-05-31 07672193 core:PlantMachinery 2023-06-01 2024-05-31 07672193 bus:RegisteredOffice 2023-06-01 2024-05-31 07672193 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 07672193 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 07672193 bus:OrdinaryShareClass3 2023-06-01 2024-05-31 07672193 bus:OrdinaryShareClass4 2023-06-01 2024-05-31 07672193 bus:LeadAgentIfApplicable 2023-06-01 2024-05-31 07672193 bus:Director1 2023-06-01 2024-05-31 07672193 bus:Director2 2023-06-01 2024-05-31 07672193 bus:Director3 2023-06-01 2024-05-31 07672193 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 07672193 core:PlantMachinery 2023-05-31 07672193 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 07672193 core:PlantMachinery 2024-05-31 07672193 core:WithinOneYear 2024-05-31 07672193 core:WithinOneYear 2023-05-31 07672193 core:AfterOneYear 2024-05-31 07672193 core:AfterOneYear 2023-05-31 07672193 core:ShareCapital 2024-05-31 07672193 core:ShareCapital 2023-05-31 07672193 core:RetainedEarningsAccumulatedLosses 2024-05-31 07672193 core:RetainedEarningsAccumulatedLosses 2023-05-31 07672193 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 07672193 core:PlantMachinery 2023-05-31 07672193 bus:SmallEntities 2023-06-01 2024-05-31 07672193 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07672193 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07672193 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07672193 bus:FullAccounts 2023-06-01 2024-05-31 07672193 bus:OrdinaryShareClass1 2024-05-31 07672193 bus:OrdinaryShareClass1 2023-05-31 07672193 bus:OrdinaryShareClass2 2024-05-31 07672193 bus:OrdinaryShareClass2 2023-05-31 07672193 bus:OrdinaryShareClass3 2024-05-31 07672193 bus:OrdinaryShareClass3 2023-05-31 07672193 bus:OrdinaryShareClass4 2024-05-31 07672193 bus:OrdinaryShareClass4 2023-05-31 07672193 bus:AllOrdinaryShares 2024-05-31 07672193 bus:AllOrdinaryShares 2023-05-31
COMPANY REGISTRATION NUMBER: 07672193
WWScenics Ltd
Filleted Unaudited Financial Statements
31 May 2024
WWScenics Ltd
Financial Statements
Year ended 31 May 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
WWScenics Ltd
Officers and Professional Advisers
The board of directors
Mr D M Rees
Mr M Jutsum
Mrs L Bater (Resigned 30th November 2024)
Registered office
Unit 6 Beaufort Court
Beaufort Road
Swansea
Wales
SA6 8JG
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
WWScenics Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
424,587
425,697
CURRENT ASSETS
Stocks
6
52,540
62,540
Debtors
7
99,424
66,769
Cash at bank and in hand
1,547
21,134
---------
---------
153,511
150,443
CREDITORS: amounts falling due within one year
8
175,652
114,189
---------
---------
NET CURRENT (LIABILITIES)/ASSETS
( 22,141)
36,254
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
402,446
461,951
CREDITORS: amounts falling due after more than one year
9
394,818
452,136
PROVISIONS
3,031
---------
---------
NET ASSETS
4,597
9,815
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
202
202
Profit and loss account
4,395
9,613
------
------
SHAREHOLDERS FUNDS
4,597
9,815
------
------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WWScenics Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
David Martyn Rees
David Martyn Rees
Director
Company registration number: 07672193
WWScenics Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. GENERAL INFORMATION
WWScenics Ltd is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is the manufacture and sale of toys and games.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 May 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.
(iii) Stock Provisioning
The company sells games and toys and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability.
(iv) Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes.
(v) Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of games and toys is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Interest receivable Interest income is recognised using the effective interest method.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.
Defined contribution plans
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 24 (2023: 22 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
376,464
63,567
3,997
444,028
Additions
5,757
5,757
---------
--------
------
---------
At 31 May 2024
376,464
69,324
3,997
449,785
---------
--------
------
---------
Depreciation
At 1 June 2023
15,622
2,709
18,331
Charge for the year
5,579
1,288
6,867
---------
--------
------
---------
At 31 May 2024
21,201
3,997
25,198
---------
--------
------
---------
Carrying amount
At 31 May 2024
376,464
48,123
424,587
---------
--------
------
---------
At 31 May 2023
376,464
47,945
1,288
425,697
---------
--------
------
---------
6. STOCKS
2024
2023
£
£
Raw materials and consumables
52,540
62,540
--------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
16,949
16,860
Other debtors
82,475
49,909
--------
--------
99,424
66,769
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,714
10,590
Trade creditors
96,426
87,022
Social security and other taxes
10,495
2,804
Other creditors
18,017
13,773
---------
---------
175,652
114,189
---------
---------
There are two bank loans which are secured. The aggregate amount of secured liabilities is £23,659 (2023 - £23,659)
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
394,818
452,136
---------
---------
There are two bank loans which are secured. The aggregate amount of secured liabilites is £388,151 (2023 - £411,810)
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
'A' Ordinary shares of £ 1 each
84
84
84
84
'B' Ordinary shares of £ 1 each
84
84
84
84
'C' Ordinary shares of £ 1 each
30
30
30
30
----
----
----
----
202
202
202
202
----
----
----
----