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Registered Number: 10945508
England and Wales

 

 

 

WEAVE.TECH LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2023

End date: 30 September 2024
Director Ashley Bailey
Registered Number 10945508
Registered Office 7 Newry Road
London
TW1 1PJ
Accountants Cotton Accountancy Services Limited
83 Ducie Street
Manchester
M1 2JQ
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 30 September 2024
Principal activities
The principal activity of the company during the financial year was the development of software.
Directors
The directors who served the company throughout the year were as follows:
Ashley Bailey (from 04/09/2017)
Statement of directors' responsibilities
These accounts have been prepared and delivered in accordance with the provisions of part 15 of the Companies Act 2006 applicable
to companies subject to the small companies regime, FRS 102 Section 1A small entities.

This report was approved by the board and signed on its behalf by:


----------------------------------
Ashley Bailey
Director

Date approved: 03 June 2025
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 2,400    179,565 
Tangible fixed assets 4 4,175    3,135 
6,575    182,700 
Current assets      
Debtors: amounts falling due within one year 5 169,268    21,576 
Cash at bank and in hand 10,070    41,733 
179,338    63,309 
Creditors: amount falling due within one year 6 (168,832)   (77,549)
Net current assets 10,506    (14,240)
 
Total assets less current liabilities 17,081    168,460 
Creditors: amount falling due after more than one year 7   (10,099)
Net assets 17,081    158,361 
 

Capital and reserves
     
Called up share capital 8 267    264 
Share premium account 9 656,406    636,409 
Profit and loss account (639,592)   (478,312)
Shareholders' funds 17,081    158,361 
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 June 2025 and were signed on its behalf by:


-------------------------------
Ashley Bailey
Director
3
  Equity share capital   Equity share premium   Retained Earnings   Total
£ £ £ £
At 01 October 2022 218  419,455  (309,566) 110,107 
Profit for the year (168,746) (168,746)
Total comprehensive income for the year (168,746) (168,746)
Shares issued 46  46 
Share Premium - new issue 216,954  216,954 
Total investments by and distributions to owners 46  216,954  217,000 
At 30 September 2023 264  636,409  (478,312) 158,361 
At 01 October 2023 267  656,406  (478,312) 178,361 
Profit for the year (161,280) (161,280)
Total comprehensive income for the year (161,280) (161,280)
Total investments by and distributions to owners
At 30 September 2024 267  656,406  (639,592) 17,081 
4
General Information
WEAVE.TECH LIMITED is a private company, limited by shares, registered in England and Wales, with registration number 10945508, having its registered address at 7 Newry Road, London, TW1 1PJ.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the business is not able to continue in the future .The financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure, excluding capitalised software development costs, is charged to the income statement in the period in which it is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 5 years Straight Line
Computer Equipment 5 years Straight Line
2.

Average number of employees


Average number of employees during the year was 2 (2023 : 2).
3.

Intangible fixed assets

Cost IP   Patents   Total
  £   £   £
At 01 October 2023 358,707    6,000    364,707 
Additions 10,170      10,170 
Disposals    
Revaluations (117,513)     (117,513)
At 30 September 2024 251,364    6,000    257,364 
Amortisation
At 01 October 2023 182,142    3,000    185,142 
Charge for year 69,222    600    69,822 
On disposals    
At 30 September 2024 251,364    3,600    254,964 
Net book values
At 30 September 2024   2,400    2,400 
At 30 September 2023 176,565    3,000    179,565 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 October 2023 2,178    5,234    7,412 
Additions 173    2,271    2,444 
Disposals    
At 30 September 2024 2,351    7,505    9,856 
Depreciation
At 01 October 2023 1,301    2,976    4,277 
Charge for year 355    1,049    1,404 
On disposals    
At 30 September 2024 1,656    4,025    5,681 
Net book values
Closing balance as at 30 September 2024 695    3,480    4,175 
Opening balance as at 01 October 2023 877    2,258    3,135 


5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 114,051    15,490 
Prepayments & Accrued Income   829 
Other Debtors 1,135    250 
Director: Ashley Bailey 24,646    3,330 
VAT 29,436    1,677 
169,268    21,576 

Director loan
The company made an interest-free loan to the director of £25,000 during the year. The balance at the year end was £24,803. The loan has been fully repaid in June 2025.

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 95,807    16,428 
Bank Loans & Overdrafts 16,524    6,534 
Other Loans 1,891    1,891 
PAYE & Social Security 57,202    33,681 
Accrued Expenses (3,565)   18,000 
Other Creditors 973    1,015 
168,832    77,549 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts   10,099 
  10,099 
Bounce Back Loan
The Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 7 May 2026. The carrying amount at period end is £16,524 (2023: £16,663).

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2,639,659 Class A shares of £0.0001 each 264    264 
264    264 

9.

Share premium account

2024
£
  2023
£
Equity Share Premium b/fwd 656,406    419,455 
Equity Share Premium - New Issue   216,954 
656,406    636,409 

10.

Events after Balance sheet date

Going concern basis is not appropriate

The company will not be able to continue to trade due to changes in trading conditions and the regulatory market. Therefore the accounts have not been prepared on a going concern basis.
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