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Company No: 11780922 (England and Wales)

WAKE COMMERCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

WAKE COMMERCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

WAKE COMMERCE LIMITED

BALANCE SHEET

As at 31 January 2024
WAKE COMMERCE LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 12,020 6,463
12,020 6,463
Current assets
Debtors 5 189,336 169,561
Cash at bank and in hand 6 49,794 18,200
239,130 187,761
Creditors: amounts falling due within one year 7 ( 128,648) ( 107,418)
Net current assets 110,482 80,343
Total assets less current liabilities 122,502 86,806
Creditors: amounts falling due after more than one year 8 ( 10,144) ( 13,042)
Provision for liabilities ( 2,285) ( 1,233)
Net assets 110,073 72,531
Capital and reserves
Called-up share capital 1 1
Profit and loss account 110,072 72,530
Total shareholder's funds 110,073 72,531

For the financial year ending 31 January 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 financial statements of Wake Commerce Limited (registered number: 11780922) were approved and authorised for issue by the Director. They were signed on its behalf by:

James Wakefield
Director

29 October 2024

WAKE COMMERCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
WAKE COMMERCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wake Commerce Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 86-90 Paul Street, 3rd Floor, London, EC2A 4NE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 4

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 8,664 8,664
Additions 7,803 7,803
At 31 January 2024 16,467 16,467
Accumulated depreciation
At 01 February 2023 2,201 2,201
Charge for the financial year 2,275 2,275
Impairment losses ( 29) ( 29)
At 31 January 2024 4,447 4,447
Net book value
At 31 January 2024 12,020 12,020
At 31 January 2023 6,463 6,463

5. Debtors

2024 2023
£ £
Trade debtors 60,295 30,994
Other debtors 129,041 138,567
189,336 169,561

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 49,794 18,200

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 3,000 3,000
Trade creditors 24,820 11,349
Taxation and social security 81,534 82,966
Other creditors 19,294 10,103
128,648 107,418

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,144 13,042

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's director

During the year the director received total advances of £132,253 which included interest of £2,669 charged at the official rate. Repayments totaling £128,901 were made and at the balance sheet date the amount owing to the company was £117,652 (2023: £114,300).