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COMPANY REGISTRATION NUMBER: 03973136
WELLKNOWN LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
26 April 2024
WELLKNOWN LIMITED
STATEMENT OF FINANCIAL POSITION
26 April 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
729,068
720,191
CURRENT ASSETS
Stocks
20,603
25,603
Debtors
7
55,317
45,190
Cash at bank and in hand
256,592
271,342
---------
---------
332,512
342,135
CREDITORS: amounts falling due within one year
8
( 314,821)
( 373,903)
---------
---------
NET CURRENT ASSETS/(LIABILITIES)
17,691
( 31,768)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
746,759
688,423
CREDITORS: amounts falling due after more than one year
9
( 23,684)
PROVISIONS
Taxation including deferred tax
( 18,223)
( 10,298)
---------
---------
NET ASSETS
704,852
678,125
---------
---------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
704,850
678,123
---------
---------
SHAREHOLDER FUNDS
704,852
678,125
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 26 April 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 member has 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 Act with respect to accounting records and the preparation of financial statements .
WELLKNOWN LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
26 April 2024
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
I. Pargeter
Director
Company registration number: 03973136
WELLKNOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 26 APRIL 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 c/o Carpet Co Limited, Leathley Road, Leeds, LS10 1BG.
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 freehold properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts recognised during the year, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
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:
Freehold property
-
2% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. TAX ON PROFIT
Major components of tax expense
Period from
Year to
29 Apr 22 to
26 Apr 24
27 Apr 23
£
£
Current tax:
UK current tax expense
5,563
Deferred tax:
Origination and reversal of timing differences
7,925
519
--------
----
Tax on profit
13,488
519
--------
----
6. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 28 April 2023
679,990
13,283
89,570
782,843
Additions
10,000
45,863
55,863
Disposals
( 44,875)
( 44,875)
---------
--------
--------
--------
---------
At 26 April 2024
679,990
10,000
13,283
90,558
793,831
---------
--------
--------
--------
---------
Depreciation
At 28 April 2023
14,000
12,596
36,056
62,652
Charge for the year
1,000
250
103
2,628
3,981
Disposals
( 1,870)
( 1,870)
---------
--------
--------
--------
---------
At 26 April 2024
15,000
250
12,699
36,814
64,763
---------
--------
--------
--------
---------
Carrying amount
At 26 April 2024
664,990
9,750
584
53,744
729,068
---------
--------
--------
--------
---------
At 27 April 2023
665,990
687
53,514
720,191
---------
--------
--------
--------
---------
7. DEBTORS
2024
2023
£
£
Other debtors
55,317
45,190
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
126,738
166,683
Corporation tax
5,563
Social security and other taxes
879
441
Other creditors
181,641
206,779
---------
---------
314,821
373,903
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
23,684
--------
----