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Registration number: 09132023

We Care SW Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

We Care SW Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

We Care SW Ltd

Company Information

Directors

Mrs Cheryl Lian Morgan

Mrs Toni Ann Morgan

Registered office

32 Fore Street
Heavitree
Exeter
Devon
EX1 2QL

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

We Care SW Ltd

(Registration number: 09132023)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,700

9,573

Current assets

 

Debtors

5

68,091

50,667

Cash at bank and in hand

 

31,621

41,802

 

99,712

92,469

Creditors: Amounts falling due within one year

6

(109,689)

(88,581)

Net current (liabilities)/assets

 

(9,977)

3,888

Total assets less current liabilities

 

(3,277)

13,461

Creditors: Amounts falling due after more than one year

6

(4,295)

(9,593)

Net (liabilities)/assets

 

(7,572)

3,868

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(7,574)

3,866

Shareholders' (deficit)/funds

 

(7,572)

3,868

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

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 May 2025 and signed on its behalf by:
 

.........................................
Mrs Toni Ann Morgan
Director

 

We Care SW Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
32 Fore Street
Heavitree
Exeter
Devon
EX1 2QL

These financial statements were authorised for issue by the Board on 13 May 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.

The accounts are presented in £ sterling and are rounded to £1.

Going concern

The financial statements have been prepared on a going concern basis.

 

We Care SW Ltd

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

Judgements

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Key sources of estimation uncertainty

Depreciation of tangible fixed assets. This by nature is an estimate and the actual market values of assets may be different to the values presented in the accounts. The fixed assets are shown on the balance sheet in the financial statements. .

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.

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

Office equipment

30% reducing balance

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.

 

We Care SW Ltd

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

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.

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.

 

We Care SW Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

We Care SW Ltd

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

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 32).

 

We Care SW Ltd

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

31,223

31,223

At 31 July 2024

31,223

31,223

Depreciation

At 1 August 2023

21,650

21,650

Charge for the year

2,873

2,873

At 31 July 2024

24,523

24,523

Carrying amount

At 31 July 2024

6,700

6,700

At 31 July 2023

9,573

9,573

5

Debtors

Current

2024
£

2023
£

Trade debtors

24,738

22,083

Prepayments

7,164

7,868

Other debtors

36,189

20,716

 

68,091

50,667

 

We Care SW Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,000

5,000

Trade creditors

 

4,507

2,453

Taxation and social security

 

43,492

17,826

Accruals and deferred income

 

3,886

3,854

Other creditors

 

52,804

59,448

 

109,689

88,581

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

4,295

9,593

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,295

9,593

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

5,000

 

We Care SW Ltd

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

9

Dividends

2024

2023

£

£

Interim dividend of £9,000.00 (2023 - £19,500.00) per ordinary share

18,000

39,000

 

 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £22,924 (2023 - £41,141).

 

We Care SW Ltd

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

11

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mrs Cheryl Lian Morgan

During the current peirod a loan was granted to the director. Interest has been charged at 2.25%

-

12,360

-

12,360

During the prior peirod a loan was granted to the director. Interest was charged on this loan at 2.00%.

8,795

-

(8,795)

-

8,795

12,360

(8,795)

12,360

Mrs Toni Ann Morgan

During the current peirod a loan was granted to the director. Interest has been charged at 2.25%

-

12,361

-

12,361

During the prior peirod a loan was granted to the director. Interest was charged on this loan at 2.00%.

8,796

-

(8,796)

-

8,796

12,361

(8,796)

12,361

 

We Care SW Ltd

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

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mrs Cheryl Lian Morgan

During the current peirod a loan was granted to the director. Interest has been charged at 2.25%

-

8,795

-

8,795

During the prior period a loan was granted to the director. No interest was charged on this loan

11,028

-

(11,028)

-

11,028

8,795

(11,028)

8,795

Mrs Toni Ann Morgan

During the current peirod a loan was granted to the director. Interest has been charged at 2.25%

-

8,796

-

8,796

During the prior period a loan was granted to the director. No interest was charged on this loan

11,029

-

(11,029)

-

11,029

8,796

(11,029)

8,796