Company registration number 05580120 (England and Wales)
WE ARE SEVENTEEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WE ARE SEVENTEEN LIMITED
COMPANY INFORMATION
Director
G Alexander
Secretary
G Alexander
Company number
05580120
Registered office
41 Great Portland Street
London
W1W 7LA
Accountants
Hardwick & Morris
41 Great Portland Street
London
W1W 7LA
WE ARE SEVENTEEN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WE ARE SEVENTEEN LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,043
67,587
Current assets
Debtors
4
446,024
784,771
Cash at bank and in hand
11,647
44,985
457,671
829,756
Creditors: amounts falling due within one year
5
(339,108)
(435,914)
Net current assets
118,563
393,842
Total assets less current liabilities
182,606
461,429
Creditors: amounts falling due after more than one year
6
(29,430)
(145,437)
Net assets
153,176
315,992
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
153,076
315,892
Total equity
153,176
315,992

For the financial year ended 30 September 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 year in question in accordance with section 476.

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.

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

The director of the company has 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 12 March 2025 and are signed on its behalf by:
G Alexander
Director
Company registration number 05580120 (England and Wales)
WE ARE SEVENTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

We Are Seventeen Limited is a private company limited by shares incorporated in England and Wales. The registered office is 41 Great Portland Street, London, W1W 7LA.

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 represents amounts receivable for goods and services relating to graphic design net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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:

Fixtures and fittings
25% 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.

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.

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.

WE ARE SEVENTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.

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.

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.

WE ARE SEVENTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

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

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.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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 was:

2024
2023
Number
Number
Total
17
15
WE ARE SEVENTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
207,154
Additions
28,894
Disposals
(3,848)
At 30 September 2024
232,200
Depreciation and impairment
At 1 October 2023
139,567
Depreciation charged in the year
31,170
Eliminated in respect of disposals
(2,580)
At 30 September 2024
168,157
Carrying amount
At 30 September 2024
64,043
At 30 September 2023
67,587
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
242,613
623,824
Corporation tax recoverable
19,205
-
0
Other debtors
184,206
160,947
446,024
784,771
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
111,494
96,192
Trade creditors
101,093
41,744
Corporation tax
-
0
82,127
Other taxation and social security
99,908
83,492
Other creditors
26,613
132,359
339,108
435,914
WE ARE SEVENTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
29,430
145,437
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
79,435
158,870
8
Directors' transactions

Dividends totalling £202,248 (2023 - £122,000) were paid in the year in respect of shares held by the company's directors.

At the balance sheet date, the directors owed the company £10,733. The loan is repayable on demand.

2024-09-302023-10-01false12 March 2025CCH SoftwareCCH Accounts Production 2024.200No description of principal activityG AlexanderS SimmondsG Alexanderfalsefalse055801202023-10-012024-09-3005580120bus:CompanySecretaryDirector12023-10-012024-09-3005580120bus:CompanySecretary12023-10-012024-09-3005580120bus:Director12023-10-012024-09-3005580120bus:Director22023-10-012024-09-3005580120bus:RegisteredOffice2023-10-012024-09-30055801202024-09-30055801202023-09-3005580120core:OtherPropertyPlantEquipment2024-09-3005580120core:OtherPropertyPlantEquipment2023-09-3005580120core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3005580120core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3005580120core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3005580120core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3005580120core:CurrentFinancialInstruments2024-09-3005580120core:CurrentFinancialInstruments2023-09-3005580120core:ShareCapital2024-09-3005580120core:ShareCapital2023-09-3005580120core:RetainedEarningsAccumulatedLosses2024-09-3005580120core:RetainedEarningsAccumulatedLosses2023-09-3005580120core:FurnitureFittings2023-10-012024-09-30055801202022-10-012023-09-3005580120core:OtherPropertyPlantEquipment2023-09-3005580120core:OtherPropertyPlantEquipment2023-10-012024-09-3005580120core:WithinOneYear2024-09-3005580120core:WithinOneYear2023-09-3005580120core:Non-currentFinancialInstruments2024-09-3005580120core:Non-currentFinancialInstruments2023-09-3005580120bus:PrivateLimitedCompanyLtd2023-10-012024-09-3005580120bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3005580120bus:FRS1022023-10-012024-09-3005580120bus:AuditExemptWithAccountantsReport2023-10-012024-09-3005580120bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP