Worldwide Distribution Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06543880 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

FOR

WORLDWIDE DISTRIBUTION SERVICES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L Lashkhi

Mrs B Lashkhi

SECRETARY:

Mrs B Lashkhi

REGISTERED OFFICE:

Unit 3, Shelley Farm

Shelley Lane

Ower

Romsey

Hampshire

SO51 6AS

REGISTERED NUMBER:

06543880 (England and Wales)

ACCOUNTANTS:

Buckleys

Chartered Accountants

Unit 3, Shelley Farm

Shelley Lane

Ower

Romsey

Hampshire

SO51 6AS

FIXED ASSETS

Tangible assets

4

11,800

13,038

CURRENT ASSETS

Debtors

5

614,175

774,163

Cash at bank

297,821

175,419

911,996

949,582

CREDITORS

Amounts falling due within one year

6

613,756

796,033

NET CURRENT ASSETS

298,240

153,549

TOTAL ASSETS LESS CURRENT LIABILITIES

310,040

166,587

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

309,840

166,387

SHAREHOLDERS' FUNDS

310,040

166,587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 8 April 2021 and were signed on its behalf by:

Mr L Lashkhi - Director

1.	STATUTORY INFORMATION

Worldwide Distribution Services Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimate useful life.

Franchise - 5% on straight line

Computer equipment - 25% on reducing balance

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.

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.

Debtors

Short term debtors are measured at transaction price (which is usually invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually invoice price). Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

Franchise

equipment

Totals

£

£

£

COST

At 1 August 2019

23,500

6,730

30,230

Additions

-

736

736

At 31 July 2020

23,500

7,466

30,966

DEPRECIATION

At 1 August 2019

12,925

4,267

17,192

Charge for year

1,175

799

1,974

At 31 July 2020

14,100

5,066

19,166

NET BOOK VALUE

At 31 July 2020

9,400

2,400

11,800

At 31 July 2019

10,575

2,463

13,038

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

589,704

750,067

Other debtors

24,000

24,000

Prepayments

471

96

614,175

774,163

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans and overdrafts

164,876

3,913

Trade creditors

361,612

655,213

Corporation tax

36,740

3,572

Social security and other taxes

(7,495

)

(1,860

)

VAT

14,967

23,532

Directors' current accounts

43,056

111,663

613,756

796,033

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2020 and 31 July 2019:

31.7.20

31.7.19

£

£

Mr L Lashkhi and Mrs B Lashkhi

Balance outstanding at start of year

(111,663

)

(102,345

)

Amounts advanced

124,311

40,915

Amounts repaid

(55,704

)

(50,233

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(43,056

)

(111,663

)

8.	RELATED PARTY DISCLOSURES

The company was under the control of Mr L Lashkhi throughout the current and previous periods. Mr L Lashkhi is the managing director and a shareholder.