Registered number
12148693
We Are Rally Ltd
Filleted Accounts
31 August 2024
We Are Rally Ltd
Registered number: 12148693
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,382 522
Current assets
Debtors 4 11,612 9,893
Cash at bank and in hand 193,346 240,513
204,958 250,406
Creditors: amounts falling due within one year 5 (16,743) (30,840)
Net current assets 188,215 219,566
Total assets less current liabilities 189,597 220,088
Provisions for liabilities (273) (100)
Net assets 189,324 219,988
Capital and reserves
Called up share capital 100 100
Profit and loss account 189,224 219,888
Shareholders' funds 189,324 219,988
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Paul de Gregorio
Director
Approved by the board on 14 April 2025
We Are Rally Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment over 3 years
Fixtures and fittings over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Computer equipment Fixtures
and fittings
Total
£ £ £
Cost
At 1 September 2023 4,259 113 4,372
Additions 1,749 - 1,749
At 31 August 2024 6,008 113 6,121
Depreciation
At 1 September 2023 3,782 68 3,850
Charge for the year 866 23 889
At 31 August 2024 4,648 91 4,739
Net book value
At 31 August 2024 1,360 22 1,382
At 31 August 2023 477 45 522
4 Debtors 2024 2023
£ £
Trade debtors 7,944 9,308
Other debtors 3,668 585
11,612 9,893
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 234 234
Director's loan account 2,609 5,512
Taxation and social security costs 13,900 25,094
16,743 30,840
6 Related party transactions
The company paid £861 (2023:£880) in rent to the director for the use of his home office.
7 Other information
We Are Rally Ltd is a private company limited by shares and incorporated in England. Its registered office is:
20-22 Wenlock Road
London
N1 7GU
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