Company registration number 09600268 (England and Wales)
WAVESTORE GLOBAL LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WAVESTORE GLOBAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
WAVESTORE GLOBAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
31 March 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
70,333
30,833
Tangible assets
4
75,505
16,737
Investments
5
1
1
145,839
47,571
Current assets
Stocks
68,189
9,122
Debtors
7
473,610
290,985
Cash at bank and in hand
317,559
312,336
859,358
612,443
Creditors: amounts falling due within one year
8
(525,618)
(556,854)
Net current assets
333,740
55,589
Total assets less current liabilities
479,579
103,160
Creditors: amounts falling due after more than one year
9
(1,466,801)
(290,000)
Net liabilities
(987,222)
(186,840)
Capital and reserves
Called up share capital
10
950
950
Capital redemption reserve
110
110
Profit and loss reserves
(988,282)
(187,900)
Total equity
(987,222)
(186,840)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WAVESTORE GLOBAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
J L Wright
Director
Company registration number 09600268 (England and Wales)
WAVESTORE GLOBAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
970
-
0
432,541
433,511
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(570,431)
(570,431)
Issue of share capital
10
90
-
-
90
Own shares acquired
-
-
(50,010)
(50,010)
Redemption of shares
10
(110)
110
-
0
-
0
Balance at 31 March 2023
950
110
(187,900)
(186,840)
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(800,382)
(800,382)
Balance at 31 December 2023
950
110
(988,282)
(987,222)
WAVESTORE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Wavestore Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is Waterside House, 20 Riverside Way, Cowley, UXBRIDGE, Middlesex, UB8 2YF.

1.1
Reporting period

The financial statements are presented for a shorter period to December 2023 in order to match it's parent company year end date therefore comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has continued support of it's parent company and therefore adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of security software, related hardware, training and technical support in the normal course of business, and is shown net of discounts and VAT.

 

Turnover arising on the sale of goods is recognised when the customer accepts delivery of the goods.

 

Turnover arising from the provision of installation, training and technical support is recognised proportionally over the performance of the service contract.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Software
Estimated useful life of 10 years
WAVESTORE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Test Equipment
33.33% straight line
Computers
33.33% straight line
Fixtures and fittings
33.33% straight line

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.

1.9
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WAVESTORE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2023
Number
Number
Total
18
17
WAVESTORE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2023
100,000
-
0
100,000
Additions
-
0
61,667
61,667
At 31 December 2023
100,000
61,667
161,667
Amortisation and impairment
At 1 April 2023
69,167
-
0
69,167
Amortisation charged for the period
7,500
14,667
22,167
At 31 December 2023
76,667
14,667
91,334
Carrying amount
At 31 December 2023
23,333
47,000
70,333
At 31 March 2023
30,833
-
0
30,833
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
113,071
Additions
75,348
Disposals
(9,827)
At 31 December 2023
178,592
Depreciation and impairment
At 1 April 2023
96,334
Depreciation charged in the period
15,331
Eliminated in respect of disposals
(8,578)
At 31 December 2023
103,087
Carrying amount
At 31 December 2023
75,505
At 31 March 2023
16,737
5
Fixed asset investments
2023
2023
£
£
Shares in group undertakings and participating interests
1
1
WAVESTORE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
6
Associates

Details of the company's associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Wavestore Americas Inc
Canada
Ordinary
49.00
7
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
122,831
137,456
Other debtors
43,032
30,892
165,863
168,348
2023
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
307,747
122,637
Total debtors
473,610
290,985
8
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
61,649
353,295
Amounts owed to group undertakings
17,902
-
0
Taxation and social security
54,872
47,642
Other creditors
391,195
155,917
525,618
556,854
9
Creditors: amounts falling due after more than one year
2023
2023
£
£
Other creditors
1,466,801
290,000
WAVESTORE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
10
Called up share capital
2023
2023
£
£
Ordinary share capital
Issued
95,000 Ordinary Shares of 1p each
950
950

 

 

11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2023
£
£
Within one year
23,275
-
0
23,275
-
0
12
Related party transactions

The company is a wholly owned subsidiary and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with its parent.

 

At the balance sheet date the company owed £27,426 (2022: £27,426) to an associated party.

2023-12-312023-04-01false23 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityJ SmithJ L WrightA R HensonC WilliamsM ClaxtonJ InmanS Shalabyfalsefalse096002682023-04-012023-12-31096002682023-12-31096002682023-03-3109600268core:NetGoodwill2023-12-3109600268core:IntangibleAssetsOtherThanGoodwill2023-12-3109600268core:NetGoodwill2023-03-3109600268core:IntangibleAssetsOtherThanGoodwill2023-03-3109600268core:OtherPropertyPlantEquipment2023-12-3109600268core:OtherPropertyPlantEquipment2023-03-3109600268core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109600268core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109600268core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3109600268core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3109600268core:CurrentFinancialInstruments2023-12-3109600268core:CurrentFinancialInstruments2023-03-3109600268core:ShareCapital2023-12-3109600268core:ShareCapital2023-03-3109600268core:CapitalRedemptionReserve2023-12-3109600268core:CapitalRedemptionReserve2023-03-3109600268core:RetainedEarningsAccumulatedLosses2023-12-3109600268core:RetainedEarningsAccumulatedLosses2023-03-3109600268core:ShareCapital2022-03-3109600268core:CapitalRedemptionReserve2022-03-3109600268core:RetainedEarningsAccumulatedLosses2022-03-3109600268bus:Director22023-04-012023-12-3109600268core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31096002682022-04-012023-03-3109600268core:RetainedEarningsAccumulatedLosses2023-04-012023-12-3109600268core:ShareCapital2022-04-012023-03-3109600268core:Goodwill2023-04-012023-12-3109600268core:IntangibleAssetsOtherThanGoodwill2023-04-012023-12-3109600268core:ComputerSoftware2023-04-012023-12-3109600268core:PlantMachinery2023-04-012023-12-3109600268core:ComputerEquipment2023-04-012023-12-3109600268core:MotorVehicles2023-04-012023-12-3109600268core:NetGoodwill2023-03-3109600268core:IntangibleAssetsOtherThanGoodwill2023-03-31096002682023-03-3109600268core:NetGoodwill2023-04-012023-12-3109600268core:OtherPropertyPlantEquipment2023-03-3109600268core:OtherPropertyPlantEquipment2023-04-012023-12-310960026812023-04-012023-12-3109600268core:WithinOneYear2023-12-3109600268core:WithinOneYear2023-03-3109600268core:AfterOneYear2023-12-3109600268core:AfterOneYear2023-03-3109600268core:Non-currentFinancialInstruments2023-12-3109600268core:Non-currentFinancialInstruments2023-03-3109600268bus:PrivateLimitedCompanyLtd2023-04-012023-12-3109600268bus:SmallCompaniesRegimeForAccounts2023-04-012023-12-3109600268bus:FRS1022023-04-012023-12-3109600268bus:AuditExemptWithAccountantsReport2023-04-012023-12-3109600268bus:Director12023-04-012023-12-3109600268bus:Director32023-04-012023-12-3109600268bus:Director42023-04-012023-12-3109600268bus:Director52023-04-012023-12-3109600268bus:Director62023-04-012023-12-3109600268bus:Director72023-04-012023-12-3109600268bus:FullAccounts2023-04-012023-12-31xbrli:purexbrli:sharesiso4217:GBP