| We Are Rival Ltd |
| Registered number: |
13416604 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
9,701 |
|
|
11,682 |
|
| Current assets |
| Debtors |
4 |
|
46,856 |
|
|
113,932 |
| Cash at bank and in hand |
|
|
311,275 |
|
|
50,129 |
|
|
|
358,131 |
|
|
164,061 |
|
| Creditors: amounts falling due within one year |
5 |
|
(477,424) |
|
|
(85,059) |
|
| Net current (liabilities)/assets |
|
|
|
(119,293) |
|
|
79,002 |
|
| Total assets less current liabilities |
|
|
|
(109,592) |
|
|
90,684 |
|
|
| Provisions for liabilities |
|
|
|
(2,423) |
|
|
(2,681) |
|
|
| Net (liabilities)/assets |
|
|
|
(112,015) |
|
|
88,003 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
(112,016) |
|
|
88,002 |
|
| Shareholders' funds |
|
|
|
(112,015) |
|
|
88,003 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| 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. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| E A Fulwiler |
| Director |
| Approved by the board on 15 September 2025 |
|
| We Are Rival Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Operating leases |
|
Rentals paid under operating leases are charged to the income statement on a straight line basis over
the period of the lease. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office Equipment |
over 3 years |
|
|
Share-based payments |
|
The entity's parent company operates an equity-settled share option plan for employees of the group.The fair value of the services received from employees of the company, in exchange for the grant of the options by the parent, is recognised as an expense in the income statement, except for when it is deemed immaterial to the financial statements. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each
Statement of Financial Position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to the intercompany loan account because the share options are equity-settled by the parent company. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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 tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Financial instruments |
|
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of 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 and 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 debtors and creditors, 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 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 at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. All differences are charged to profit or loss. |
|
|
Share Options |
|
The company operates an EMI qualifying share option scheme and during the year the company granted Nil (2023: Nil) EMI qualifying share options to employees at an average weighted exercise price of £nil per share (2023: £Nil). During the year Nil share options vested (2023: Nil), Nil lapsed (2023: Nil) and Nil options were exercised (2023: Nil). At the statement of financial position date, Nil vested share options remained exercisable (2023: Nil) and 861,250 options had yet to vest (2023:861,250). No charge has been made to the income statement for the year in respect of the fair value of the share options on the basis that the fair value has been deemed immaterial to the financial statements.
The share options typically vest over a 4 year period with a 2 year cliff. The share options are exercisable over the share capital of the parent company. In line with the company's share-based payment accounting policy. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
11 |
|
6 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 January 2024 |
19,786 |
|
Additions |
4,955 |
|
At 31 December 2024 |
24,741 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
8,104 |
|
Charge for the year |
6,936 |
|
At 31 December 2024 |
15,040 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
9,701 |
|
At 31 December 2023 |
11,682 |
|
|
|
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
46,214 |
|
85,452 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
642 |
|
89 |
|
Other debtors |
- |
|
28,391 |
|
|
|
|
|
|
46,856 |
|
113,932 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade creditors |
16,246 |
|
6,132 |
|
Taxation and social security costs |
76,309 |
|
25,622 |
|
Other creditors |
384,869 |
|
53,305 |
|
|
|
|
|
|
477,424 |
|
85,059 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Provisions for liabilities |
2024 |
|
2023 |
| £ |
£ |
|
|
Deferred tax liability |
(259) |
|
2,681 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
|
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. |
|
|
| 8 |
Controlling party |
|
|
The ultimate controlling party is We Are Rival, Pbc. |
|
|
| 9 |
Other information |
|
|
We Are Rival Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
69 Mercers Road |
|
London |
|
N19 4PS |