|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WBStyles Ltd |
|
Unaudited Financial Statements for the Year Ended 30 April 2018 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WBStyles Ltd |
|
Unaudited Financial Statements for the Year Ended 30 April 2018 |
|
|
|
|
|
WBStyles Ltd (Registered number: 10157854) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 30 April 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
WBStyles Ltd |
|
Company Information |
for the Year Ended 30 April 2018 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
WBStyles Ltd (Registered number: 10157854) |
|
Balance Sheet |
30 April 2018 |
|
30.4.18 | 30.4.17 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
The director acknowledges his 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. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
WBStyles Ltd (Registered number: 10157854) |
|
Notes to the Financial Statements |
for the Year Ended 30 April 2018 |
|
1. | STATUTORY INFORMATION |
|
WBStyles Ltd is a private company, limited by shares and 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 |
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 |
Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements is |
sterling. All amounts in the financial statements have been rounded to the nearest £1. |
|
These financial statements for the year ended 30 April 2018 are the first financial statements of WBStyles Ltd prepared in accordance with |
FRS 102. The date of transition to FRS 102 was 30 April 2016. In the transition to FRS 102 from the Financial Reporting Standard |
applicable to the Micro-entities Regime (effective July 2015), the company has made no measurement and recognition adjustments. |
|
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires |
management to exercise judgement in applying the company's accounting policies. The director is of the opinion that due to the nature of the |
business, there are no critical accounting estimates or judgements used in the preparation of these financial statements. |
|
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial |
statements. |
|
Going concern |
The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or |
support will be more than adequate for the company's needs. In assessing going concern, the director has a reasonable expectation that the |
company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date |
of approval of these financial statements. |
|
Turnover |
Revenue is recognised to the extent that it is probable 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. |
|
Revenue is recognised at the point of sale. |
|
Interest receivable and payable |
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. |
|
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any 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 to profit or loss over the estimated useful economic lives, as follows - |
|
- Computer equipment - Over 3 years on a straight line basis. |
- Plant and machinery - Over 5 years on a straight line basis. |
|
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. |
|
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred. |
|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
|
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount |
of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised |
immediately as an expense within the profit or loss. |
WBStyles Ltd (Registered number: 10157854) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2018 |
|
2. | ACCOUNTING POLICIES - continued |
|
Basic financial instruments |
Trade and other debtors / creditors |
|
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are |
recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised |
cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing |
transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments |
discounted at a market rate of interest for a similar debt instrument. |
|
Impairment of financial assets |
|
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 evidence of impairment is found an impairment loss is recognised within profit or loss. |
|
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying |
amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
|
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount |
and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
|
Current and deferred taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates |
to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other |
comprehensive income. |
|
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively |
enacted at the balance sheet date. |
|
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because |
certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or |
smaller than the corresponding income or expense. |
|
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or |
substantively enacted at the balance sheet date. |
|
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. |
|
Leases |
Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. |
All other leases are classified as operating leases. |
|
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a |
straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general |
inflation; in which case the payments related to the structured increases are recognised as incurred. |
|
Pensions |
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 creditors as a liability in the |
Balance Sheet. The assets of the plan are held separately from the company in independently administered funds. |
|
3. | STAFF NUMBERS |
|
The average number of employees during the year was
|
WBStyles Ltd (Registered number: 10157854) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2018 |
|
4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2017 |
|
|
|
Additions |
|
|
|
At 30 April 2018 |
|
|
|
DEPRECIATION |
At 1 May 2017 |
|
|
|
Charge for year |
|
|
|
At 30 April 2018 |
|
|
|
NET BOOK VALUE |
At 30 April 2018 |
|
|
|
At 30 April 2017 |
|
|
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Other debtors |
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
|
|
|
7. | PENSION COMMITMENTS |
|
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an |
independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £160 |
(2017 - £nil). Contributions totalling £96 (2017 : £nil) were payable to the fund at the balance sheet date and are included in creditors. |
|
8. | OPERATING LEASE COMMITMENTS |
|
At 30 April 2018 the company had future minimum lease payments under non-cancellable operating leases as follows: |
|
30.04.18 | 30.04.17 |
£ | £ |
Within one year | 18,000 | 17,500 |
Between one and five years | 90,000 | 90,000 |
In more than five years | 39,000 | 57,000 |
147,000 | 164,500 |
|
9. | RELATED PARTY DISCLOSURES |
|
During the year the company received loans from the director of £32 (2017: £26,510) and repaid £5,823 (2017: £17,929). As at |
30 April 2018, WBStyles Ltd owed £2,790 (2017: £8,581) to the director. All balances attract a nil rate of interest and are repayable on |
demand. |