REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WAVECATCHERS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WAVECATCHERS LTD |
WAVECATCHERS LTD (REGISTERED NUMBER: 09301130) |
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 |
WAVECATCHERS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
WAVECATCHERS LTD (REGISTERED NUMBER: 09301130) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 3 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
5 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
WAVECATCHERS LTD (REGISTERED NUMBER: 09301130) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by associates |
VAT |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 1,823 | 35 |
Directors' loan accounts | 65,107 | 51,889 |
Accrued expenses |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
WAVECATCHERS LTD (REGISTERED NUMBER: 09301130) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year, L Davis increased his balance to the company. As at 31 December 2023, the company owed him £52,936 (2022: £51,889). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand. |
During the year, W Broome introduced a loan to the company. As at 31 December 2023, the company owed him £12,171 (2022: £51,889). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand. |
7. | RELATED PARTY DISCLOSURES |
IW Capital Limited |
As at 31 December 2023, IW Capital Limited owed the company £13,264 (2022: £12,599). The balance is interest free and repayable on demand. |
LDSD Limited |
As at 31 December 2023, LDSD Limited owed the company £28,456 (2022: £28,456). The balance is interest free and repayable on demand. |
Rockwater Group Limited |
As at 31 December 2023, the company owed Rockwater Group Limited £888 (2022: £13,252 owed from). The balance is interest free and repayable on demand. |
IW Inventa Limited |
As at 31 December 2023, the company owed IW Inventa Limited £935 (2022: £35). The balance is interest free and repayable on demand. |
8. | ULTIMATE CONTROLLING PARTY |
The controlling party is L S Davis. |
This was by virtue of his 54.1%. holding of the issued share capital. |