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Registration number: 10210553

We3World Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

We3World Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

We3World Ltd

Company Information

Director

Mr P P S Ashworth

Registered office

10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

Accountants

Xeinadin
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
We3World Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of We3World Ltd for the year ended 31 December 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of We3World Ltd, as a body, in accordance with the terms of our engagement letter dated 28 November 2016. Our work has been undertaken solely to prepare for your approval the accounts of We3World Ltd and state those matters that we have agreed to state to the Board of Directors of We3World Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than We3World Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that We3World Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of We3World Ltd. You consider that We3World Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of We3World Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................


Xeinadin
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

20 March 2025

 

We3World Ltd

(Registration number: 10210553)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

842,547

484,330

Tangible assets

5

11,592

99

 

854,139

484,429

Current assets

 

Debtors

6

41,136

25,060

Cash at bank and in hand

 

41,155

32,749

 

82,291

57,809

Creditors: Amounts falling due within one year

7

(223,867)

(156,393)

Net current liabilities

 

(141,576)

(98,584)

Total assets less current liabilities

 

712,563

385,845

Creditors: Amounts falling due after more than one year

7

(980,735)

(683,538)

Net liabilities

 

(268,172)

(297,693)

Capital and reserves

 

Called up share capital

10,300

10,300

Share premium reserve

149,700

149,700

Other reserves

130,000

-

Retained earnings

(558,172)

(457,693)

Shareholders' deficit

 

(268,172)

(297,693)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

We3World Ltd

(Registration number: 10210553)
Balance Sheet as at 31 December 2024

Approved and authorised by the director on 20 March 2025
 

.........................................
Mr P P S Ashworth
Director

 

We3World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
10 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

These financial statements were authorised for issue by the director on 20 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are accounted for using the accrual model.

 

We3World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions entered into in foreign currencies are translated into sterling at the spot rate at the date of the
transaction. Monetary balances denominated in foreign currencies are translated into sterling at the spot rate at each balance sheet date. Differences on exchange are taken to the profit and loss account.

Tax

The tax expense for the period comprises current 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 income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Computer equipment

25% Straight line basis

 

We3World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Development costs

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

In the event that an internally generated intangible asset arises from the company's development activities then it will be recognised only if all of the following conditions are met:

An asset is created that can be identified (such as software and new processes);
The project from which the asset arises meets the company's criteria for assessing technical feasibility;
It is probable that the asset created will generate future economic benefits; and
The development cost of the asset can be measured reliably.

Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred.

Development expenditure capitalised in accordance with the above policy is written off over the expected life of the project. The company has adopted a 10 year straight line basis for this purpose.

Amortisation will commence once the development is complete and the asset is brought into use.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software platform

10% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

We3World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 2).

 

We3World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2024

484,330

484,330

Additions internally developed

365,296

365,296

At 31 December 2024

849,626

849,626

Amortisation

Amortisation charge

7,079

7,079

At 31 December 2024

7,079

7,079

Carrying amount

At 31 December 2024

842,547

842,547

At 31 December 2023

484,330

484,330

 

We3World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

7,354

7,354

Additions

14,821

14,821

At 31 December 2024

22,175

22,175

Depreciation

At 1 January 2024

7,255

7,255

Charge for the year

3,328

3,328

At 31 December 2024

10,583

10,583

Carrying amount

At 31 December 2024

11,592

11,592

At 31 December 2023

99

99

6

Debtors

2024
£

2023
£

Prepayments and accrued income

1,103

1,614

Other debtors

40,033

23,446

41,136

25,060

 

We3World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

19,099

38,334

Taxation and social security

23,810

16,367

Accruals and deferred income

31,513

3,292

Other creditors

1,949

-

Directors' loan account

147,496

98,400

223,867

156,393


Accruals and deferred income include government grants deferred of £27,046 (2023: £nil). The grant relates to the software platform recognised under intangible assets and will be released over a 10-year period, in line with the platform's amortisation. The grant utilised during the year was £2,254 (2023: £nil), recognised as income.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Deferred income

241,158

-

Directors' loan account

739,577

683,538

980,735

683,538


Deferred income include government grants deferred of £241,158 (2023: £nil). The grant relates to the software platform recognised under intangible assets and will be released over a 10-year period, in line with the platform's amortisation.

8

Other reserves

During the year, the company received £130,000 under a Simple Agreement for Future Equity (SAFE). The SAFE will convert into equity shares upon a future qualifying financing event. It is presented within other reserves in the balance sheet.