Wyeway Properties Limited 07597893 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is property development Digita Accounts Production Advanced 6.30.9574.0 true 07597893 2022-08-01 2023-07-31 07597893 2023-07-31 07597893 bus:OrdinaryShareClass1 2023-07-31 07597893 core:RetainedEarningsAccumulatedLosses 2023-07-31 07597893 core:ShareCapital 2023-07-31 07597893 core:CurrentFinancialInstruments 2023-07-31 07597893 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07597893 core:FurnitureFittingsToolsEquipment 2023-07-31 07597893 core:MotorVehicles 2023-07-31 07597893 bus:SmallEntities 2022-08-01 2023-07-31 07597893 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07597893 bus:FullAccounts 2022-08-01 2023-07-31 07597893 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 07597893 bus:RegisteredOffice 2022-08-01 2023-07-31 07597893 bus:CompanySecretaryDirector1 2022-08-01 2023-07-31 07597893 bus:Director2 2022-08-01 2023-07-31 07597893 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 07597893 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07597893 core:ComputerEquipment 2022-08-01 2023-07-31 07597893 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 07597893 core:MotorVehicles 2022-08-01 2023-07-31 07597893 core:PlantMachinery 2022-08-01 2023-07-31 07597893 countries:EnglandWales 2022-08-01 2023-07-31 07597893 2022-07-31 07597893 core:FurnitureFittingsToolsEquipment 2022-07-31 07597893 core:MotorVehicles 2022-07-31 07597893 2021-08-01 2022-07-31 07597893 2022-07-31 07597893 bus:OrdinaryShareClass1 2022-07-31 07597893 core:RetainedEarningsAccumulatedLosses 2022-07-31 07597893 core:ShareCapital 2022-07-31 07597893 core:CurrentFinancialInstruments 2022-07-31 07597893 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 07597893 core:FurnitureFittingsToolsEquipment 2022-07-31 07597893 core:MotorVehicles 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07597893

Wyeway Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Wyeway Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Wyeway Properties Limited

Company Information

Directors

Mrs M F James

Mr D James

Company secretary

Mrs M F James

Registered office

171 Kings Acre Road
Hereford
HR4 0SP

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Wyeway Properties Limited

(Registration number: 07597893)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,744

1,830

Current assets

 

Stocks

5

260,114

910,203

Debtors

6

5,014

5,120

Cash at bank and in hand

 

833,861

11,438

 

1,098,989

926,761

Creditors: Amounts falling due within one year

7

(669,092)

(738,691)

Net current assets

 

429,897

188,070

Total assets less current liabilities

 

433,641

189,900

Provisions for liabilities

(936)

-

Net assets

 

432,705

189,900

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

432,505

189,700

Shareholders' funds

 

432,705

189,900

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

 

Wyeway Properties Limited

(Registration number: 07597893)
Balance Sheet as at 31 July 2023
(continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 January 2024 and signed on its behalf by:
 

.........................................
Mrs M F James
Company secretary and director

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
171 Kings Acre Road
Hereford
HR4 0SP

These financial statements were authorised for issue by the Board on 12 January 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Motor vehicles

25% of written down value per annum

Plant and machinery

20% of cost per annum

Computer equipment

33% of cost per annum

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.

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

5,032

4,000

9,032

Additions

208

2,492

2,700

At 31 July 2023

5,240

6,492

11,732

Depreciation

At 1 August 2022

3,544

3,658

7,202

Charge for the year

595

191

786

At 31 July 2023

4,139

3,849

7,988

Carrying amount

At 31 July 2023

1,101

2,643

3,744

At 31 July 2022

1,488

342

1,830

5

Stocks

2023
£

2022
£

Other inventories

260,114

910,203

 

Wyeway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
(continued)

6

debtors

2023
£

2022
£

Prepayments

5,014

5,120

5,014

5,120

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,070

3,147

Taxation and social security

50,760

2,918

Accruals and deferred income

6,787

2,215

Other creditors

609,475

730,411

669,092

738,691

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200