Registration number:
WEHEARTFAMILY LTD
for the Year Ended 31 January 2021
WEHEARTFAMILY LTD
(Registration number: 09977710)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
WEHEARTFAMILY LTD
(Registration number: 09977710)
Company Information
Directors |
Mrs P R Doyle Mrs L N Lessware |
Registered office |
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Accountants |
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WEHEARTFAMILY LTD
(Registration number: 09977710)
Balance Sheet as at 31 January 2021
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2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
WEHEARTFAMILY LTD
(Registration number: 09977710)
Balance Sheet as at 31 January 2021
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
WEHEARTFAMILY LTD
(Registration number: 09977710)
Balance Sheet as at 31 January 2021
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
WEHEARTFAMILY LTD
(Registration number: 09977710)
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The 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 compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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.
The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.
In addition, the directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.
The directors have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.
The directors have implemented a robust system of procedures and controls in order to deal with any associated risks.
Revenue recognition
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.
WEHEARTFAMILY LTD
(Registration number: 09977710)
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Government grants
The Coronavirus Job Retention Scheme grants and Small Business COVID-19 grants have been recognised under the accruals model and have been credited to income over the periods in which the compensated costs have been recognised.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The 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.
Tangible assets
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.
Depreciation
Depreciation 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:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance |
Computer equipment |
over 3 years |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
WEHEARTFAMILY LTD
(Registration number: 09977710)
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Asset class |
Amortisation method and rate |
Trademarks, patents and licences |
4% straight line |
Cash and cash equivalents
Cash 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 debtors
Trade 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 the impairment 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.
Stocks
Stocks 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 creditors
Trade 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 least twelve 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.
Borrowings
Interest-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 Loss Account 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.
WEHEARTFAMILY LTD
(Registration number: 09977710)
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Share capital
Ordinary 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.
Dividends
Dividend 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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
WEHEARTFAMILY LTD
(Registration number: 09977710)
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 February 2020 |
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Additions |
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At 31 January 2021 |
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Amortisation |
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At 1 February 2020 |
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Amortisation charge |
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At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
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At 31 January 2020 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2020 - £
WEHEARTFAMILY LTD
(Registration number: 09977710)
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Tangible assets |
Office equipment |
Computer equipment |
Total |
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Cost or valuation |
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At 1 February 2020 |
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Additions |
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- |
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At 31 January 2021 |
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Depreciation |
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At 1 February 2020 |
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Charge for the year |
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At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
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- |
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At 31 January 2020 |
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Stocks |
2021 |
2020 |
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Other stocks |
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Debtors |
2021 |
2020 |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
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WEHEARTFAMILY LTD
(Registration number: 09977710)
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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- |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Bank overdrafts |
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- |
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2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings
The carrying amount of the SWIG loan at the year end is £Nil (2020 - £11,467). |
WEHEARTFAMILY LTD
(Registration number: 09977710)
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Related party transactions |
Transactions with directors |
2021 |
Advances to directors |
At 31 January 2021 |
Director 1 - Interest free loan repayable on demand |
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