Worldrags Limited iXBRL

WORLDRAGS LIMITED - Company Information

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Company Number: 4448786

Worldrags Limited

Unaudited Abridged Financial Statements

for the year ended 31 October 2019

Worldrags Limited

Company Number: 4448786

ABRIDGED BALANCE SHEET

as at 31 October 2019

		2019	2018
	Notes	£	£

Current Assets

Cash and cash equivalents

1,152,439

1,029,345

Creditors: Amounts falling due within one year

(315,282)

(86,199)

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Net Current Assets

837,157

943,146

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Total Assets less Current Liabilities

837,157

943,146

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Capital and Reserves

Called up share capital

Profit and Loss Account

837,155

943,144

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Equity attributable to owners of the company

837,157

943,146

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.

The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.

For the financial year ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director confirms that 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 of the Companies Act 2006.

The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Director and authorised for issue on 22 May 2020



________________________________
Mr A Shackleton
Director

Worldrags Limited

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

for the year ended 31 October 2019

GENERAL INFORMATION

Worldrags Limited is a company limited by shares incorporated in United Kingdom. The registered office of the company is Handel House, 95 High Street, Edgware HA8 7DB. The principal activity of the company was consultancy. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 October 2019 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Cash Flow Statement because it is classified as a small company.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

EMPLOYEES

The average monthly number of employees, including director, during the year was 1, (2018 - 1).