WORLD CREDIT LIMITED

Company Registration Number:
04135635 (England and Wales)

Unaudited abridged accounts for the year ended 31 August 2024

Period of accounts

Start date: 01 September 2023

End date: 31 August 2024

WORLD CREDIT LIMITED

Contents of the Financial Statements

for the Period Ended 31 August 2024

Balance sheet
Notes

WORLD CREDIT LIMITED

Balance sheet

As at 31 August 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 1,550,466 1,656,516
Total fixed assets: 1,550,466 1,656,516
Current assets
Debtors:   1,037,459 1,084,657
Cash at bank and in hand: 553 5,845
Total current assets: 1,038,012 1,090,502
Creditors: amounts falling due within one year: 4 (208,379) (255,655)
Net current assets (liabilities): 829,633 834,847
Total assets less current liabilities: 2,380,099 2,491,363
Creditors: amounts falling due after more than one year: 5 (2,490,209) (2,537,790)
Total net assets (liabilities): (110,110) (46,427)
Capital and reserves
Called up share capital: 76 76
Other reserves: 94 94
Profit and loss account: (110,280) (46,597)
Shareholders funds: (110,110) (46,427)

The notes form part of these financial statements

WORLD CREDIT LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 01 April 2025
and signed on behalf of the board by:

Name: A A JANMOHAMED
Status: Director

The notes form part of these financial statements

WORLD CREDIT LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, stated net of discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is calculated to write down the cost of all tangible fixed assets by equal annual instalments over their expected useful lives. The rates generally applicable are: Freehold property 2% on cost Fixtures, fittings and equipment 10% on cost

Other accounting policies

Judgements in applying accounting policies and key sources of estimating uncertainty In the process of applying its accounting policies, the company is required to make certain estimates, judgements and assumptions based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented. On an ongoing basis the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give to the revision become known. Pension costs and other post retirement benefits The company operates a defined contribution pension scheme. Contributions payable to the company’s scheme are charged to profit and loss in the period to which they relate. Finance costs Finance costs are charged to the Income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are spread evenly over the term of the debt. Going concern After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. Debtors Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Creditors Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current and deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that * The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and * Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the difference between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using the tax rates that have been enacted or substantively enacted by the reporting date. Financial instruments The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable or payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted are a market rate of interest for a similar debt instrument and subsequently at amortised cost.

WORLD CREDIT LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

2. Employees

2024 2023
Average number of employees during the period 9 10

WORLD CREDIT LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Tangible Assets

Total
Cost £
At 01 September 2023 2,689,448
Additions 6,649
At 31 August 2024 2,696,097
Depreciation
At 01 September 2023 1,032,932
Charge for year 112,699
At 31 August 2024 1,145,631
Net book value
At 31 August 2024 1,550,466
At 31 August 2023 1,656,516

WORLD CREDIT LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Creditors: amounts falling due within one year note

Trade creditors £24,419 £29,515 Corporation tax £892 £892 Other taxes and social security costs £19,815 £32,272 Amounts due to group undertakings £111,096 £122,565 Sundry creditors and advance deposits £28,075 £39,141 Accruals and deferred income £24,082 £31,270

WORLD CREDIT LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Creditors: amounts falling due after more than one year note

Amounts due to group undertakings £2,490,209 £2,537,790

WORLD CREDIT LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2024

6. Related party transactions

Year end balances with entities in which the directors, Messrs. A H M and A A Janmohamed, are also directors are detailed below: Amounts due to the company: Ace Investments Limited £24,661 £24,161 Ariyan Hotels Limited £731,900 £700,308 Mornington Limited £137,754 £222,263 Mornington Investments Limited £122,000 £122,000 NYX Holdings Limited £2,000 £- Amounts due by the company: F&A Hotels Limited £2,490,209 £2,537,790 Hammonds Properties Limited £98,096 £106,565 Tiamat Limited £13,000 £16,000 Ace Investments Limited, Ariyan Hotels Limited, Hammonds Properties Limited, Mornington Limited, Mornington Investments Limited, NYX Holdings Limited and Tiamat Limited are fellow subsidiary companies. F&A Hotels Limited is the ultimate parent undertaking. Tiamat Limited, Mornington Investments Limited and NYX Holdings Limited are registered in Jersey, all other companies named above are registered in England. Balances with related parties arise from inter-company funding and are unsecured with no fixed repayment date. Interest paid on balances owed to related parties amounted to £281,474 (2023: £233,447).