ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

WIDEWORLD LIMITED - Company Information

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Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31No description of principal activity2021-01-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06408133 2021-01-01 2021-12-31 06408133 2020-06-01 2020-12-31 06408133 2021-12-31 06408133 2020-12-31 06408133 c:Director1 2021-01-01 2021-12-31 06408133 d:CurrentFinancialInstruments 2021-12-31 06408133 d:CurrentFinancialInstruments 2020-12-31 06408133 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06408133 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 06408133 d:ShareCapital 2021-12-31 06408133 d:ShareCapital 2020-12-31 06408133 d:RetainedEarningsAccumulatedLosses 2021-12-31 06408133 d:RetainedEarningsAccumulatedLosses 2020-12-31 06408133 c:FRS102 2021-01-01 2021-12-31 06408133 c:Audited 2021-01-01 2021-12-31 06408133 c:FullAccounts 2021-01-01 2021-12-31 06408133 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06408133 c:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 06408133









WIDEWORLD LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021
 
WIDEWORLD LIMITED
REGISTERED NUMBER: 06408133

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
100
100

  
100
100

Creditors: amounts falling due within one year
 5 
(2,900)
(2,400)

Net current liabilities
  
 
 
(2,800)
 
 
(2,300)

Total assets less current liabilities
  
(2,800)
(2,300)

  

Net liabilities
  
(2,800)
(2,300)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(2,900)
(2,400)

  
(2,800)
(2,300)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2022.




C J Wilson
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
WIDEWORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Wideworld Limited is a private company limited by shares incorporated in England and Wales. The registered office address is 8 Parkway, Welwyn Garden City, Hertfordshire, AL8 6HG. The principal activity is that of property contractors and developers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
The financial statements are for the twelve-month period from 1 January 2021 to 31 December 2021. The corresponding figures to 31 December 2020 are for the seven-month period from 1 June 2020 and are not entirely comparable. The prior period end was changed to 31 December 2020 in order to align the date with other group companies. 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements have been prepared in £ sterling, the functional currency, rounded to the
nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 31 December 2021, the Company had total net liabilities of £2,800 (2020: £2,300). The financial statements have been prepared on a going concern basis as the shareholders have indicated their willingness and ability to support the Company for at least 12 months from the date of approval of the financial statements.

 
2.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.4

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash
Page 2
 
WIDEWORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.5
Financial instruments (continued)

flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).


4.


Debtors

2021
2020
£
£


Amounts owed by group undertakings
100
100

100
100


Page 3
 
WIDEWORLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Creditors: Amounts falling due within one year

2021
2020
£
£

Accruals and deferred income
2,900
2,400

2,900
2,400



6.


Related party transactions

In accordance with FRS 102 1AC.35, as a wholly owned subsidiary of Wilson Properties (London) Ltd, the company is exempt from the requirements to disclose transactions with other wholly owned members of the group.


7.


Controlling party

Wideworld Ltd is the wholly-owned subsidiary undertakings of Wilson Properties (London) Ltd. The parent of the smallest and largest group for which consolidated financial statements are drawn up is the ultimate parent undertaking and controlling party, Wilson Properties (London) Ltd, which is incorporated in the United Kingdom and registered in England and Wales.
The consolidated financial statements of Wilson Properties (London) Ltd are available at 8 Parkway, Welwyn Garden City, Hertfordshire, England, AL8 6HG.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 28 October 2022 by Parvez Khan (Senior Statutory Auditor) on behalf of Parvez & Co Chartered Accountants.

 
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