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COMPANY REGISTRATION NUMBER: 04736762
Worldwide Escapes Limited
Filleted Unaudited Financial Statements
30 September 2024
Worldwide Escapes Limited
Balance Sheet
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
28,000
22,500
Tangible assets
6
19,234
1,206
--------
--------
47,234
23,706
Current assets
Debtors
7
187,774
35,465
Cash at bank and in hand
942,395
681,334
------------
---------
1,130,169
716,799
Creditors: amounts falling due within one year
8
560,259
249,727
------------
---------
Net current assets
569,910
467,072
---------
---------
Total assets less current liabilities
617,144
490,778
---------
---------
Net assets
617,144
490,778
---------
---------
Capital and reserves
Called up share capital
100
100
Share premium account
49,900
49,900
Profit and loss account
567,144
440,778
---------
---------
Shareholders funds
617,144
490,778
---------
---------
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 (including profit and loss account) has not been delivered.
For the year ending 30 September 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 .
Worldwide Escapes Limited
Balance Sheet (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
Mr J W Weaver
Director
Company registration number: 04736762
Worldwide Escapes Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is No 1 Glasshouse Lg1, Alderley Park, Alderley Edge, Cheshire, SK10 4TG.
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 the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
Revenue recognition
The turnover shown in the profit and loss account represents amounts received from customers during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Customer base
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures & fittings
-
25% straight line
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Intangible assets
Development costs
Customer relationships
Total
£
£
£
Cost
At 1 October 2023
45,000
45,000
Additions
10,000
10,000
--------
--------
--------
At 30 September 2024
10,000
45,000
55,000
--------
--------
--------
Amortisation
At 1 October 2023
22,500
22,500
Charge for the year
4,500
4,500
--------
--------
--------
At 30 September 2024
27,000
27,000
--------
--------
--------
Carrying amount
At 30 September 2024
10,000
18,000
28,000
--------
--------
--------
At 30 September 2023
22,500
22,500
--------
--------
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 October 2023
142,543
41,429
183,972
Additions
19,984
1,265
21,249
Disposals
( 142,543)
( 39,932)
( 182,475)
---------
--------
---------
At 30 September 2024
19,984
2,762
22,746
---------
--------
---------
Depreciation
At 1 October 2023
142,543
40,223
182,766
Charge for the year
2,498
724
3,222
Disposals
( 142,543)
( 39,933)
( 182,476)
---------
--------
---------
At 30 September 2024
2,498
1,014
3,512
---------
--------
---------
Carrying amount
At 30 September 2024
17,486
1,748
19,234
---------
--------
---------
At 30 September 2023
1,206
1,206
---------
--------
---------
7. Debtors
2024
2023
£
£
Amounts owed by related parties
180,000
Other debtors
7,774
35,465
---------
--------
187,774
35,465
---------
--------
Included within Other debtors is a loan to related party that will not be repaid with 12 months.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
240,537
182,178
Corporation tax
93,954
56,148
Social security and other taxes
26,798
3,056
Other creditors
198,970
8,345
---------
---------
560,259
249,727
---------
---------
9. Directors' advances, credits and guarantees
As at 30 September 2024, £nil (2022 £302) was outstanding in respect of the loan to the director.
10. Related party transactions
On 27 October 2023 the company advanced a loan to Sensory International Ltd, a company under common control. As at 30 September 2024 £180,000 (2023 £nil) is outstanding in respect of this loan. The facility is available on a rolling 12 month basis, subject to annual review. The facility can be terminated with 30 days notice. Interest at 7.5% is subject to annual review and should be added to the facility. The loan was renewed at 27th October 2024.
11. Reserves
The only movement in the profit and loss account during the year is in respect of the profit for the year and dividends paid. All of the profit and loss account is distributable.