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WHEATLEY RESEARCH LIMITED

Registered Number
09388568
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

WHEATLEY RESEARCH LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

BARSON, Jonathan Anthony
WHEATLEY, David John

Registered Address

2 Hopping Lane
London
N1 2NU

Registered Number

09388568 (England and Wales)
WHEATLEY RESEARCH LIMITED
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,8452,661
1,8452,661
Current assets
Debtors4319458
Cash at bank and on hand19,5425,047
19,8615,505
Creditors amounts falling due within one year5(195,890)(125,184)
Net current assets (liabilities)(176,029)(119,679)
Total assets less current liabilities(174,184)(117,018)
Net assets(174,184)(117,018)
Capital and reserves
Called up share capital330,100330,100
Profit and loss account(504,284)(447,118)
Shareholders' funds(174,184)(117,018)
The financial statements were approved and authorised for issue by the Board of Directors on 4 September 2024, and are signed on its behalf by:
BARSON, Jonathan Anthony
Director
WHEATLEY, David John
Director

Registered Company No. 09388568
WHEATLEY RESEARCH LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The financial statements have been prepared on the Going Concern basis. The continuation of the company is dependent on the continued support of the Directors.
Turnover policy
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 rendering of services. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery3
Office Equipment4
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 July 237507,7318,481
At 30 June 247507,7318,481
Depreciation and impairment
At 01 July 237505,0705,820
Charge for year-816816
At 30 June 247505,8866,636
Net book value
At 30 June 24-1,8451,845
At 30 June 23-2,6612,661
4.Debtors: amounts due within one year

2024

2023

££
Other debtors319458
Total319458
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.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables6491,433
Other creditors192,691120,691
Accrued liabilities and deferred income2,5503,060
Total195,890125,184
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.
6.Related party transactions
On 1 July 2023 the company owed a Director £120,691. During the year total amounts advanced were £72,000. At 30 June 2024 the company owed a Director £192,691. The loan is interest-free, unsecured and repayable on demand.