Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3112023-01-01falseproperty rental1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08369370 2023-01-01 2023-12-31 08369370 2022-01-01 2022-12-31 08369370 2023-12-31 08369370 2022-12-31 08369370 c:Director1 2023-01-01 2023-12-31 08369370 d:FreeholdInvestmentProperty 2023-12-31 08369370 d:FreeholdInvestmentProperty 2022-12-31 08369370 d:CurrentFinancialInstruments 2023-12-31 08369370 d:CurrentFinancialInstruments 2022-12-31 08369370 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08369370 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08369370 d:ShareCapital 2023-12-31 08369370 d:ShareCapital 2022-12-31 08369370 d:RetainedEarningsAccumulatedLosses 2023-12-31 08369370 d:RetainedEarningsAccumulatedLosses 2022-12-31 08369370 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 08369370 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 08369370 c:OrdinaryShareClass1 2023-01-01 2023-12-31 08369370 c:OrdinaryShareClass1 2023-12-31 08369370 c:OrdinaryShareClass1 2022-12-31 08369370 c:OrdinaryShareClass2 2023-01-01 2023-12-31 08369370 c:OrdinaryShareClass2 2023-12-31 08369370 c:OrdinaryShareClass2 2022-12-31 08369370 c:OrdinaryShareClass3 2023-01-01 2023-12-31 08369370 c:OrdinaryShareClass3 2023-12-31 08369370 c:OrdinaryShareClass3 2022-12-31 08369370 c:FRS102 2023-01-01 2023-12-31 08369370 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08369370 c:FullAccounts 2023-01-01 2023-12-31 08369370 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08369370 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 08369370














WAM (RAY) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
WAM (RAY) LIMITED
REGISTERED NUMBER: 08369370

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Investment property
 4 
230,713
230,713

Current assets
  

Debtors: amounts falling due within one year
 5 
61,100
61,282

Cash at bank and in hand
 6 
135
2,139

  
61,235
63,421

Creditors: amounts falling due within one year
 7 
(281,276)
(290,029)

Net current liabilities
  
 
 
(220,041)
 
 
(226,608)

Total assets less current liabilities
  
10,672
4,105

  

Net assets
  
£10,672
£4,105


Capital and reserves
  

Called up share capital 
 9 
120
120

Profit and loss account
  
10,552
3,985

  
£10,672
£4,105


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.




___________________________
Mr W Ray
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
WAM (RAY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

WAM (Ray) Limited is a private limited company incorporated in England and Wales. The company is limited by shares. The address of its registered office is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The address of the principal place of business is Charles Anthony House, Manston Road, Margate, Kent, CT9 4JW.
The registered number of the company is 08369370. 
The principal activity of the company is that of property rental.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 2

 
WAM (RAY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 3

 
WAM (RAY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 -1).

Page 4

 
WAM (RAY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property



Valuation


At 1 January 2023
230,713



At 31 December 2023
230,713

The 2023 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022


Historic cost
230,713
230,713

£230,713
£230,713


5.


Debtors

2023
2022


Other debtors
61,000
61,000

Prepayments and accrued income
100
282

£61,100
£61,282



6.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
135
2,139

£135
£2,139



7.


Creditors: Amounts falling due within one year

2023
2022

Corporation tax
2,475
935

Other creditors
277,786
288,092

Accruals and deferred income
1,015
1,002

£281,276
£290,029


Page 5

 
WAM (RAY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Financial instruments

2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
£135
£2,139




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Share capital

2023
2022
Authorised, allotted, called up and fully paid



40 (2022 -40) ordinary shares of £1.00 each
40
40
40 (2022 -40) A ordinary shares of £1.00 each
40
40
40 (2022 -40) B ordinary shares of £1.00 each
40
40

£120

£120



Page 6