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COMPANY REGISTRATION NUMBER: 04457434
Waveney Decorators Limited
Unaudited financial statements
For the year ended
31 May 2024
Waveney Decorators Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
91,978
101,257
Current assets
Stocks
6
500
500
Debtors
7
652,014
727,858
Cash at bank and in hand
826,925
608,938
-----------
-----------
1,479,439
1,337,296
Creditors: Amounts falling due within one year
8
( 135,955)
( 118,077)
-----------
-----------
Net current assets
1,343,484
1,219,219
-----------
-----------
Total assets less current liabilities
1,435,462
1,320,476
Provisions
Taxation including deferred tax
( 4,371)
( 6,068)
-----------
-----------
Net assets
1,431,091
1,314,408
-----------
-----------
Capital and reserves
Called up share capital
6
6
Profit and loss account
1,431,085
1,314,402
-----------
-----------
Shareholders funds
1,431,091
1,314,408
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 October 2024 , and are signed on behalf of the board by:
Mr K W Ellis
Mrs C Ellis
Director
Director
Company registration number: 04457434
Waveney Decorators Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Barsham House, The Hill, Barsham, Beccles, Suffolk, NR34 8HD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property Improvements
-
2% straight line
Plant & Machinery
-
15% straight line
Motor Vehicles
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
The company operates a defined contribution pension scheme for the benefit of the directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of employees during the year was 8 (2023: 8 ).
5. Tangible assets
Leasehold Property Improvements
Plant & Machinery
Motor Vehicles
Total
£
£
£
£
Cost
At 1 June 2023
88,170
11,470
83,588
183,228
Disposals
( 7,823)
( 7,823)
-------
-------
-------
---------
At 31 May 2024
88,170
11,470
75,765
175,405
-------
-------
-------
---------
Depreciation
At 1 June 2023
21,024
7,816
53,131
81,971
Charge for the year
1,763
1,030
6,091
8,884
Disposals
( 7,428)
( 7,428)
-------
-------
-------
---------
At 31 May 2024
22,787
8,846
51,794
83,427
-------
-------
-------
---------
Carrying amount
At 31 May 2024
65,383
2,624
23,971
91,978
-------
-------
-------
---------
At 31 May 2023
67,146
3,654
30,457
101,257
-------
-------
-------
---------
6. Stocks
2024
2023
£
£
Raw materials and consumables
500
500
----
----
7. Debtors
2024
2023
£
£
Trade debtors
133,236
208,796
Amounts owed by group undertakings and undertakings in which the company has a participating interest
510,642
510,742
Other debtors
8,136
8,320
---------
---------
652,014
727,858
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
27,015
27,820
Social security and other taxes
81,885
52,354
Other creditors
27,055
37,903
---------
---------
135,955
118,077
---------
---------
9. Directors' advances, credits and guarantees
The company occupies premises on land owned by the directors Mr K W and Mrs C Ellis without a formal lease or payment of rent.