World Mobile Chain Ltd Filleted accounts for Companies House (small and micro)
World Mobile Chain Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
11630417
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FOR THE PERIOD ENDED |
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STATEMENT OF FINANCIAL POSITION |
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31 Jul 21 |
31 Oct 20 |
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Note |
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£ |
£ |
FIXED ASSETS
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Tangible assets |
5 |
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– |
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CURRENT ASSETS
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Debtors |
6 |
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– |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
7 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: amounts falling due after more than one year |
8 |
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NET LIABILITIES |
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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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SHAREHOLDERS DEFICIT |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
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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 financial statements
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STATEMENT OF FINANCIAL POSITION (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
26 May 2022
, and are signed on behalf of the board by:
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Director |
Company registration number:
11630417
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NOTES TO THE FINANCIAL STATEMENTS |
PERIOD FROM 1 NOVEMBER 2020 TO 31 JULY 2021
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Holywell Row, London, EC2A 4JB, United Kingom.
2.
STATEMENT OF COMPLIANCE
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements have been prepared on the going concern basis. The director considers the going concern basis to be appropriate as he has confirmed the ongoing financial support of the creditors of the company. The financial statements are prepared in sterling, which is the functional currency of the entity.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Research and development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
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It is technically feasible to complete the intangible asset so that it will be available for use or sale;
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There is the intention to complete the intangible asset and use or sell it;
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There is the ability to use or sell the intangible asset;
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The use or sale of the intangible asset will generate probable future economic benefits;
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There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
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The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Revenue recognition
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Research and development tax credits will be recognised in the accounting period they are received.
Foreign currencies
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Office & Audio Visual equipment |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
TAX ON LOSS
Major components of tax income
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Period from |
Period from |
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1 Nov 20 to |
31 Dec 19 to |
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31 Jul 21 |
31 Oct 20 |
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£ |
£ |
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Current tax:
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Adjustments in respect of prior periods |
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Tax on loss |
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– |
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5.
TANGIBLE ASSETS
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Office & audio visual equipment |
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£ |
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Cost |
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At 1 November 2020 |
– |
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Additions |
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At 31 July 2021 |
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Depreciation |
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At 1 November 2020 |
– |
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Charge for the period |
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At 31 July 2021 |
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Carrying amount |
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At 31 July 2021 |
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At 31 October 2020 |
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6.
DEBTORS
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31 Jul 21 |
31 Oct 20 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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– |
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7.
CREDITORS:
amounts falling due within one year
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31 Jul 21 |
31 Oct 20 |
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£ |
£ |
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Bank loans and overdrafts |
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– |
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Trade creditors |
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– |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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– |
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Other creditors |
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8.
CREDITORS:
amounts falling due after more than one year
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31 Jul 21 |
31 Oct 20 |
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£ |
£ |
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Bank loans and overdrafts |
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Other creditors |
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