Company registration number 10172611 (England and Wales)
WYNDHAM DESIGN LIMITED
Unaudited financial statements
For the year ended 31 May 2024
Pages for filing with registrar
WYNDHAM DESIGN LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
WYNDHAM DESIGN LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
291
388
Current assets
Trade and other receivables
4
8,817
8,946
Cash and cash equivalents
98,006
128,584
106,823
137,530
Current liabilities
5
(16,713)
(26,415)
Net current assets
90,110
111,115
Total assets less current liabilities
90,401
111,503
Non-current liabilities
6
(9,909)
(15,969)
Net assets
80,492
95,534
Equity
Called up share capital
7
100
100
Retained earnings
80,392
95,434
Total equity
80,492
95,534
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2024 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 year 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.
The financial statements were approved by the board of directors and authorised for issue on
9 September 2024
09 September 2024
and are signed on its behalf by:
S J Parsons
E A Parsons
Director
Director
Company Registration No. 10172611
WYNDHAM DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 May 2024
- 2 -
1
Accounting policies
Company information
Wyndham Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.
1.1
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 principal accounting policies adopted are set out below.
1.2
Revenue
Revenue 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.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation and less any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Office equipment and furniture
25% reducing balance per annum
1.4
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 current liabilities.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WYNDHAM DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.6
Taxation
The tax expense represents tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
518
Depreciation and impairment
At 1 June 2023
130
Depreciation charged in the year
97
At 31 May 2024
227
Carrying amount
At 31 May 2024
291
At 31 May 2023
388
WYNDHAM DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2024
- 4 -
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
8,671
8,694
Other receivables
146
252
8,817
8,946
5
Current liabilities
2024
2023
£
£
Bank loans
6,059
5,910
Corporation tax
5,475
11,990
Other taxation and social security
1,132
4,448
Other payables
4,047
4,067
16,713
26,415
6
Non-current liabilities
2024
2023
£
£
Bank loans
9,909
15,969
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" ordinary shares of £1 each
80
80
80
80
"B" ordinary shares of £1 each
20
20
20
20
100
100
100
100