20 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 22,095 22,095 22,095 xbrli:pure xbrli:shares iso4217:GBP 08466713 2023-04-01 2024-03-31 08466713 2024-03-31 08466713 2023-03-31 08466713 2022-04-01 2023-03-31 08466713 2023-03-31 08466713 2022-03-31 08466713 core:PlantMachinery 2023-04-01 2024-03-31 08466713 core:FurnitureFittings 2023-04-01 2024-03-31 08466713 bus:Director2 2023-04-01 2024-03-31 08466713 core:PlantMachinery 2023-03-31 08466713 core:FurnitureFittings 2023-03-31 08466713 core:PlantMachinery 2024-03-31 08466713 core:FurnitureFittings 2024-03-31 08466713 core:WithinOneYear 2024-03-31 08466713 core:WithinOneYear 2023-03-31 08466713 core:ShareCapital 2024-03-31 08466713 core:ShareCapital 2023-03-31 08466713 core:RetainedEarningsAccumulatedLosses 2024-03-31 08466713 core:RetainedEarningsAccumulatedLosses 2023-03-31 08466713 core:BetweenOneFiveYears 2024-03-31 08466713 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 08466713 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 08466713 core:Non-currentFinancialInstruments 2024-03-31 08466713 core:PlantMachinery 2023-03-31 08466713 core:FurnitureFittings 2023-03-31 08466713 bus:Director1 2023-04-01 2024-03-31 08466713 bus:SmallEntities 2023-04-01 2024-03-31 08466713 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08466713 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08466713 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08466713 bus:FullAccounts 2023-04-01 2024-03-31 08466713 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 08466713 core:ComputerSoftware 2023-04-01 2024-03-31 08466713 core:ComputerEquipment 2023-04-01 2024-03-31 08466713 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 08466713 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 08466713 core:ComputerSoftware 2024-03-31 08466713 core:ComputerEquipment 2023-03-31 08466713 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 08466713
Wordunited Ltd
Filleted Unaudited Financial Statements
31 March 2024
Wordunited Ltd
Financial Statements
Year ended 31 March 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 9
Wordunited Ltd
Balance Sheet
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
101,453
24,000
Tangible assets
6
148,390
56,849
Investments
7
22,095
---------
--------
271,938
80,849
Current assets
Stocks
566,702
657,040
Debtors
8
664,893
652,101
Cash at bank and in hand
59,898
399,933
------------
------------
1,291,493
1,709,074
Creditors: amounts falling due within one year
9
885,312
1,175,568
------------
------------
Net current assets
406,181
533,506
---------
---------
Total assets less current liabilities
678,119
614,355
Provisions
Taxation including deferred tax
62,460
14,212
---------
---------
Net assets
615,659
600,143
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
615,559
600,043
---------
---------
Shareholders funds
615,659
600,143
---------
---------
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 profit and loss account has not been delivered.
For the year ending 31 March 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 .
Wordunited Ltd
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
Mr S Bettley
Director
Company registration number: 08466713
Wordunited Ltd
Notes to the Financial Statements
Year ended 31 March 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 Unit 4 Tunstall Arrow South, James Brindley Way, Stoke-On-Trent, Staffordshire, ST6 5GF, United Kingdom. The company registration number is 08466713 .
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Website development
-
33% straight line
Software
-
20% 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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, and other costs incurred in bringing the stock to its present location and condition. Estimated selling price is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
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 20 (2023: 18 ).
5. Intangible assets
Website
Software
Total
£
£
£
Cost
At 1 April 2023
24,000
24,000
Additions
85,128
85,128
--------
--------
---------
At 31 March 2024
24,000
85,128
109,128
--------
--------
---------
Amortisation
Charge for the year
2,000
5,675
7,675
--------
--------
---------
At 31 March 2024
2,000
5,675
7,675
--------
--------
---------
Carrying amount
At 31 March 2024
22,000
79,453
101,453
--------
--------
---------
At 31 March 2023
24,000
24,000
--------
--------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
29,415
77,900
39,996
147,311
Additions
1,642
130,703
30,354
162,699
Disposals
( 2,049)
( 38,517)
( 8,863)
( 49,429)
--------
---------
--------
---------
At 31 March 2024
29,008
170,086
61,487
260,581
--------
---------
--------
---------
Depreciation
At 1 April 2023
21,359
44,899
24,204
90,462
Charge for the year
2,201
36,108
11,154
49,463
Disposals
( 1,153)
( 19,246)
( 7,335)
( 27,734)
--------
---------
--------
---------
At 31 March 2024
22,407
61,761
28,023
112,191
--------
---------
--------
---------
Carrying amount
At 31 March 2024
6,601
108,325
33,464
148,390
--------
---------
--------
---------
At 31 March 2023
8,056
33,001
15,792
56,849
--------
---------
--------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2023
Additions
22,095
--------
At 31 March 2024
22,095
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
22,095
--------
At 31 March 2023
--------
8. Debtors
2024
2023
£
£
Trade debtors
186,942
426,302
Other debtors
477,951
225,799
---------
---------
664,893
652,101
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
376,533
58,650
Trade creditors
436,291
769,930
Corporation tax
101,450
Social security and other taxes
11,130
5,843
Other creditors
61,358
239,695
---------
------------
885,312
1,175,568
---------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
141,297
7,750
Later than 1 year and not later than 5 years
463,375
---------
-------
604,672
7,750
---------
-------
11. Directors' advances, credits and guarantees
During the year the directors have maintained current accounts with the company. The total balance on these accounts at the start of the year was debit £139,952 (2023 - Nil). During the year individually material advances of £130,000 were made on 31 January 2024 (2023 - £250,000). All other advances totalled £235,390(2023 - £271,369). The maximum balance outstanding during the period was £220,368 (2023 - £521,309). During the year individually material repayments of £53,368 were made on 31 March 2024 (2023 - £380,309). All other repayments totalled £154,507 (2023 - £1,108). The balance at the year-end included in other debtors is debit £297,467(2022 - debit £139,952). The advances were on an interest free basis.