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COMPANY REGISTRATION NUMBER: 14105403
Boardwave Ltd
Filleted Unaudited Financial Statements
30 June 2024
Boardwave Ltd
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Boardwave Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
3,812
Tangible assets
6
15,271
7,154
--------
-------
19,083
7,154
Current assets
Debtors
7
531,124
374,785
Cash at bank and in hand
553,066
525,184
------------
---------
1,084,190
899,969
Creditors: amounts falling due within one year
8
1,430,554
944,691
------------
---------
Net current liabilities
346,364
44,722
---------
--------
Total assets less current liabilities
( 327,281)
( 37,568)
---------
--------
Net liabilities
( 327,281)
( 37,568)
---------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 327,282)
( 37,569)
---------
--------
Shareholders deficit
( 327,281)
( 37,568)
---------
--------
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 statement of comprehensive income has not been delivered.
For the 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.
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 .
Boardwave Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr P D Robinson
Director
Company registration number: 14105403
Boardwave Ltd
Notes to the Financial Statements
Year ended 30 June 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 27 New Dover Road, Canterbury, CT1 3DN, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support from the Board and the Membership.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised over the period to which it relates, as this is a subscription based business model a significant deferred revenue balance is recognised at the end of each reporting period.
Income tax
The taxation expense represents the aggregate amount of current 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction, it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 3 ).
5. Intangible assets
Website
£
Cost
Additions
4,121
-------
At 30 June 2024
4,121
-------
Amortisation
Charge for the year
309
-------
At 30 June 2024
309
-------
Carrying amount
At 30 June 2024
3,812
-------
At 30 June 2023
-------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2023
8,480
8,480
Additions
3,935
9,874
13,809
Disposals
( 2,515)
( 2,515)
-------
--------
--------
At 30 June 2024
3,935
15,839
19,774
-------
--------
--------
Depreciation
At 1 July 2023
1,326
1,326
Charge for the year
180
3,679
3,859
Disposals
( 682)
( 682)
-------
--------
--------
At 30 June 2024
180
4,323
4,503
-------
--------
--------
Carrying amount
At 30 June 2024
3,755
11,516
15,271
-------
--------
--------
At 30 June 2023
7,154
7,154
-------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
430,407
308,000
Other debtors
100,717
66,785
---------
---------
531,124
374,785
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
146,319
66,278
Corporation tax
1,410
Social security and other taxes
144,420
84,124
Deferred income
1,071,807
731,875
Other creditors
68,008
61,004
------------
---------
1,430,554
944,691
------------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
46,440
--------
----
A director has provided a guarantee to the landlord as part of the lease agreement.
10. Directors' advances, credits and guarantees
During the year, a director repaid an amount of £1,079 which equated to the amount the director owed the company at the end of the previous period.