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Company Registration No. 03531514 (England and Wales)
Wavetrade Limited Unaudited accounts for the year ended 30 April 2023
Wavetrade Limited Unaudited accounts Contents
Page
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Wavetrade Limited Company Information for the year ended 30 April 2023
Director
David S Saunders
Secretary
Miss B Luckins
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
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Wavetrade Limited Statement of financial position as at 30 April 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,365,425 
992,415 
Current assets
Inventories
43,143 
- 
Debtors
206,268 
230,888 
Cash at bank and in hand
483,349 
212,763 
732,760 
443,651 
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 
Capital and reserves
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
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Wavetrade Limited Notes to the Accounts for the year ended 30 April 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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.
Pension costs
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 taxation
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.
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Wavetrade Limited Notes to the Accounts for the year ended 30 April 2023
Leased assets
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 
Depreciation
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 
Net book value
At 30 April 2023
1,307,212 
58,213 
1,365,425 
At 30 April 2022
914,798 
77,617 
992,415 
5
Inventories
2023 
2022 
£ 
£ 
Work in progress
43,143 
- 
43,143 
- 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
10,243 
- 
Trade debtors
151,789 
190,665 
Accrued income and prepayments
44,110 
38,981 
Other debtors
126 
1,242 
206,268 
230,888 
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Wavetrade Limited Notes to the Accounts for the year ended 30 April 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
- 
46,606 
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 
Other creditors
1,571 
902 
Loans from directors
25,634 
36,134 
Accruals
6,935 
6,197 
540,497 
218,444 
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 
2023 
2022 
£ 
£ 
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 
10
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
11
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
David S Saunders
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
13
Controlling party
The ultimate controlling party is Mr David S. Saunders
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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).
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