Wayfair Developments Ltd |
Notes to the Accounts |
for the year ended 4 July 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Freehold buildings of £70,000 was the only tangible assets in the accounts. As the buildings were leased with fully tenant's repair lease terms and therefore, the cost of the building will be considered to be sustainable in the foreseeable future without carrying impairment. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. No deferred tax is recognised in respect of all timing differences as it is not being anticipated in the next 12 months. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 5 July 2023 |
70,000 |
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At 4 July 2024 |
70,000 |
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Depreciation |
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At 4 July 2024 |
- |
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Net book value |
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At 4 July 2024 |
70,000 |
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At 4 July 2023 |
70,000 |
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Freehold land and buildings: |
2024 |
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2023 |
£ |
£ |
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Historical cost |
70,000 |
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70,000 |
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Cumulative depreciation based on historical cost |
- |
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- |
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70,000 |
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70,000 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
782 |
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- |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Taxation and social security costs |
2,248 |
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2,237 |
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Other creditors |
28,578 |
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27,783 |
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30,826 |
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30,020 |
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6 |
Related party transactions |
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Director proposed a dividend on 31st March 2023 and credited to the director's current account on the same date which would be treated as paid and deducted from the capital and reserves. |
7 |
Other information |
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Wayfair Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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2 Woodside Drive |
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Arnold |
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Nottingham |
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Nottinghamshire |
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NG5 7FL |