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Registration number: 13086357

WaveFive Limited

Annual Report and Unaudited Financial Statements

for the Period from 17 December 2020 to 31 December 2021

 

WaveFive Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

WaveFive Limited

Company Information

Director

Mr J J Cousins

Registered office

122 Tyneham way
Cottam
Preston
Lancashire
PR4 0QL

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
WaveFive Limited
for the Period Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WaveFive Limited for the period ended 31 December 2021 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of WaveFive Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of WaveFive Limited and state those matters that we have agreed to state to the Board of Directors of WaveFive Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WaveFive Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that WaveFive Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of WaveFive Limited. You consider that WaveFive Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of WaveFive Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

5 September 2022

 

WaveFive Limited

(Registration number: 13086357)
Balance Sheet as at 31 December 2021

Note

2021
£

Fixed assets

 

Intangible assets

4

1,972,538

Tangible assets

5

63,180

 

2,035,718

Current assets

 

Cash at bank and in hand

 

100,087

Creditors: Amounts falling due within one year

6

(264,310)

Net current liabilities

 

(164,223)

Net assets

 

1,871,495

Capital and reserves

 

Called up share capital

100

Revaluation reserve

1,282,963

Profit and loss account

588,432

Shareholders' funds

 

1,871,495

For the financial period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 September 2022
 

.........................................
Mr J J Cousins
Director

 

WaveFive Limited

Notes to the Unaudited Financial Statements for the Period from 17 December 2020 to 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
122 Tyneham way
Cottam
Preston
Lancashire
PR4 0QL

These financial statements were authorised for issue by the director on 5 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

WaveFive Limited

Notes to the Unaudited Financial Statements for the Period from 17 December 2020 to 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period was 1.

 

WaveFive Limited

Notes to the Unaudited Financial Statements for the Period from 17 December 2020 to 31 December 2021

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Revaluations

1,282,963

1,282,963

Additions acquired separately

777,605

777,605

Disposals

(88,030)

(88,030)

At 31 December 2021

1,972,538

1,972,538

Amortisation

Carrying amount

At 31 December 2021

1,972,538

1,972,538

Intangible assets carried at revalued amounts

The fair value of the company's cryptocurrency was revalued on 31 December 2021. An independent valuer was not involved.
Fair value is determined by current quoted prices observable on a spot exchanges platform that handle crypto trading.
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £689,575.

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

84,240

84,240

At 31 December 2021

84,240

84,240

Depreciation

Charge for the period

21,060

21,060

At 31 December 2021

21,060

21,060

Carrying amount

At 31 December 2021

63,180

63,180

 

WaveFive Limited

Notes to the Unaudited Financial Statements for the Period from 17 December 2020 to 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

2021
£

Due within one year

Taxation and social security

119,717

Other creditors

144,593

264,310

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

1,282,963

1,282,963