Company registration number 06679364 (England and Wales)
WAB SOVEREIGN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WAB SOVEREIGN LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
WAB SOVEREIGN LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
625,000
625,000
Current assets
Debtors
4
-
0
100
Cash at bank and in hand
103,607
69,161
103,607
69,261
Creditors: amounts falling due within one year
5
(656,625)
(647,847)
Net current liabilities
(553,018)
(578,586)
Net assets
71,982
46,414
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
71,882
46,314
Total equity
71,982
46,414

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 26 September 2024
Mr D Furnish
Director
Company Registration No. 06679364
WAB SOVEREIGN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

WAB Sovereign Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

 

Revenue recognised by the company is in respect of rent receivable. Rental income is recognised in the period the property is occupied.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

 

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

 

Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WAB SOVEREIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
625,000

The 2024 valuations were made by the director, on an open market value for existing use basis.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
100
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
8,523
10,764
Other creditors
622,356
619,726
Accruals and deferred income
25,746
17,357
656,625
647,847
6
Related party transactions

William A Bong Limited is a connected company under ultimate common ownership. During the year, William A Bong Limited incurred costs relating to WAB Sovereign Limited totaling £62,357 and WAB Sovereign Limited paid William A Bong Limited amounts totaling £52,726. At the year end the company owed £382,357 (2023 - £372,276) to William A Bong Limited.

 

J Bondi LLP is a connected company under ultimate common ownership. During the year, WAB Sovereign Limited repaid amounts totaling £7,000 to J Bondi LLP. At the year end the company owed £240,000 (2023 - £247,000) to J Bondi LLP.

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