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REGISTERED NUMBER: 08626007 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Price Wallace Ltd

Price Wallace Ltd (Registered number: 08626007)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Price Wallace Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs J C Cain
I G Wallace





REGISTERED OFFICE: Grove House
1 Grove Place
Bedford
Bedfordshire
MK40 3JJ





REGISTERED NUMBER: 08626007 (England and Wales)





ACCOUNTANTS: Thompsons Accountancy Services Limited
Chartered Accountants
Grove House
1 Grove Place
Bedford
Bedfordshire
MK40 3JJ

Price Wallace Ltd (Registered number: 08626007)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 21,537 24,651
Tangible assets 6 6,517 6,580
28,054 31,231

CURRENT ASSETS
Debtors 7 76,461 81,249
Cash at bank and in hand 209,326 156,686
285,787 237,935
CREDITORS
Amounts falling due within one year 8 113,634 254,711
NET CURRENT ASSETS/(LIABILITIES) 172,153 (16,776 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

200,207

14,455

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 200,203 14,451
200,207 14,455

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Price Wallace Ltd (Registered number: 08626007)

Statement of Financial Position - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:




I G Wallace - Director



Mrs J C Cain - Director


Price Wallace Ltd (Registered number: 08626007)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Price Wallace Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Price Wallace Ltd (Registered number: 08626007)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 31,139
AMORTISATION
At 1 January 2023 6,488
Amortisation for year 3,114
At 31 December 2023 9,602
NET BOOK VALUE
At 31 December 2023 21,537
At 31 December 2022 24,651

Price Wallace Ltd (Registered number: 08626007)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 9,345 12,146 21,491
Additions 870 1,240 2,110
At 31 December 2023 10,215 13,386 23,601
DEPRECIATION
At 1 January 2023 6,188 8,723 14,911
Charge for year 1,007 1,166 2,173
At 31 December 2023 7,195 9,889 17,084
NET BOOK VALUE
At 31 December 2023 3,020 3,497 6,517
At 31 December 2022 3,157 3,423 6,580

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 63,119 67,686
Other debtors 2,200 2,192
Prepayments 11,142 11,371
76,461 81,249

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 4,822 4,304
Tax 65,688 46,986
Social security and other taxes 4,481 4,483
VAT 29,010 26,950
Other creditors 3,452 3,470
Directors' current accounts - 164,810
Accrued expenses 6,181 3,708
113,634 254,711