Company Registration No. 03531514 (England and Wales)
Wavetrade Limited
Unaudited accounts
for the year ended 30 April 2023
Wavetrade Limited
Unaudited accounts
Contents
Wavetrade Limited
Company Information
for the year ended 30 April 2023
Company Number
03531514 (England and Wales)
Registered Office
East Dry Dock
Commercial Road
Lowestoft
Suffolk
NR32 2TE
UK
Accountants
Keith T Hall Book Keeping Services
1st Floor, 38 Alexandra Rd
Lowestoft
Suffolk
NR32 1PJ
Wavetrade Limited
Statement of financial position
as at 30 April 2023
Tangible assets
1,365,425
992,415
Cash at bank and in hand
483,349
212,763
Creditors: amounts falling due within one year
(540,497)
(218,444)
Net current assets
192,263
225,207
Total assets less current liabilities
1,557,688
1,217,622
Creditors: amounts falling due after more than one year
(114,965)
(102,415)
Provisions for liabilities
Deferred tax
(259,431)
(188,559)
Net assets
1,183,292
926,648
Called up share capital
1,000
1,000
Profit and loss account
1,182,292
925,648
Shareholders' funds
1,183,292
926,648
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 November 2023 and were signed on its behalf by
David S Saunders
Director
Company Registration No. 03531514
Wavetrade Limited
Notes to the Accounts
for the year ended 30 April 2023
Wavetrade Limited is a private company, limited by shares, registered in England and Wales, registration number 03531514. The registered office is East Dry Dock, Commercial Road, Lowestoft, Suffolk, NR32 2TE, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% and 15% Reducing Balance
Motor vehicles
25% Reducing Balance
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Wavetrade Limited
Notes to the Accounts
for the year ended 30 April 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 May 2022
2,014,501
207,522
2,222,023
Additions
967,352
-
967,352
Disposals
(569,138)
-
(569,138)
At 30 April 2023
2,412,715
207,522
2,620,237
At 1 May 2022
1,099,703
129,905
1,229,608
Charge for the year
286,610
19,404
306,014
On disposals
(280,810)
-
(280,810)
At 30 April 2023
1,105,503
149,309
1,254,812
At 30 April 2023
1,307,212
58,213
1,365,425
At 30 April 2022
914,798
77,617
992,415
Amounts falling due within one year
Trade debtors
151,789
190,665
Accrued income and prepayments
44,110
38,981
Wavetrade Limited
Notes to the Accounts
for the year ended 30 April 2023
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
64,950
76,787
Trade creditors
446,320
44,464
Taxes and social security
(4,913)
7,354
Loans from directors
25,634
36,134
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
114,965
102,415
9
Deferred taxation
2023
2022
Accelerated capital allowances
259,431
188,559
Provision at start of year
188,559
163,060
Charged to the profit and loss account
70,872
25,499
Provision at end of year
259,431
188,559
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to the company
(36,134)
92,000
81,500
(25,634)
(36,134)
92,000
81,500
(25,634)
12
Transactions with related parties
Mr David Saunders together with another, owns the land on which The Company is situated. The Company pays them an annual rent of £6,600 for the property
The ultimate controlling party is Mr David S. Saunders
Wavetrade Limited
Notes to the Accounts
for the year ended 30 April 2023
14
Average number of employees
During the year the average number of employees was 8 (2022: 9).