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REGISTERED NUMBER: 09301130 (England and Wales)















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: W J L Broome
L S Davis
A J Ricketts





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 09301130 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
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 42,510 57,137
Cash at bank 161 522
42,671 57,659
CREDITORS
Amounts falling due within one year 4 82,740 79,992
NET CURRENT LIABILITIES (40,069 ) (22,333 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(40,069

)

(22,333

)

CREDITORS
Amounts falling due after more than one
year

5

14,167

24,167
NET LIABILITIES (54,236 ) (46,500 )

CAPITAL AND RESERVES
Called up share capital 11 11
Share premium 279,788 279,788
Retained earnings (334,035 ) (326,299 )
(54,236 ) (46,500 )

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:





L S Davis - Director


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
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 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 (2022 - 3 ) .

3. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 2,400
Amounts owed by associates 41,720 54,307
VAT 790 430
42,510 57,137

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 3,360 15,618
Amounts owed to associates 1,823 35
Directors' loan accounts 65,107 51,889
Accrued expenses 2,450 2,450
82,740 79,992

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 4,167 14,167
14,167 24,167

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.