109 WETSUITS LTD
109 WETSUITS LTD
109 WETSUITS LTD
Company Registration Number:
13743325 (England and Wales)
Unaudited statutory accounts for the year ended 31 March 2023
Period of accounts
Start date: 15 November 2021
End date: 31 March 2023
109 WETSUITS LTD
Contents of the Financial Statements
for the Period Ended 31 March 2023
Balance sheet | |
Additional notes | |
Balance sheet notes |
109 WETSUITS LTD
Balance sheet
As at
Notes | 17 months to 31 March 2023 | ||
---|---|---|---|
| £ | ||
Fixed assets | |||
Tangible assets: | 3 | | |
Total fixed assets: | | ||
Current assets | |||
Stocks: | 4 | | |
Debtors: | 5 | | |
Cash at bank and in hand: | | ||
Total current assets: | | ||
Creditors: amounts falling due within one year: | 6 | ( | |
Net current assets (liabilities): | | ||
Total assets less current liabilities: | | ||
Total net assets (liabilities): | | ||
Capital and reserves | |||
Called up share capital: | | ||
Profit and loss account: | | ||
Total Shareholders' funds: | |
The notes form part of these financial statements
109 WETSUITS LTD
Balance sheet statements
The directors have chosen not to file a copy of the company's profit and loss account.
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
109 WETSUITS LTD
Notes to the Financial Statements
for the Period Ended 31 March 2023
-
1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102 Turnover policy
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.The company recognises revenue when:The amount of revenue can be reliably measured;it is probable that future economic benefits will flow to the entity;and specific criteria have been met for each of the company's activities. Tangible fixed assets depreciation policy
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.DepreciationDepreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:Plant and machinery - 25% straight line basisOffice equipment - 25% straight line basis Other accounting policies
Summary of significant accounting policies and key accounting estimatesThe principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.Statement of complianceThese financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).Basis of preparationThese financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.TaxThe tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.Cash and cash equivalentsCash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.Trade debtorsTrade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for theimpairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.StocksStocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired,the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.Trade creditorsTrade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at leasttwelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.BorrowingsInterest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and lossaccount over the period of the relevant borrowing.Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.Share capitalOrdinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.DividendsDividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
109 WETSUITS LTD
Notes to the Financial Statements
for the Period Ended 31 March 2023
-
2. Employees
17 months to 31 March 2023 Average number of employees during the period 2
109 WETSUITS LTD
Notes to the Financial Statements
for the Period Ended 31 March 2023
3. Tangible assets
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
---|---|---|---|---|---|---|
Cost | £ | £ | £ | £ | £ | £ |
Additions | | | ||||
Disposals | ||||||
Revaluations | ||||||
Transfers | ||||||
At 31 March 2023 | | | ||||
Depreciation | ||||||
Charge for year | | | ||||
On disposals | ||||||
Other adjustments | ||||||
At 31 March 2023 | | | ||||
Net book value | ||||||
At 31 March 2023 | | |
109 WETSUITS LTD
Notes to the Financial Statements
for the Period Ended 31 March 2023
4. Stocks
17 months to 31 March 2023 | ||
---|---|---|
£ | ||
Stocks | | |
Total | |
109 WETSUITS LTD
Notes to the Financial Statements
for the Period Ended 31 March 2023
5. Debtors
17 months to 31 March 2023 | ||
---|---|---|
£ | ||
Trade debtors | | |
Prepayments and accrued income | | |
Other debtors | | |
Total | |
109 WETSUITS LTD
Notes to the Financial Statements
for the Period Ended 31 March 2023
6. Creditors: amounts falling due within one year note
17 months to 31 March 2023 | ||
---|---|---|
£ | ||
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | |