YOUR WELCOME LIMITED - Filleted accounts
YOUR WELCOME LIMITED - Filleted accounts
Registered number |
09718587 |
YOUR WELCOME LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD ENDED 31 DECEMBER 2022 |
PAGES FOR FILING WITH REGISTRAR |
YOUR WELCOME LIMITED | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 - 2 | ||
Notes to the financial statements | 3 - 8 | ||
Balance Sheet | |||||||
as at |
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Company Registration No. | 09718587 | ||||||
Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 3 | ||||||
Tangible assets | 4 | ||||||
Current assets | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | ( |
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Creditors: amounts falling due after more than one year | 7 | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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………………………………….. | |||||||
Paul James Loram | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE PERIOD ENDED 31 DECEMBER 2022 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below. |
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Going concern | ||||||||
The validity of this assumption depends on the company being able to trade profitably in the future, notwithstanding any effect on the company from the COVID-19 pandemic, and the continued support of the company's directors who are also shareholders. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholders and directors have expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis. |
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Turnover | ||||||||
Intangible fixed assets | ||||||||
Tangible fixed assets | ||||||||
Fixtures, fittings and equipment | 33% reducing balance | |||||||
Financial instruments | ||||||||
Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. 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 of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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. |
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Basic financial assets | ||||||||
Derecognition of financial assets | ||||||||
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. | ||||||||
Basic financial liabilities | ||||||||
Derecognition of financial liabilities | ||||||||
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. | ||||||||
Cash and cash equivalents | ||||||||
Taxation | ||||||||
Current tax | ||||||||
Deferred tax | ||||||||
The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority. |
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Foreign currency translation | ||||||||
Retirement benefits | ||||||||
Government grants | ||||||||
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount. |
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2 | Employees | 2022 | 2021 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Intangible fixed assets | £ | ||||||
Goodwill: | ||||||||
Cost | ||||||||
At 1 January 2022 | ||||||||
At 31 December 2022 | ||||||||
Amortisation | ||||||||
At 31 December 2022 | - | |||||||
Net book value | ||||||||
At 31 December 2022 | ||||||||
At 31 December 2021 | ||||||||
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. | ||||||||
4 | Tangible fixed assets | |||||||
Fixtures, fittings and equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2022 | ||||||||
Additions | ||||||||
At 31 December 2022 | ||||||||
Depreciation | ||||||||
At 1 January 2022 | ||||||||
Charge for the year | ||||||||
At 31 December 2022 | ||||||||
Net book value | ||||||||
At 31 December 2022 | ||||||||
At 31 December 2021 | ||||||||
5 | Debtors | 2022 | 2021 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
6 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Bank loans and overdrafts | - | |||||||
Other taxes and social security costs | ||||||||
Other creditors | ||||||||
7 | Creditors: amounts falling due after one year | 2022 | 2021 | |||||
£ | £ | |||||||
Loans | ||||||||
Convertible loan stock | ||||||||
In July 2020, the company issued £1,607,765 8% unsecured loan notes repayable in 2024. Until the notes are redeemed in accordance with this instrument and the conditions, the company will pay to the relevant noteholder interest on the principle amount of the notes in accordance with the conditions. | ||||||||
8 | Other information | |||||||
Your Welcome Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: 25 Sulivan Road, London, SW6 3DT. |