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Registration number: 11035491

Wavefront Asset Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Wavefront Asset Management Ltd

Contents
for the Year Ended 31 October 2023

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Wavefront Asset Management Ltd

Company Information
for the Year Ended 31 October 2023

Directors

K Swannack

A Bailey

Registered office

St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

Registered number

11035491 ( England and Wales )

Accountants

Windsor Accountancy Limited
Chartered Certified Accountants
St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

 

Wavefront Asset Management Ltd

(Registration number: 11035491)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

100

100

Current assets

 

Debtors

5

150,162

30,834

Cash at bank and in hand

 

60,798

83,065

 

210,960

113,899

Creditors: Amounts falling due within one year

6

(209,953)

(77,477)

Net current assets

 

1,007

36,422

Net assets

 

1,107

36,522

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,106

36,521

Shareholders' funds

 

1,107

36,522

For the financial year ending 31 October 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.

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 28 June 2024 and signed on its behalf by:
 

.........................................
A Bailey
Director

 

Wavefront Asset Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

These financial statements were authorised for issue by the Board on 28 June 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Wavefront Asset Management Ltd

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

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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).

 

Wavefront Asset Management Ltd

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

4

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 November 2022

100

Provision

Carrying amount

At 31 October 2023

100

At 31 October 2022

100

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

150,160

30,834

Other debtors

 

2

-

   

150,162

30,834

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

120,000

-

Taxation and social security

 

29,063

18,027

Accruals and deferred income

 

60,890

59,450

 

209,953

77,477

7

Off-balance sheet arrangements

Charges
Solo Asset 1 (Ireland) Designtated Activity Company holds a fixed charge over the company's investment in its wholly owned subsidiary, Wavefront Leasing Ltd. This charge contains a negative pledge.