Worldsensing Limited - Accounts to registrar (filleted) - small 18.2

Worldsensing Limited - Accounts to registrar (filleted) - small 18.2

WORLDSENSING LIMITED - Company Information

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REGISTERED NUMBER: 08768658 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

WORLDSENSING LIMITED
WORLDSENSING LIMITED (REGISTERED NUMBER: 08768658)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WORLDSENSING LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2017







DIRECTORS: I Vilajosana Guillen
S P Gil





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 08768658 (England and Wales)





ACCOUNTANTS: Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG
Page 1
WORLDSENSING LIMITED (REGISTERED NUMBER: 08768658)

BALANCE SHEET
31 December 2017

31.12.17 31.12.16
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 385,823 115,430

CURRENT ASSETS
Debtors 5 231,698 161,913
Cash at bank 491,309 290,601
723,007 452,514
CREDITORS
Amounts falling due within one year 6 1,014,562 610,468
NET CURRENT LIABILITIES (291,555 ) (157,954 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
94,268
(42,524
)

CAPITAL AND RESERVES
Called up share capital 7 1,166 1,166
Retained earnings 93,102 (43,690 )
SHAREHOLDERS' FUNDS 94,268 (42,524 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2018 and were signed on its behalf
by:





I Vilajosana Guillen - Director


The notes form part of these financial statements

Page 2
WORLDSENSING LIMITED (REGISTERED NUMBER: 08768658)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2017

1. STATUTORY INFORMATION

Worldsensing Limited is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to
continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period
in excess of twelve months from the date these financial statements were approved. Accordingly they continue to
adopt the going concern basis in preparing the financial statements.

Grant income
Turnover is the recognition of grant income over the life of the intangible asset to which it relates.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Government grants
Government grants are recognised under the accrual model as grants relating to the intangible asset created from
the capitalised development costs. The income is recognised over the useful life of the asset being 5 years.

Financial instruments
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company
does not have any Other Financial Instruments as covered by Section 12 of FRS102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Page 3 continued...
WORLDSENSING LIMITED (REGISTERED NUMBER: 08768658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2017

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at
the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2017 115,430
Additions 293,479
At 31 December 2017 408,909
AMORTISATION
Charge for year 23,086
At 31 December 2017 23,086
NET BOOK VALUE
At 31 December 2017 385,823
At 31 December 2016 115,430

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Trade debtors 216,546 151,021
Other debtors 15,152 10,892
231,698 161,913

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Trade creditors 9,081 2,427
Amounts owed to group undertakings 298,679 160,247
Taxation and social security 20,783 1,085
Other creditors & accruals 686,019 446,709
1,014,562 610,468

Page 4 continued...
WORLDSENSING LIMITED (REGISTERED NUMBER: 08768658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2017

7. CALLED UP SHARE CAPITAL


Allotted and issued:
Number: Class: Nominal 31.12.17 31.12.16
value: £    £   
116,608 Ordinary £0.01 1,166 1,166

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party
transactions with wholly owned subsidiaries within the group.

9. ULTIMATE CONTROLLING PARTY

Worldsensing S.L. (incorporated in Spain) is regarded by the directors as being the company's ultimate parent
company.

Page 5