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Company No: 12280856 (England and Wales)

WAVENEY TREE SPECIALISTS LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WAVENEY TREE SPECIALISTS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WAVENEY TREE SPECIALISTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WAVENEY TREE SPECIALISTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Intangible assets 3 23,819 29,653
Tangible assets 4 128,983 157,835
152,802 187,488
Current assets
Stocks 10,620 10,620
Debtors 5 68,679 67,352
Cash at bank and in hand 18,967 38,558
98,266 116,530
Creditors: amounts falling due within one year 6 ( 232,999) ( 223,108)
Net current liabilities (134,733) (106,578)
Total assets less current liabilities 18,069 80,910
Creditors: amounts falling due after more than one year 7 ( 44,130) ( 76,887)
Net (liabilities)/assets ( 26,061) 4,023
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 26,161 ) 3,923
Total shareholders' (deficit)/funds ( 26,061) 4,023

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Waveney Tree Specialists Ltd (registered number: 12280856) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P J Garnham
Director

08 August 2024

WAVENEY TREE SPECIALISTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WAVENEY TREE SPECIALISTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Waveney Tree Specialists Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Aldersyde Cottage Low Street, Hoxne, Eye, IP21 5AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 6 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

Year ended
31.03.2024
Period from
01.11.2021 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 35,000 35,000
At 31 March 2024 35,000 35,000
Accumulated amortisation
At 01 April 2023 5,347 5,347
Charge for the financial year 5,834 5,834
At 31 March 2024 11,181 11,181
Net book value
At 31 March 2024 23,819 23,819
At 31 March 2023 29,653 29,653

4. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 137,069 50,896 587 188,552
Additions 5,962 15,583 83 21,628
Disposals ( 1,000) ( 7,083) 0 ( 8,083)
At 31 March 2024 142,031 59,396 670 202,097
Accumulated depreciation
At 01 April 2023 19,998 10,585 134 30,717
Charge for the financial year 30,074 12,203 120 42,397
At 31 March 2024 50,072 22,788 254 73,114
Net book value
At 31 March 2024 91,959 36,608 416 128,983
At 31 March 2023 117,071 40,311 453 157,835

5. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 32,997 57,593
Deferred tax asset 4,354 1,200
Corporation tax 3,356 0
Other debtors 27,972 8,559
68,679 67,352

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans 25,743 22,837
Trade creditors 7,856 4,063
Amounts owed to directors 166,813 136,618
Accruals 2,625 2,500
Taxation and social security 18,500 21,842
Obligations under finance leases and hire purchase contracts 11,105 34,697
Other creditors 357 551
232,999 223,108

7. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans 32,407 53,984
Obligations under finance leases and hire purchase contracts 11,723 22,903
44,130 76,887