REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2020 |
for |
myWorld Retail Services UK Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2020 |
for |
myWorld Retail Services UK Limited |
myWorld Retail Services UK Limited (Registered number: 06932198) |
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
myWorld Retail Services UK Limited |
Company Information |
for the Year Ended 31 December 2020 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
WeWork |
3 Waterhouse Square |
138 - 142 Holborn |
London |
EC1N 2SW |
BANKERS: |
Canada Place |
Canary Wharf |
London |
E14 5AH |
myWorld Retail Services UK Limited (Registered number: 06932198) |
Balance Sheet |
31 December 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 | 50,000 | 50,000 |
Retained earnings | (1,965,869 | ) | (1,302,200 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 and authorised for issue on |
myWorld Retail Services UK Limited (Registered number: 06932198) |
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
1. | STATUTORY INFORMATION |
myWorld Retail Services UK Limited, previously known as Lyoness UK 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. |
These financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, irrespective of the fact that the company has made a trading loss in the year under review. |
As has been the custom in previous years, the company has relied upon the continued support of its parent company; the directors have every good reason to believe that this will continue in the future, notwithstanding that the parent company has reported uncertainties arising out of the present trading climate and from the impact of the Covid pandemic on its business. The parent company and another related party on which the company depends have provided letters of support. While reliance on the letters alone might indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. the directors have no reason to doubt the efficacy of this continued historical undertaking. The directors, therefore, believe that the company will be able to meet its liabilities as and when they fall due, and that the financial statements may properly be prepared on a going concern basis. |
The directors have considered carefully the effects of the Corona virus on the company itself, and remain confident that although it has had an impact on the business, and that uncertainties exist, it has not affected our opinion or reporting of it as a going concern. We have made use of the UK Government's job retention schemes to ensure that we meet our financial obligations in these respects. We remain reliant on the support of our parent company and of the wider group for the foreseeable future, especially for the next twelve months, and have no reason to doubt that this will continue. |
Turnover |
Turnover, which is net of value added tax, represents the value of monies earned in the year. Turnover is recognised at the point at which it is earned. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Long leasehold - 20% on cost |
Office equipment - 33% on cost and 25% on cost |
Fixtures and fittings - 25% on cost |
Computer equipment - 33% on cost |
Tangible fixed assets are stated at cost less accumulated depreciation and any recognised impairment loss. |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, future investments and the physical condition of the assets. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
myWorld Retail Services UK Limited (Registered number: 06932198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
In respect of trading activities denominated in foreign currencies, transactions are translated into sterling at the rates prevailing at the date of the transaction. Monetary assets and liabilities are expressed in sterling at the exchange rate ruling at the balance sheet date and any exchange gains or losses are taken to the profit and loss account. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Presentation currency |
The presentation currency is GBP (£). |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
myWorld Retail Services UK Limited (Registered number: 06932198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Leasehold | machinery |
improvement | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
and 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by related undertakings | 14,548 | 75,859 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to related undertakings | 1,898,338 | 1,943,543 |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
myWorld Retail Services UK Limited (Registered number: 06932198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
8. | PARENT COMPANY |
The company's parent undertaking and immediate controlling party at the balance sheet date is myWorld International Limited, a company registered in England and Wales. |
The company's ultimate parent company is myWorld Holdings Limited, a company registered in England and Wales. |
The ultimate controlling party is Mr. H Freidl by virtue of his controlling interest in the issued share capital of myWorld Holdings Limited |