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Company registration number: 05159098







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2023


WAVELENGTH PROPERTIES LIMITED






































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WAVELENGTH PROPERTIES LIMITED
 


 
COMPANY INFORMATION


Directors
Mr I McInnes 
Mrs J McInnes 
Mr G E Page 
Mr L L Sigournay 




Company secretary
Mr A Ward



Registered number
05159098



Registered office
Unit 33 Mitchell Point
Ensign Way

Hamble

Southampton

Hampshire

SO31 4RF




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


WAVELENGTH PROPERTIES LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 5


 


WAVELENGTH PROPERTIES LIMITED
REGISTERED NUMBER:05159098



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
644,114
653,973

  
644,114
653,973

Current assets
  

Debtors: amounts falling due within one year
 5 
208,150
155,166

Cash at bank and in hand
  
4,266
1,047

  
212,416
156,213

Creditors: amounts falling due within one year
 6 
(216,582)
(214,658)

Net current liabilities
  
 
 
(4,166)
 
 
(58,445)

Total assets less current liabilities
  
639,948
595,528

  

Net assets
  
639,948
595,528


Capital and reserves
  

Called up share capital 
  
60
60

Profit and loss account
  
639,888
595,468

  
639,948
595,528


Page 1

 


WAVELENGTH PROPERTIES LIMITED
REGISTERED NUMBER:05159098


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

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 income and retained earnings 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 by: 




................................................
Mr I McInnes
................................................
Mr L L Sigournay
Director
Director


Date: 2 February 2024

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 


WAVELENGTH PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Wavelength Properties Limited is a private company limited by shares, registered in England and Wales. The address of its registered office, which is the same as its principal place of business, is disclosed on the company information page.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises the gross rental charges receivable during the year, excluding VAT and arising wholly within the United Kingdom.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 


WAVELENGTH PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 5).


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 June 2022
821,576



At 31 May 2023

821,576



Depreciation


At 1 June 2022
167,603


Charge for the year on owned assets
9,859



At 31 May 2023

177,462



Net book value



At 31 May 2023
644,114



At 31 May 2022
653,973

Page 4

 


WAVELENGTH PROPERTIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Debtors

2023
2022
£
£


Other debtors
208,150
155,166

208,150
155,166



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
196,662
199,185

Corporation tax
13,393
11,338

Other taxation and social security
5,327
2,935

Accruals and deferred income
1,200
1,200

216,582
214,658



7.


Related party transactions

The Company has taken an exemption under Financial Reporting Standard FRS 102 section 33 from disclosing transactions with companies which are wholly owned within the Esprit Business Services Limited group.
At the year end date, included within current assets is an amount of £207,106 (2022 - £152,640) owed by Wavelength Holdings Limited, a company in which two of the directors have an interest.


8.


Ultimate parent undertaking

The ulitimate parent undertaking is Esprit Business Services Limited. The parent's registered office is the same as that for the Company. A copy of the consolidated financial statements are available from Companies House. 


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2023 was unqualified.

The audit report was signed on 6 February 2024 by James Hadfield FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5