Company registration number 14375434 (England and Wales)
WAKELEY J&G LTD
Unaudited Financial Statements
For The Year Ended 31 March 2024
Pages For Filing With Registrar
Wakeley J&G Ltd
WAKELEY J&G LTD
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
Wakeley J&G Ltd
WAKELEY J&G LTD
Accountants' Report To The Director On The Preparation Of The Unaudited Statutory Financial Statements Of Wakeley J&G Ltd For The Year Ended 31 March 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wakeley J&G Ltd for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Wakeley J&G Ltd, as a body, in accordance with the terms of our engagement letter dated 9 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Wakeley J&G Ltd and state those matters that we have agreed to state to the board of directors of Wakeley J&G Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wakeley J&G Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Wakeley J&G Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wakeley J&G Ltd. You consider that Wakeley J&G 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 financial statements of Wakeley J&G 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 financial statements.
Chavereys Limited
23 October 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Wakeley J&G Ltd
WAKELEY J&G LTD
Balance Sheet
As At 31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
21,689
Current assets
Debtors
4
100,000
Cash at bank and in hand
623,449
378,001
723,449
378,001
Creditors: amounts falling due within one year
5
(646,949)
(377,935)
Net current assets
76,500
66
Net assets
98,189
66
Capital and reserves
Called up share capital
21,690
1
Profit and loss reserves
76,499
65
Total equity
98,189
66
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 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 and signed by the director and authorised for issue on 10 October 2024
Mr JR W Wakeley
Director
Company registration number 14375434 (England and Wales)
Wakeley J&G Ltd
WAKELEY J&G LTD
Notes To The Financial Statements
For The Year Ended 31 March 2024
- 3 -
1
Accounting policies
Company information
Wakeley J&G Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Chavereys Limited, The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
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.
Wakeley J&G Ltd
WAKELEY J&G LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 4 -
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
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
21,689
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 April 2023
-
Additions
21,689
At 31 March 2024
21,689
Carrying amount
At 31 March 2024
21,689
At 31 March 2023
-
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100,000
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,998
485
Other creditors
642,751
377,450
Accruals and deferred income
1,200
646,949
377,935