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REGISTERED NUMBER: 07298137 (England and Wales)















Wallace Sewell Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Wallace Sewell Limited (Registered number: 07298137)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Wallace Sewell Limited

Company Information
for the year ended 31 December 2023







Directors: H S Wallace-Jones
E G Sewell





Registered office: 24 Lloyd Baker Street
London
WC1X 9AZ





Registered number: 07298137 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Wallace Sewell Limited (Registered number: 07298137)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 3,240 11,364
Tangible assets 5 22,522 27,546
25,762 38,910

Current assets
Stocks 342,717 326,513
Debtors 6 146,070 62,046
Cash at bank and in hand 36,123 286,912
524,910 675,471
Creditors
Amounts falling due within one year 7 114,914 200,170
Net current assets 409,996 475,301
Total assets less current liabilities 435,758 514,211

Capital and reserves
Called up share capital 8 259 259
Share premium 9 1,917 1,917
Retained earnings 9 433,582 512,035
Shareholders' funds 435,758 514,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





E G Sewell - Director


Wallace Sewell Limited (Registered number: 07298137)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Wallace Sewell Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Straight line over 8 to 10 years
Plant and machinery etc. - 25% on cost and 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
These financial statements have been prepared on a going concern basis and they do not include any adjustments which may be necessary should the going concern basis of accounting no longer be appropriate..

3. Employees and directors

The average number of employees during the year was 17 (2022 - 17 ) .

Wallace Sewell Limited (Registered number: 07298137)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Intangible fixed assets
Website
development
costs
£
Cost
At 1 January 2023 48,963
Additions 3,240
At 31 December 2023 52,203
Amortisation
At 1 January 2023 37,599
Amortisation for year 11,364
At 31 December 2023 48,963
Net book value
At 31 December 2023 3,240
At 31 December 2022 11,364

5. Tangible fixed assets
Fixtures
Short Improvements and Computer
leasehold to property fittings equipment Totals
£ £ £ £ £
Cost
At 1 January 2023 6,162 19,686 20,472 22,798 69,118
Additions - - - 1,229 1,229
At 31 December 2023 6,162 19,686 20,472 24,027 70,347
Depreciation
At 1 January 2023 6,162 8,120 9,399 17,891 41,572
Charge for year - 1,951 2,768 1,534 6,253
At 31 December 2023 6,162 10,071 12,167 19,425 47,825
Net book value
At 31 December 2023 - 9,615 8,305 4,602 22,522
At 31 December 2022 - 11,566 11,073 4,907 27,546

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 66,519 21,566
Other debtors 79,551 40,480
146,070 62,046

Wallace Sewell Limited (Registered number: 07298137)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 46,210 22,218
Taxation and social security 7,442 50,082
Other creditors 61,262 127,870
114,914 200,170

8. Called up share capital

No. of Shares Class Nominal 2023£ 2022£
100 Ordinary £1 100 100
100 Ordinary A £1 100 100
44 Ordinary B £1 44 44
5 Ordinary C £1 5 5
5 Ordinary D £1 5 5
5 Ordinary E £1 5 5
Total 259 259

9. Reserves
Retained Share
earnings premium Totals
£ £ £

At 1 January 2023 512,035 1,917 513,952
Deficit for the year (51,845 ) (51,845 )
Dividends (26,608 ) (26,608 )
At 31 December 2023 433,582 1,917 435,499