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Registration number: 06898270

Wakeford and Co (Seaford) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Wakeford and Co (Seaford) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Wakeford and Co (Seaford) Ltd

Company Information

Director

Mr D Wakeford

Registered office

Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

Accountants

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wakeford and Co (Seaford) Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wakeford and Co (Seaford) Ltd for the year ended 30 June 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Wakeford and Co (Seaford) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wakeford and Co (Seaford) Ltd and state those matters that we have agreed to state to the Board of Directors of Wakeford and Co (Seaford) Ltd, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wakeford and Co (Seaford) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wakeford and Co (Seaford) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wakeford and Co (Seaford) Ltd. You consider that Wakeford and Co (Seaford) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wakeford and Co (Seaford) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

21 October 2024

 

Wakeford and Co (Seaford) Ltd

(Registration number: 06898270)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

306,730

313,876

Other financial assets

1,500

1,500

 

308,230

315,376

Current assets

 

Stocks

6

60,858

54,952

Debtors

7

1,053

380

Cash at bank and in hand

 

7,202

10,799

 

69,113

66,131

Creditors: Amounts falling due within one year

8

(70,534)

(89,662)

Net current liabilities

 

(1,421)

(23,531)

Total assets less current liabilities

 

306,809

291,845

Creditors: Amounts falling due after more than one year

8

(177,536)

(191,853)

Provisions for liabilities

(201)

(269)

Net assets

 

129,072

99,723

Capital and reserves

 

Called up share capital

2

2

Retained earnings

129,070

99,721

Shareholders' funds

 

129,072

99,723

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Wakeford and Co (Seaford) Ltd

(Registration number: 06898270)
Balance Sheet as at 30 June 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 16 October 2024
 

.........................................

Mr D Wakeford

Director

 

Wakeford and Co (Seaford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

The principal place of business is:
2 Clinton Place
Seaford
East Sussex
BN25 1NL

These financial statements were authorised for issue by the director on 16 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Wakeford and Co (Seaford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

25% per annum - reducing balance basis

Land and building

2% per annum - straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Wakeford and Co (Seaford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Wakeford and Co (Seaford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

7,146

7,631

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

339,633

16,496

356,129

At 30 June 2024

339,633

16,496

356,129

Depreciation

At 1 July 2023

27,172

15,081

42,253

Charge for the year

6,793

353

7,146

At 30 June 2024

33,965

15,434

49,399

Carrying amount

At 30 June 2024

305,668

1,062

306,730

At 30 June 2023

312,461

1,415

313,876

Included within the net book value of land and buildings above is £305,668 (2023 - £312,461) in respect of freehold land and buildings.
 

 

Wakeford and Co (Seaford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Other inventories

60,858

54,952

7

debtors

Current

2024
£

2023
£

Other debtors

1,053

380

 

1,053

380

 

Wakeford and Co (Seaford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

28,354

46,104

Trade creditors

 

13,893

15,318

Taxation and social security

 

18,822

19,390

Accruals and deferred income

 

8,070

8,619

Other creditors

 

1,395

231

 

70,534

89,662


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £13,471 (2023 - £12,818).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

177,536

191,853


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £177,536 (2023- £191,660).


Creditors include bank loans repayable by instalments of £123,652 (2023- £140,389) due after more than five years.

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

177,536

191,853

Current loans and borrowings

2024
£

2023
£

Bank borrowings

13,471

12,818

Other borrowings

14,883

33,286

28,354

46,104

 

Wakeford and Co (Seaford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Dividends

2024

2023

£

£

Interim dividend of £4,000 (2023 - £5,000) per ordinary share

8,000

10,000

 

 

11

Related party transactions

2024

At 1 July 2023
£

Repayments by director
£

Other payments made to company by director
£

At 30 June 2024
£

Interest free loan

33,286

(27,150)

8,747

14,883

 

2023

At 1 July 2022
£

Repayments by director
£

Other payments made to company by director
£

At 30 June 2023
£

Interest free loan

53,227

(30,400)

10,459

33,286

 

Wakeford and Co (Seaford) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

Directors' remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,585

9,177

Dividends paid to directors

2024
£

2023
£

Mr D Wakeford

Ordinary shares

4,000

5,000