Registered number
13179839
Wake on the Bay Ltd
Unaudited Filleted Accounts
For the Year Ended
29 February 2024
Wake on the Bay Ltd
Registered number: 13179839
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 156,849 112,904
Current assets
Debtors 4 8,271 21,457
Cash at bank and in hand 1,852 -
10,123 21,457
Creditors: amounts falling due within one year 5 (22,771) (53,666)
Net current liabilities (12,648) (32,209)
Total assets less current liabilities 144,201 80,695
Creditors: amounts falling due after more than one year 6 (83,600) (30,333)
Provisions for liabilities (21,451) (21,451)
Net assets 39,150 28,911
Capital and reserves
Called up share capital 1 1
Profit and loss account 39,149 28,910
Shareholder's funds 39,150 28,911
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E S Grey
Director
Approved by the board on 28 November 2024
Wake on the Bay Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on written down value
Motor vehicles 25% on written down value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 123,209 3,000 126,209
Additions 148,683 - 148,683
Disposals (108,742) - (108,742)
At 29 February 2024 163,150 3,000 166,150
Depreciation
At 1 March 2023 12,321 984 13,305
Charge for the year 14,353 672 15,025
On disposals (19,029) - (19,029)
At 29 February 2024 7,645 1,656 9,301
Net book value
At 29 February 2024 155,505 1,344 156,849
At 28 February 2023 110,888 2,016 112,904
4 Debtors 2024 2023
£ £
Other debtors 8,271 21,457
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 3,516
Trade creditors 1,202 -
Taxation and social security costs 61 -
Other creditors 21,508 50,150
22,771 53,666
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 83,600 30,333
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 83,600 33,833
8 Controlling party
The controlling party is E S Grey by virtue of his ownership of 100% of the issued ordinary share capital in the company.
9 Other information
Wake on the Bay Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9a Quarry Brow
Bowness-on-Windermere
Cumbria
LA23 3DW
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