Company registration number 13163297 (England and Wales)
BECKLEY WAVES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
BECKLEY WAVES LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
BECKLEY WAVES LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
665
998
Investments
4
1,348,705
728,869
1,349,370
729,867
Current assets
Debtors
5
18,107
137,834
Cash at bank and in hand
2,868,338
668,627
2,886,445
806,461
Creditors: amounts falling due within one year
6
(415,273)
(76,242)
Net current assets
2,471,172
730,219
Total assets less current liabilities
3,820,542
1,460,086
Capital and reserves
Called up share capital
7
1,877
1,563
Share premium account
4,767,795
2,514,099
Profit and loss reserves
(949,130)
(1,055,576)
Total equity
3,820,542
1,460,086

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
Mr R Feilding-Mellen
Director
Company Registration No. 13163297
BECKLEY WAVES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Beckley Waves Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Beckley Park, Beckley, Oxford, OX3 9SY. . The principal activity continued to be that of a holding company for investments in new startups working in the mental health and wellness sectors.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
Straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BECKLEY WAVES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

BECKLEY WAVES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BECKLEY WAVES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
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
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 and 31 January 2024
1,336
Depreciation and impairment
At 1 February 2023
338
Depreciation charged in the year
333
At 31 January 2024
671
Carrying amount
At 31 January 2024
665
At 31 January 2023
998
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
7,443
7,443
Loans to group undertakings and participating interests
81,318
-
0
Other investments other than loans
1,259,944
721,426
1,348,705
728,869
BECKLEY WAVES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Other investments
Total
£
£
£
£
Cost or valuation
At 1 February 2023
7,443
-
721,426
728,869
Additions
-
81,318
538,518
619,836
At 31 January 2024
7,443
81,318
1,259,944
1,348,705
Carrying amount
At 31 January 2024
7,443
81,318
1,259,944
1,348,705
At 31 January 2023
7,443
-
721,426
728,869
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,835
-
0
Other debtors
6,272
137,834
18,107
137,834
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,692
20,807
Taxation and social security
4,646
6,003
Other creditors
401,935
49,432
415,273
76,242

Other creditors includes an amount of £390,662 in relation to SAFE note holders where the conditions have yet to be met for share capital to be issued.

BECKLEY WAVES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
104,222
104,222
1,042
1,042
SEED shares
52,084
52,084
521
521
SEED II shares
31,434
-
314
-
187,740
156,306
1,877
1,563

During the year, 31,434 SEED II shares of £0.01p were issued at par.

 

SEED and SEED II shares have rights to dividends but no voting rights.

 

SEED and SEED II shares have a preference on a liquidation and on proceeds of a sale.

 

SEED and SEED II shares have anti-dilution rights.

2024-01-312023-02-01false14 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityRock Feilding-MellenAmanda CharterisMr Daniel Lovefalsefalse131632972023-02-012024-01-31131632972024-01-31131632972023-01-3113163297core:OtherPropertyPlantEquipment2024-01-3113163297core:OtherPropertyPlantEquipment2023-01-3113163297core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3113163297core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3113163297core:CurrentFinancialInstruments2024-01-3113163297core:CurrentFinancialInstruments2023-01-3113163297core:ShareCapital2024-01-3113163297core:ShareCapital2023-01-3113163297core:SharePremium2024-01-3113163297core:SharePremium2023-01-3113163297core:RetainedEarningsAccumulatedLosses2024-01-3113163297core:RetainedEarningsAccumulatedLosses2023-01-3113163297core:ShareCapitalOrdinaryShares2024-01-3113163297core:ShareCapitalOrdinaryShares2023-01-3113163297bus:Director12023-02-012024-01-31131632972022-02-012023-01-3113163297core:OtherPropertyPlantEquipment2023-01-3113163297core:OtherPropertyPlantEquipment2023-02-012024-01-3113163297core:Non-currentFinancialInstruments2024-01-3113163297core:Non-currentFinancialInstruments2023-01-3113163297core:WithinOneYear2024-01-3113163297core:WithinOneYear2023-01-3113163297bus:PrivateLimitedCompanyLtd2023-02-012024-01-3113163297bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3113163297bus:FRS1022023-02-012024-01-3113163297bus:AuditExemptWithAccountantsReport2023-02-012024-01-3113163297bus:Director22023-02-012024-01-3113163297bus:Director32023-02-012024-01-3113163297bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP