| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| WE ARE WOVEN LTD |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| WE ARE WOVEN LTD |
| WE ARE WOVEN LTD (REGISTERED NUMBER: 10993816) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| WE ARE WOVEN LTD |
| COMPANY INFORMATION |
| for the Year Ended 31 August 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 100 Barbirolli Square |
| Manchester |
| M2 3BD |
| WE ARE WOVEN LTD (REGISTERED NUMBER: 10993816) |
| BALANCE SHEET |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Revaluation reserve | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| WE ARE WOVEN LTD (REGISTERED NUMBER: 10993816) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| We Are Woven Ltd is a private company limited by shares, registered in England and Wales, registration number 10993816. The registered office is 21 Knightsbridge, London SW1X 7LY and its principal place of business are First Floor, Wyndham Court, 12-20 Pritchard Street, St Pauls, Bristol, BS2 8RH and Gamma 6a, Masterlord Estates, West Road, Ipswich, IP3 9FF. |
| These financial statements are presented in sterling, which is also the Company's functional currency, and are rounded to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on a going concern basis, as the directors have assessed that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered the company’s financial position, performance, and cash flows and have not identified any material uncertainties that may cast significant doubt on its ability to continue as a going concern. |
| Turnover |
| Turnover represents sales to external customers at invoiced amounts less value added tax. Turnover is recognised when services are provided to the customer. |
| Turnover principally consists of the provision of providing 24 hour call centre cover to clients. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Depreciation on plant and equipment is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following method |
| Fixtures and fittings | - | 7.5% reducing balance |
| Computer equipment | - | 10% reducing balance |
| At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
| WE ARE WOVEN LTD (REGISTERED NUMBER: 10993816) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Current and deferred taxation |
| The taxation expense is comprised of both current and deferred tax. |
| Current tax is the tax payable on taxable profits for the period, calculated using applicable tax rates and legislation enacted at the reporting date. |
| 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 the tax computation. Deferred tax assets are recognised only to the extent that their recovery is considered probable. Deferred tax balances are measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| Deferred tax is not discounted. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Trade and other debtors |
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
| Trade and other creditors |
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and in hand. Any bank overdrafts are shown within current liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| WE ARE WOVEN LTD (REGISTERED NUMBER: 10993816) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and | Computer |
| Goodwill | licences | software | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| AMORTISATION |
| At 1 September 2023 |
| Amortisation for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Cost or valuation at 31 August 2024 is represented by: |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| Valuation in 2023 | 309,265 | 1,471,266 | 1,780,531 |
| Cost | 870 | 5,729 | 6,599 |
| 310,135 | 1,476,995 | 1,787,130 |
| WE ARE WOVEN LTD (REGISTERED NUMBER: 10993816) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Tangible fixed assets are measured at fair market value, as determined by the directors at each reporting date, less accumulated depreciation and impairment. Revaluation gains are recognised in other comprehensive income and accumulated in the revaluation reserve. Depreciation is charged systematically over the asset's useful life. Impairment losses are recognised when necessary. |
| An annual transfer from the revaluation reserve to retained earnings is made equal to the excess depreciation on the revalued amount. On disposal, any remaining revaluation surplus is transferred to retained earnings. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1.00 | 1 | 1 |
| 10. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 September 2023 |
| Annual Transfer | (412,925 | ) |
| At 31 August 2024 |
| WE ARE WOVEN LTD (REGISTERED NUMBER: 10993816) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2024 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| During the year ended 31st August 2024 the company provided and purchased services from companies associated with the director. The net cost to the company's profit and loss account of these transactions, at market value, was £200,000 (2023: £1,300,000). As at the year end, the company owed £3,310,327 (2023: £1,581,838) and the company was owed £600,000 (2023: £165,000) from these companies. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company's ultimate parent is Icxperience Ltd, incorporated in England and Wales. The parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is Icxperience Ltd. Consolidated financial statements of the group can be requested from the registered office 21 Knightsbridge, London, England, SW1X 7LY. |