Company Registration No. 12291320 (England and Wales)
IT'S ONLY WEDNESDAY LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 OCTOBER 2020
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
IT'S ONLY WEDNESDAY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
IT'S ONLY WEDNESDAY LIMITED
Company Registration No. 12291320
BALANCE SHEET
AS AT
31 OCTOBER 2020
31 October 2020
- 1 -
2020
Notes
£
£
Fixed assets
Tangible assets
3
1,408
Current assets
Debtors
4
1,200
Cash at bank and in hand
17,430
18,630
Creditors: amounts falling due within one year
5
(13,360)
Net current assets
5,270
Net assets
6,678
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
6,677
Total equity
6,678
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 July 2021
O Mills-Alger
Director
IT'S ONLY WEDNESDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2020
- 2 -
1
Accounting policies
Company information
It's Only Wednesday Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Flat 1, 68 Graham Road, London, E8 1BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The current COVID-19 pandemic has created uncertainty over the future financial implications to the worldwide economy. The director is confident that the company has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore he continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Reporting period
The company was incorporated on 31 October 2019 and
commenced trading on 1 November 2019.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
s
pecialised design activities provided in the normal course of business
.
Income is recognised in the period in which the service was supplied.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
IT'S ONLY WEDNESDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
Number
Total
1
IT'S ONLY WEDNESDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2020
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 October 2019
Additions
1,609
At 31 October 2020
1,609
Depreciation and impairment
At 31 October 2019
Depreciation charged in the period
201
At 31 October 2020
201
Carrying amount
At 31 October 2020
1,408
4
Debtors
2020
Amounts falling due within one year:
£
Other debtors
1,200
5
Creditors: amounts falling due within one year
2020
£
Taxation and social security
5,267
Other creditors
8,093
13,360
6
Called up share capital
2020
2020
Ordinary share capital
Number
£
Issued and fully paid
Ordinary share of £1 each
1
1
7
Related party transactions
At the balance sheet date the company owed £6,175 to O Mills-Alger, the director. This loan is interest free and repayable on demand.