Wearisma Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09327823

Wearisma Limited

Filleted Unaudited Financial Statements

31 January 2025

Wearisma Limited

Financial Statements

Year ended 31 January 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Wearisma Limited

Statement of Financial Position

31 January 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	6	10,980	–
Tangible assets	7	8,106	7,695
Investments	8	12,481	12,481
		--------	--------
		31,567	20,176

Current assets

Debtors	9	808,859	644,679
Cash at bank and in hand		248,264	1,547,593
		------------	------------
		1,057,123	2,192,272

Creditors: amounts falling due within one year	10	1,176,223		858,989
		------------		------------
Net current (liabilities)/assets			( 119,100)		1,333,283
			---------		------------
Total assets less current liabilities			( 87,533)		1,353,459
			--------		------------
Net (liabilities)/assets			( 87,533)		1,353,459
			--------		------------

Capital and reserves

Called up share capital	11	22	22
Share premium account		3,953,184	3,953,184
Profit and loss account		( 4,040,739)	( 2,599,747)
		------------	------------
Shareholders (deficit)/funds		( 87,533)	1,353,459
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2025 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 financial statements for the year in question in accordance with section 476 ;

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

Wearisma Limited

Statement of Financial Position (continued)

31 January 2025

These financial statements were approved by the board of directors and authorised for issue on 9 September 2025 , and are signed on behalf of the board by:

Mr B J Scott Knight	Ms J Tsai
Director	Director

Company registration number: 09327823

Wearisma Limited

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM20AW, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Going concern

The financial statements have been prepared on the going concern basis which is dependent upon the continued support of the company's directors and creditors. The company received further funding through an allotment of shares following the end of the accounting period. The company is continuing to meet debts as they fall due and the directors are of the opinion that the going concern basis is appropriate.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2024: 14 ).

5. Tax on loss

The corporation tax charge relates to two years research and development claim.

6. Intangible assets

	Development costs
	£
Cost
Additions	12,200
	--------
At 31 January 2025	12,200
	--------
Amortisation
Charge for the year	1,220
	--------
At 31 January 2025	1,220
	--------
Carrying amount
At 31 January 2025	10,980
	--------
At 31 January 2024	–
	--------

7. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 February 2024	16,090	16,090
Additions	2,942	2,942
	--------	--------
At 31 January 2025	19,032	19,032
	--------	--------
Depreciation
At 1 February 2024	8,395	8,395
Charge for the year	2,531	2,531
	--------	--------
At 31 January 2025	10,926	10,926
	--------	--------
Carrying amount
At 31 January 2025	8,106	8,106
	--------	--------
At 31 January 2024	7,695	7,695
	--------	--------

8. Investments

	Shares in group undertakings
	£
Cost
At 1 February 2024 and 31 January 2025	12,481
	--------
Impairment
At 1 February 2024 and 31 January 2025	–
	--------

Carrying amount
At 31 January 2025	12,481
	--------
At 31 January 2024	12,481
	--------

The company owns 100% of the share capital of Wearisma Taiwan Ltd, a company registered in Taiwan, and Wearisma PTE. Ltd, a company registered in Singapore.

9. Debtors

	2025	2024
	£	£
Trade debtors	649,546	566,739
Amounts owed by group undertakings	–	71,685
Prepayments and accrued income	13,243	6,255
Corporation tax repayable	146,070	–
	---------	---------
	808,859	644,679
	---------	---------

10. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	64,578	56,700
Amounts owed to group undertakings	29,685	–
Accruals and deferred income	983,918	723,052
Social security and other taxes	77,784	51,813
Other creditors	20,258	27,424
	------------	---------
	1,176,223	858,989
	------------	---------

11. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 0.001 each	21,605	22	21,605	22
	--------	----	--------	----

12. Related party transactions

During the year the company was recharged expenses of £334,104 (2024: £261,893) from a subsidiary undertaking. During the year the company wrote off a balance of £116,022 due from a subsidiary undertaking.