ACCOUNTS - Final Accounts

THE WARDROBE THAT WORKS LTD - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-312022-07-31false2Rental Space2021-08-012truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04470814 2021-08-01 2022-07-31 04470814 2020-08-01 2021-07-31 04470814 2022-07-31 04470814 2021-07-31 04470814 c:Director2 2021-08-01 2022-07-31 04470814 d:Buildings d:ShortLeaseholdAssets 2021-08-01 2022-07-31 04470814 d:Buildings d:ShortLeaseholdAssets 2022-07-31 04470814 d:Buildings d:ShortLeaseholdAssets 2021-07-31 04470814 d:PlantMachinery 2021-08-01 2022-07-31 04470814 d:PlantMachinery 2022-07-31 04470814 d:PlantMachinery 2021-07-31 04470814 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 04470814 d:OfficeEquipment 2021-08-01 2022-07-31 04470814 d:OfficeEquipment 2022-07-31 04470814 d:OfficeEquipment 2021-07-31 04470814 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 04470814 d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 04470814 d:CurrentFinancialInstruments 2022-07-31 04470814 d:CurrentFinancialInstruments 2021-07-31 04470814 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 04470814 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 04470814 d:ShareCapital 2022-07-31 04470814 d:ShareCapital 2021-07-31 04470814 d:SharePremium 2022-07-31 04470814 d:SharePremium 2021-07-31 04470814 d:RetainedEarningsAccumulatedLosses 2022-07-31 04470814 d:RetainedEarningsAccumulatedLosses 2021-07-31 04470814 c:FRS102 2021-08-01 2022-07-31 04470814 c:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 04470814 c:FullAccounts 2021-08-01 2022-07-31 04470814 c:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 04470814 2 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure

Registered number: 04470814

THE WARDROBE THAT WORKS LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2022

THE WARDROBE THAT WORKS LTD

REGISTERED NUMBER: 04470814

BALANCE SHEET

AS AT 31 JULY 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	5		1,595		2,158
			1,595		2,158
Current assets
Cash at bank and in hand	6	5,735		14,231
		5,735		14,231
Creditors: amounts falling due within one year	7	(146,616)		(171,271)
Net current liabilities			(140,881)		(157,040)
Total assets less current liabilities			(139,286)		(154,882)

Net liabilities			(139,286)		(154,882)

Capital and reserves
Called up share capital	200	200
Share premium account	59,802	59,802
Profit and loss account	(199,288)	(214,884)
	(139,286)	(154,882)

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THE WARDROBE THAT WORKS LTD

REGISTERED NUMBER: 04470814

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2022

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

K Dean

Director

Date: 2 March 2023

The notes on pages 3 to 7 form part of these financial statements.

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THE WARDROBE THAT WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

1.	General information

The Wardrobe That Works Ltd is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors have adopted the going concern basis of accounting in preparing the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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THE WARDROBE THAT WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

S/Term Leasehold Property	-	Straight line over 10 years
Plant & machinery	-	Straight line over 10 years
Office equipment	-	Straight line over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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THE WARDROBE THAT WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Financial instruments

The Company only enters into basic financial instrument 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 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.

Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

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THE WARDROBE THAT WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

5.	Tangible fixed assets

	S/Term Leasehold Property	Plant & machinery	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 August 2021	136,826	365	2,623	139,814
At 31 July 2022	136,826	365	2,623	139,814
Depreciation
At 1 August 2021	136,826	223	608	137,657
Charge for the year on owned assets	-	37	525	562
At 31 July 2022	136,826	260	1,133	138,219
Net book value
At 31 July 2022	-	105	1,490	1,595
At 31 July 2021	-	143	2,015	2,158

6.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	5,734	14,231
	5,734	14,231

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Other taxation and social security	2,348	2,182
Other creditors	142,433	166,864
Accruals and deferred income	1,835	2,225
	146,616	171,271

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THE WARDROBE THAT WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

8.	Related party transactions
	During the year the Company paid related parties costs of £15,000 (2021: £15,000) for rent. There are directors loans from the directors at a balance of £140,900 (2021: £165,331). There is 0% interest charged on this loan and it is repayable on demand.

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