Registered number
04378007
Wayfair Developments Ltd
Unaudited Filleted Accounts
4 July 2024
Wayfair Developments Ltd
Registered number: 04378007
Balance Sheet
as at 4 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 70,000 70,000
Current assets
Debtors 4 782 -
Cash at bank and in hand 31,076 32,467
31,858 32,467
Creditors: amounts falling due within one year 5 (30,826) (30,020)
Net current assets 1,032 2,447
Net assets 71,032 72,447
Capital and reserves
Called up share capital 100 100
Profit and loss account 70,932 72,347
Shareholder's funds 71,032 72,447
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Wei Xin Peng
Director
Approved by the board on 12 September 2023
Wayfair Developments Ltd
Notes to the Accounts
for the year ended 4 July 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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.
Debtors
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.
Creditors
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.
Taxation
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 5 July 2023 70,000
At 4 July 2024 70,000
Depreciation
At 4 July 2024 -
Net book value
At 4 July 2024 70,000
At 4 July 2023 70,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 70,000 70,000
Cumulative depreciation based on historical cost - -
70,000 70,000
4 Debtors 2024 2023
£ £
Other debtors 782 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 2,248 2,237
Other creditors 28,578 27,783
30,826 30,020
6 Related party transactions
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
Wayfair Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 Woodside Drive
Arnold
Nottingham
Nottinghamshire
NG5 7FL
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