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Registration number: 12675380

Wall Away Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Wall Away Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wall Away Ltd

Company Information

Director

Mr Stephen Hayes

Registered office

Unit 19 Wedgewood Gate
Wedgewood Way
Stevenage
SG1 4SU

Accountants

Re:Accounts Limited
Chartered Accountants
Suite 1C Meadway Court
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

 

Wall Away Ltd

(Registration number: 12675380)
Balance Sheet as at 30 June 2023

Note

30 June
2023
£

30 June
2022
£

Fixed assets

 

Tangible assets

4

33,143

22,409

Current assets

 

Debtors

5

12,209

-

Cash at bank and in hand

 

54,932

29,014

 

67,141

29,014

Creditors: Amounts falling due within one year

6

(68,100)

(21,881)

Net current (liabilities)/assets

 

(959)

7,133

Total assets less current liabilities

 

32,184

29,542

Creditors: Amounts falling due after more than one year

6

(23,984)

(21,973)

Net assets

 

8,200

7,569

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

8,199

7,568

Shareholders' funds

 

8,200

7,569

For the financial year ending 30 June 2023 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 year 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 January 2024
 

 

Wall Away Ltd

(Registration number: 12675380)
Balance Sheet as at 30 June 2023 (continued)

.........................................
Mr Stephen Hayes
Director

 

Wall Away Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Unit 19 Wedgewood Gate
Wedgewood Way
Stevenage
SG1 4SU
England

These financial statements were authorised for issue by the director on 10 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Wall Away Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current 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.

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:

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.

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.

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.

Borrowings

 

Wall Away Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wall Away Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

-

39,839

39,839

Additions

2,719

16,855

19,574

At 30 June 2023

2,719

56,694

59,413

Depreciation

At 1 July 2022

-

17,430

17,430

Charge for the year

684

8,156

8,840

At 30 June 2023

684

25,586

26,270

Carrying amount

At 30 June 2023

2,035

31,108

33,143

At 30 June 2022

-

22,409

22,409

5

Debtors

Current

30 June
2023
£

30 June
2022
£

Trade debtors

10,134

-

Other debtors

2,075

-

 

12,209

-

 

Wall Away Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

30 June
2023
£

30 June
2022
£

Due within one year

 

Loans and borrowings

8

10,450

5,433

Trade creditors

 

7,380

-

Taxation and social security

 

14,642

15,953

Other creditors

 

35,628

495

 

68,100

21,881

Creditors: amounts falling due after more than one year

Note

30 June
2023
£

30 June
2022
£

Due after one year

 

Loans and borrowings

8

23,984

21,973

7

Share capital

Allotted, called up and fully paid shares

 

30 June
2023

30 June
2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Wall Away Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Loans and borrowings

30 June
2023
£

30 June
2022
£

Non-current loans and borrowings

Bank borrowings

16,539

21,973

Hire purchase contracts

7,445

-

23,984

21,973

30 June
2023
£

30 June
2022
£

Current loans and borrowings

Bank borrowings

5,433

5,433

Hire purchase contracts

5,017

-

10,450

5,433

9

Dividends

   

30 June
2023

 

30 June
2022

   

£

 

£

Final dividend of £4,000.00 (2022 - £20,813.00) per ordinary share

 

4,000

 

20,813

Interim dividend of £58,000.00 (2022 - £56,018.00) per ordinary share

 

58,000

 

56,018

   

62,000

 

76,831

         

10

Related party transactions

At the year end the company owed £34,319 (2022: £495) to the director. The loan is interest free with no fixed date for repayment. The director confirms that he will not withdraw the loans until such time as the company has sufficient cash reserves to survive without it.

 

Wall Away Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

10

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

15,046

8,880