Registered number
01360231
Waissel's Limited
Filleted Accounts
30 June 2023
Waissel's Limited
Registered number: 01360231
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,338 1,138
Investment property 6 800,000 680,000
Investments 4 2,300 2,300
806,638 683,438
Current assets
Stocks 99,311 56,348
Debtors 5 232,923 141,807
Cash at bank and in hand 199,453 211,445
531,687 409,600
Creditors: amounts falling due within one year 8 (84,661) (68,784)
Net current assets 447,026 340,816
Total assets less current liabilities 1,253,664 1,024,254
Provisions for liabilities (22,638) -
Net assets 1,231,026 1,024,254
Capital and reserves
Called up share capital 4,543 4,543
Capital redemtion reserve 2,558 2,558
Revaluation reserve 9 97,200 -
Profit and loss account 1,126,725 1,017,153
Shareholders' funds 1,231,026 1,024,254
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Waissel
Director
Approved by the board on 28 July 2023
Waissel's Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 96,040
Additions 5,500
At 30 June 2023 101,540
Depreciation
At 1 July 2022 94,902
Charge for the year 2,300
At 30 June 2023 97,202
Net book value
At 30 June 2023 4,338
At 30 June 2022 1,138
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 July 2022 2,300 - 2,300
At 30 June 2023 2,300 - 2,300
5 Debtors 2023 2022
£ £
Trade debtors 35,167 75,751
Director's loan account 194,673 62,460
Deferred tax asset - 162
Other taxes and social security 2,631 2,982
Other debtors 452 452
232,923 141,807
6 Investment property 2023 2022
£ £
B/fwd 680,000 680,000
Revaluation 120,000 -
800,000 680,000
The fair value of the property at 30th June 2018 has been arrived at on the basis of a
valuation carried out at that date by Rouge estate agents.
The Director considers the value at 30th June 2023 to have incresed.
7 Investments held as current assets 2023 2022
£ £
Fair value 2,300 2,100
8 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 49,897 44,837
Corporation tax 32,694 13,608
Other taxes and social security costs 8 -
Other creditors 2,062 10,339
84,661 68,784
9 Revaluation reserve 2023 2022
£ £
Gain on revaluation of investments 120,000 -
Deferred taxation arising on the revaluation of land and buildings (22,800) -
At 30 June 2023 97,200 -
10 Other information
Waissel's Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
Middlesex
HA7 1JS
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